2025 年 04 月 30 日 公司研究 评级：买入(维持) | 研究所： | | | | | --- | --- | --- | --- | | 证券分析师： | | 姚丹丹 | S0350524060002 | | | | | yaodd@ghzq.com.cn | | 联系人 | ： | 李晓康 | S0350124080022 | | | | lixk02@ghzq.com.cn | | [Table_Title] 手机业务积极拓展新兴市场，扩品类和移动互联 未来可期 ——传音控股（688036）2024 年年报和 2025 年一季报点评 最近一年走势 | 相对沪深 | 300 | 表现 | 2025/04/29 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 传音控股 | | -17.2% | -24.4% | -25.5% | | 沪深 300 | | -3.6% | -1.1% | 4.2% | | 市场数据 | 2025/04/29 | | --- | --- | | 当前价格（元） | 75.87 | | 周价格 ...

证券之星消息，根据市场公开信息及4月29日披露的机构调研信息，汇丰晋信基金近期对8家上市公司进行了调研，相关名单如下： 1）德科立 （汇丰晋信基金管理有限公司参与公司业绩说明会） 调研纪要：德科立2025年Q1经营情况呈现结构性调整，营收同比微增6%，但利润率显著下滑，主要受高毛利业务调价、DCI业务成本激增及产品 结构调整影响。800G DCI产品已进入客户定制开发阶段，预计年内可落地，暂未向L波段扩展。Q1扩产难点为海外基地建设和国内新产线认证周 期长，预计Q3-Q4产能瓶颈将逐步缓解。泰国产线年底验证不影响国内产线的海外供货，主要挑战在于关税政策的不确定性。算力需求爆发驱动 DCI订单大幅增长，产能优先保障前期订单。国内骨干网建设按计划进行，新的国干项目2025年能完成招标工作。 2）传音控股 （汇丰晋信基金管理有限公司参与公司电话会议） 调研纪要：根据2025年一季报，传音控股一季度实现营收130.04亿，同比减少25.45%，归母净利润4.90亿，同比减少69.87%。受市场竞争及供应 链成本影响，一季度营收及毛利减少，全年毛利率将根据成本变化和市场竞争调整。移动互联业务依托手机流量基础，通过优化产 ...

传音控股宣布与联合国难民署深化全球合作伙伴关系，双方将开展为期三年的深度合作，着力改善非洲 难民儿童和青年的教育困境。基于过往五年的合作成果，全新启动的"携手共促非洲儿童与青年教育"特 别项目，将支持联合国难民署两大核心教育项目——"初级教育项目"和"爱因斯坦学术难民倡议"高等教 育奖学金计划。预计未来三年将有逾54000名难民儿童及15名DAFI学生通过这一特别项目获得优质教育 支持。(36氪) ...

证券研究报告·公司点评报告·电子 传音控股（688036） 2024年报&25年一季报点评：营收稳健增长， 看好新市场&高端化&AI 多重成长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 62,295 | 68,715 | 77,500 | 88,500 | 100,300 | | 同比（%） | 33.69 | 10.31 | 12.78 | 14.19 | 13.33 | | 归母净利润（百万元） | 5,537 | 5,549 | 6,278 | 7,310 | 8,492 | | 同比（%） | 122.93 | 0.22 | 13.14 | 16.45 | 16.16 | | EPS-最新摊薄（元/股） | 4.86 | 4.87 | 5.51 | 6.41 | 7.45 | | P/E（现价&最新摊薄） | 16.82 | 16.78 | 14.83 | 12.74 | 10.97 | [Tabl ...

证券研究报告·公司点评报告·电子 传音控股（688036） 2024年报&25年一季报点评：营收稳健增长， 看好新市场&高端化&AI 多重成长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 62,295 | 68,715 | 77,500 | 88,500 | 100,300 | | 同比（%） | 33.69 | 10.31 | 12.78 | 14.19 | 13.33 | | 归母净利润（百万元） | 5,537 | 5,549 | 6,278 | 7,310 | 8,492 | | 同比（%） | 122.93 | 0.22 | 13.14 | 16.45 | 16.16 | | EPS-最新摊薄（元/股） | 4.86 | 4.87 | 5.51 | 6.41 | 7.45 | | P/E（现价&最新摊薄） | 16.82 | 16.78 | 14.83 | 12.74 | 10.97 | [Tabl ...

