TRANSSION(SH:688036) Hua Yuan Zheng Quan·2025-09-02 10:57Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing a recovery in operations and is actively exploring the next generation of smart ecosystems [5] - In the first half of 2025, the company reported revenue of 29.077 billion yuan, a year-on-year decline of 15.86%, and a net profit attributable to shareholders of 1.213 billion yuan, down 57.48% year-on-year [6] - The second quarter of 2025 saw revenue of 16.074 billion yuan, a year-on-year decline of 6.09% but a quarter-on-quarter increase of 23.61%, with a net profit of 7.23 billion yuan, down 41.03% year-on-year but up 47.47% quarter-on-quarter [6] - The gross margin for the second quarter was 20.76%, an increase of 1.49 percentage points quarter-on-quarter [6] - The company holds a 12.5% market share in the global smartphone market, ranking third among global smartphone brands, with a 7.9% share in the global smartphone market, ranking sixth [6] - The company is expected to maintain a high level of operation in the second half of the year due to the demand peak season and the anticipated interest rate cuts by the Federal Reserve [6] Summary by Sections Market Performance - The closing price as of September 1, 2025, was 90.00 yuan, with a one-year high of 129.51 yuan and a low of 71.58 yuan [3] - The total market capitalization is 102,631.55 million yuan, with a circulating market capitalization of the same amount [3] Financial Data - The company’s total share capital is 1,140.35 million shares, with a debt-to-asset ratio of 54.64% and a net asset value per share of 17.38 yuan [3] Revenue and Profit Forecast - Revenue for 2025 is projected at 71.417 billion yuan, with a year-on-year growth rate of 3.93% [8] - The net profit attributable to shareholders for 2025 is expected to be 4.546 billion yuan, reflecting a year-on-year decline of 18.07% [8] - Earnings per share (EPS) for 2025 is estimated at 3.99 yuan, with a projected P/E ratio of 22.57 [8] Market Share Insights - In the African smartphone market, the company regained a high market share of 51%, significantly ahead of the second-place Samsung at 18% [6] - In Southeast Asia, the company holds an 18% market share, with a year-on-year growth of 17% [6] Strategic Initiatives - The company is collaborating with Google Cloud to build an AI ecosystem, transitioning from a hardware manufacturer to an "AI + terminal + service" model [6] - This partnership aims to create a next-generation AI smart ecosystem that can autonomously execute tasks and enhance operational capabilities [6]