TRANSSION(SH:688036) Tebon Securities·2024-04-28 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant revenue and profit growth in 2023, with total revenue reaching 62.295 billion yuan, a year-on-year increase of 33.69%, and net profit attributable to shareholders of 5.537 billion yuan, up 122.93% [5] - The company is expanding its market share through regional market development and product structure upgrades, achieving a smartphone shipment of 194 million units in 2023, a 24.2% increase from 2022 [6] - The company is focusing on technological innovation and product upgrades, enhancing user experience through AI and other advanced technologies [7] - The company has a strong commitment to shareholder returns, with cash dividends exceeding 4.839 billion yuan in 2023, representing a payout ratio of 87.4% [8] - The company is expected to continue its growth trajectory, with revenue forecasts for 2024 to 2026 adjusted to 76.297 billion yuan, 88.516 billion yuan, and 100.311 billion yuan respectively [8] Financial Performance Summary - In 2023, the company achieved a gross margin of 24.5% and a net margin of 9.0%, with significant improvements in profitability metrics [10] - The company’s earnings per share (EPS) for 2023 was 6.88 yuan, with projections for 2024, 2025, and 2026 at 8.14 yuan, 9.79 yuan, and 11.29 yuan respectively [10] - The company’s total assets were reported at 47.945 billion yuan, with a total market capitalization of approximately 120.057 billion yuan [9] Market Position and Strategy - The company holds a 14.0% share of the global smartphone market, ranking third among smartphone manufacturers, with a focus on emerging markets such as Africa and South Asia [6] - The company is enhancing its product offerings in the mid-to-high-end smartphone segment, which is expected to drive future growth [6] - The company is actively pursuing a diversified strategy, expanding into digital accessories and home appliances while strengthening its digital capabilities [7]