Core Viewpoint - Transsion Holdings, known as the "King of Mobile Phones in Africa," reported a significant decline in its first-quarter net profit, down 74.64% year-on-year, prompting the company to focus on AI technology to enhance its mid-to-high-end product offerings [1][2]. Financial Performance - In 2024, Transsion Holdings achieved a revenue of 68.715 billion yuan, a year-on-year increase of 10.31%, but its net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 11.54% [1][2]. - The company's revenue in the first quarter of 2025 fell by 25.45%, with a net profit drop of 74.64%, marking the largest quarterly decline in net profit since its listing [1][2]. Market Position and Product Overview - The majority of Transsion's revenue comes from mobile phones, with 63.197 billion yuan from mobile products, accounting for approximately 92% of total revenue in 2024 [2]. - Transsion's main brands include TECNO, itel, and Infinix, focusing on emerging markets such as Africa, South Asia, Southeast Asia, the Middle East, and Latin America [2]. - The company shipped approximately 201 million mobile phones in 2024, holding a 14.0% share of the global mobile phone market, ranking third among global manufacturers, with an 8.7% share in the smartphone market, ranking fourth [2]. Challenges and Strategic Responses - The decline in revenue and net profit is attributed to market competition and supply chain costs, with the company indicating that its gross margin is affected by competitive dynamics and cost changes [2][3]. - Transsion's gross margin for mobile products in 2024 was 20.62%, a decrease of 2.63 percentage points from the previous year [3]. - The net cash flow from operating activities decreased by 76.05% year-on-year, primarily due to increased procurement payments [3]. Future Growth Strategies - Transsion is optimistic about the potential of emerging markets, which have a population base exceeding 4 billion, and aims to leverage AI technology to enhance its mid-to-high-end product offerings and develop an AIoT ecosystem [4][5]. - The company plans to integrate AI with hardware products to create a smart ecosystem, expanding beyond traditional hardware sales [5]. - At the 2025 Mobile World Congress, Transsion launched new products, including the CAMON 40 series smartphones and AI Glasses, showcasing its commitment to AI integration [5].

证券研究报告 电子 | 消费电子 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 08 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 王硕 SAC：S1350524120002 wangshuo@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 05 | 月 07 | | | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 77.48 | | | | | | 年 最 | 最 | 高 | / | | | | | 内 | 低 | | 一 | | （元） | | | | | | | | | | | | | 资料来源：聚源数据 | | | | | | | | | | | | | | | | | | | | 151.49/71.00 | | | | | | 总市值（百万元） | | | | | | | 88,354.36 | ...