TRANSSION(SH:688036) Hua Yuan Zheng Quan·2025-11-10 11:58Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing an increase in shipment volume, but profitability is under pressure due to market competition and supply chain costs [6] - The company has shown strong performance in the third quarter, with a significant increase in smartphone shipments, achieving a year-on-year growth of 13.6% [6] - The company is actively adapting to cost pressures and is expected to restore profitability through price adjustments and product structure optimization [6] - The company is positioned to benefit from the upcoming commercialization of edge AI technology, enhancing its hardware value proposition [6] Financial Summary - Revenue projections for the company are as follows: - 2023: 62,295 million RMB - 2024: 68,715 million RMB - 2025E: 69,922 million RMB - 2026E: 80,637 million RMB - 2027E: 90,387 million RMB - Year-on-year growth rates for revenue are projected at 33.69% for 2023, 10.31% for 2024, and 1.76% for 2025E [5][6] - The company's net profit attributable to shareholders is forecasted as follows: - 2023: 5,537 million RMB - 2024: 5,549 million RMB - 2025E: 3,039 million RMB - 2026E: 4,073 million RMB - 2027E: 5,898 million RMB [5][6] - The company's earnings per share (EPS) for the forecasted years are: - 2023: 4.81 RMB - 2024: 4.82 RMB - 2025E: 2.64 RMB - 2026E: 3.54 RMB - 2027E: 5.12 RMB [7]