TRANSSION(SH:688036) Shenwan Hongyuan Securities·2025-11-18 04:45Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Insights - The company reported a revenue of 49.54 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.33%, and a net profit attributable to shareholders of 2.15 billion yuan, down 44.97% year-on-year [7] - The company is actively developing practical AI features to enhance user experience in local languages, particularly in Africa and South Asia [7] - The company has adjusted its profit forecasts downward due to lower-than-expected smartphone shipments and gross margins, maintaining a "Buy" rating based on comparative PE ratios [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 70.31 billion yuan, with a year-on-year growth rate of 2.3% [6] - The net profit attributable to shareholders for 2025 is estimated at 4.10 billion yuan, reflecting a year-on-year decrease of 26.2% [6] - The gross margin is expected to be 20.3% in 2025, with a return on equity (ROE) of 16.6% [6] Market Position - The company ranks third globally in smartphone market share with a 14.0% share, and fourth in global smartphone market share with 8.7% [7] - In Africa, the company holds over 40% market share in the smartphone segment, leading in Pakistan, Bangladesh, and India as well [7] Business Development - The company's mobile internet business has reached over 10 million monthly active users, exploring localized business models [7] - The company has invested 2.14 billion yuan in R&D for the first three quarters of 2025, representing 4.32% of its revenue [7]