TRANSSION(SH:688036) Minsheng Securities·2024-02-26 16:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 151.00 CNY [2][5] Core Insights - The company achieved a revenue of 62.392 billion CNY in 2023, representing a year-over-year growth of 33.9%. The net profit attributable to shareholders reached 5.503 billion CNY, up 121.6% year-over-year [1][2] - In Q4 2023, the company reported a record quarterly revenue of 19.37 billion CNY, a year-over-year increase of 83.4%, and a net profit of 1.62 billion CNY, reflecting a staggering year-over-year growth of 616.8% [1][2] - The company has successfully entered the global smartphone market as the fifth largest player, with a market share of 8.1% in 2023, driven by strong performance in emerging markets [1][2] Summary by Sections Financial Performance - The company reported a total revenue of 62.392 billion CNY for 2023, with a projected revenue of 75.669 billion CNY for 2024 and 91.197 billion CNY for 2025, indicating a growth rate of 21.3% and 20.5% respectively [2][5] - The net profit attributable to shareholders is expected to grow from 5.503 billion CNY in 2023 to 6.318 billion CNY in 2024 and 8.533 billion CNY in 2025, with growth rates of 14.8% and 35.1% respectively [2][5] Market Strategy - The company is focusing on expanding its presence in emerging markets, particularly in Africa, South Asia, the Middle East, and Latin America, while maintaining its core business in Africa [1][2] - The introduction of high-end products such as the TECNO PHANTOM V Fold and Infinix ZERO 30 5G is part of the company's strategy to enhance its product offerings and capture market share in new regions [1][2] Growth Drivers - The company is leveraging its core business advantages in Africa and Southeast Asia, while also exploring opportunities in Eastern Europe and Latin America to drive future growth [1][2] - The integration of AI technologies and the development of a high-efficiency data computing engine across multiple product lines are expected to enhance product differentiation and support revenue growth [1][2]