传音控股：深耕新兴市场，AI手机陆续推出

Investment Rating - The report assigns a "Buy" rating for the company, Transsion Holdings (688036) [2][3]. Core Insights - The company is focused on emerging markets, with a growing market share. Its main products include TECNO, itel, and Infinix mobile phones, with significant sales in Africa, South Asia, Southeast Asia, the Middle East, and Latin America. According to IDC, the company held a 14.4% share of the global mobile phone market in the first half of 2024, ranking second among global manufacturers, and a 9.1% share of the global smartphone market, ranking fourth [3]. - The company is implementing a diversification strategy, expanding into digital accessories and home appliances, and providing mobile internet products and services. It has developed technologies to address challenges in emerging markets, such as high data costs and unstable networks, enhancing the value of its mobile products [3]. - The company is advancing AI technology and product premiumization, having launched several AI-enabled smartphones, including the PHANTOM V Fold2 5G. It aims to continue innovating in AI applications for mobile devices [3]. Financial Projections - The company is projected to achieve a net profit attributable to shareholders of 53.1 billion, 65.3 billion, and 77.7 billion yuan for the years 2024, 2025, and 2026, respectively [3]. - Revenue is expected to grow from 62.295 billion yuan in 2023 to 93.195 billion yuan by 2026, with a compound annual growth rate of approximately 14% [4][6]. - The company's EBITDA is forecasted to increase from 6.759 billion yuan in 2023 to 10.107 billion yuan in 2026 [4][6]. Key Financial Metrics - The company reported a 2023 net profit of 5.587 billion yuan, with an expected decline to 5.323 billion yuan in 2024, followed by a recovery to 6.553 billion yuan in 2025 and 7.795 billion yuan in 2026 [4][6]. - The projected earnings per share (EPS) are 4.86 yuan for 2023, decreasing slightly to 4.66 yuan in 2024, and then increasing to 5.73 yuan in 2025 and 6.81 yuan in 2026 [4][6]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 20.19 in 2023 to 14.39 by 2026, indicating a potential increase in valuation attractiveness over time [4][6].