新兴市场高成长

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a revenue of 62.295 billion yuan in 2023, representing a year-on-year increase of 33.69%. The net profit attributable to the parent company was 5.537 billion yuan, up 122.93% year-on-year. In Q1 2024, the revenue reached 17.443 billion yuan, with a year-on-year growth of 88.10%, and the net profit attributable to the parent company was 1.626 billion yuan, reflecting a year-on-year increase of 210.30% [5][6] - The company is expanding into emerging markets and benefiting from product upgrades and cost optimization, with gross margins of 23.6% and 22.2% in Q4 2023 and Q1 2024, respectively [6] - The company holds a solid market share, ranking third globally in smartphone shipments with a 14.0% market share in 2023, and leading in the African smartphone market with over 40% share [6] Financial Performance and Forecast - The company forecasts revenue growth from 76.081 billion yuan in 2024 to 104.895 billion yuan in 2026, with corresponding net profits expected to rise from 6.366 billion yuan to 8.839 billion yuan [7][10] - The earnings per share (EPS) are projected to increase from 7.89 yuan in 2024 to 10.96 yuan in 2026, with a maintained gross margin around 24.5% [7][10] - The company is expected to benefit from the ongoing transition from feature phones to smartphones, enhancing its average selling price (ASP) [6][10] Market Strategy - The company is focusing on emerging markets, particularly in Africa and South Asia, where smartphone penetration remains low, allowing for significant growth opportunities [6] - The strategy includes a diversified product ecosystem combining mobile devices, internet services, and home appliances, aiming to create a closed-loop business model [6][10] - The company is leveraging localized innovation and user experience to build brand loyalty and competitive advantage in these markets [6]