TRANSSION(SH:688036) Huachuang Securities·2024-04-26 04:32Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 182.5 CNY per share [2][14]. Core Views - The company achieved a revenue of 62.295 billion CNY in 2023, representing a year-over-year increase of 33.69%, and a net profit of 5.537 billion CNY, up 122.93% year-over-year [2][7]. - In Q1 2024, the company reported a revenue of 17.443 billion CNY, an 88.10% increase year-over-year, and a net profit of 1.626 billion CNY, which is a 210.30% increase year-over-year [2][7]. - The company has seen a steady increase in market share, ranking third globally in the smartphone market with a 14.0% share, up 2.3 percentage points year-over-year [2][7]. - The company is expanding its product categories and developing a mobile internet ecosystem, with significant growth in digital accessories and home appliances [2][7]. - The company is actively pursuing opportunities in the AIGC (Artificial Intelligence Generated Content) sector, establishing a comprehensive technology and engineering capability [2][7]. Financial Summary - The company’s total revenue for 2023 was 62.295 billion CNY, with a year-over-year growth rate of 33.7% projected for 2024 [7][8]. - The net profit for 2023 was 5.537 billion CNY, with a projected growth rate of 15.6% for 2024 [7][8]. - Earnings per share (EPS) for 2023 was 6.86 CNY, expected to rise to 7.93 CNY in 2024 [7][8]. - The company’s total assets are projected to grow from 46.121 billion CNY in 2023 to 78.452 billion CNY by 2026 [8].