深圳传音控股股份有限公司股东会会议资料 1 深圳传音控股股份有限公司股东会会议资料 会议资料目录 | 2024 | 年年度股东会会议须知 3 | | --- | --- | | 2024 | 年年度股东会会议议程 5 | | 议案一：《关于<2024 | 年年度报告及其摘要>的议案》 7 | | 议案二：《关于<2024 | 年度董事会工作报告>的议案》 8 | | 议案三：《关于<2024 | 年度监事会工作报告>的议案》 15 | | 议案四：《关于 2024 | 年度利润分配预案的议案》 20 | | 议案五：《关于<2024 | 年度独立董事述职报告>的议案》 21 | | 议案六：《关于<2024 | 年度募集资金存放与使用情况专项报告>的议案》 22 | | 议案七：《关于续聘 | 2025 年度审计机构的议案》 23 | | 议案八：《关于<2024 | 年度内部控制评价报告>的议案》 24 | | 议案九：《关于 2025 | 年度董事薪酬预案的议案》 25 | | 议案十：《关于 2025 | 年度监事薪酬预案的议案》 26 | | 议案十一：《关于提请股东会授权董事会制定 | 2025 年 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,300,382.88 million, a decrease of 25.45% compared to CNY 1,744,328.19 million in the same period last year[4] - Net profit attributable to shareholders was CNY 49,008.65 million, down 69.87% from CNY 162,646.95 million year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 34,321.35 million, reflecting a decline of 74.64% compared to CNY 135,356.72 million in the previous year[4] - Basic earnings per share decreased to CNY 0.43, a drop of 70.14% from CNY 2.02 in the same period last year[5] - Total operating revenue for Q1 2025 was ¥13,003,828,804.30, a decrease of 25.5% compared to ¥17,443,281,887.51 in Q1 2024[21] - Net profit for Q1 2025 was ¥497,200,801.18, a decline of 69.6% from ¥1,635,091,404.02 in Q1 2024[22] - Operating profit for Q1 2025 was ¥595,928,651.31, down 69.9% compared to ¥1,983,032,917.08 in Q1 2024[22] - Total comprehensive income for the first quarter of 2025 was CNY 504,067,570, a decrease from CNY 1,648,063,443 in the same period of 2024[23] - Basic earnings per share for Q1 2025 was CNY 0.43, down from CNY 1.44 in Q1 2024[23] Research and Development - The total R&D investment was CNY 57,976.72 million, slightly down by 1.53% from CNY 58,877.70 million year-on-year, while the R&D investment as a percentage of operating revenue increased to 4.46%[5] - Research and development expenses for Q1 2025 were ¥579,767,229.75, slightly down from ¥588,776,964.11 in Q1 2024[22] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 4,349,079.27 million, a decrease of 3.49% from CNY 4,506,240.03 million at the end of the previous year[5] - The company's total assets decreased to ¥43,490,792,737.60 in Q1 2025 from ¥45,062,400,290.68 in Q1 2024[18] - Total liabilities decreased to ¥22,608,051,379.95 in Q1 2025 from ¥24,716,864,162.77 in Q1 2024[18] Cash Flow - The net cash flow from operating activities was negative at CNY -74,052.42 million, compared to CNY -10,827.13 million in the same period last year[4] - Cash inflow from operating activities in Q1 2025 was CNY 15,937,526,796, compared to CNY 20,255,734,904 in Q1 2024, reflecting a decline of approximately 21.5%[23] - Net cash outflow from operating activities for Q1 2025 was CNY -740,524,200, compared to CNY -108,271,338 in Q1 2024[23] - Cash inflow from investment activities in Q1 2025 was CNY 8,611,083,037.90, significantly higher than CNY 1,258,480,473.37 in Q1 2024[24] - Net cash flow from investment activities for Q1 2025 was CNY 3,143,028,955.16, a turnaround from a net outflow of CNY -2,622,189,849.57 in Q1 2024[24] - Cash inflow from financing activities in Q1 2025 was CNY 1,053,620,000, slightly lower than CNY 1,139,455,107.50 in Q1 2024[24] - Net cash outflow from financing activities for Q1 2025 was CNY -26,230,879.38, compared to a net inflow of CNY 566,753,229.60 in Q1 2024[24] - The ending cash and cash equivalents balance for Q1 2025 was CNY 13,697,315,954.12, up from CNY 8,873,244,084.63 in Q1 2024[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 23,307[12] - The largest shareholder, Shenzhen Transsion Investment Co., Ltd., holds 560,503,474 shares, accounting for 49.15% of total shares[12] - The total number of shares held by the top 10 shareholders represents a significant portion of the company's equity, with the top shareholder alone holding nearly half[12] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[13] Operational Strategy - The company plans to enhance its market expansion strategies and invest in new product development to address competitive pressures and supply chain costs[10] Other Information - Non-recurring gains and losses totaled CNY 14,687.30 million, with significant contributions from government subsidies and asset disposals[9] - There are no significant reminders or additional important information regarding the company's operational status during the reporting period[14]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 100.64 CNY per share, compared to the current price of 83.65 CNY [3]. Core Views - The company is experiencing steady growth in the smartphone market, with a focus on high-end products and expansion into emerging markets. The overall revenue for 2024 is projected to be 687.15 billion CNY, representing a year-over-year increase of 10.31% [3][7]. - The company aims to diversify its business by expanding into digital accessories and home appliances, leveraging its established presence in emerging markets [3]. - The TECNO AI ecosystem is being developed to enhance user experience through advanced technology, including AI-driven features in imaging and charging [3]. Financial Performance - In 2024, the company achieved a total revenue of 687.15 billion CNY, with a net profit of 55.49 billion CNY, reflecting a slight increase of 0.21% year-over-year [3][7]. - The smartphone business generated 631.97 billion CNY in revenue, marking a 10.20% increase, with a total shipment of approximately 201 million units [3]. - The company holds a 14.0% share of the global smartphone market, ranking third among manufacturers, and leads the African smartphone market with over 40% share [3]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 63.74 billion CNY, 73.97 billion CNY, and 84.69 billion CNY respectively, indicating a positive growth outlook [3][7]. - Revenue growth is expected to continue, with projected increases of 13.5% in 2025 and 12.7% in 2026 [7].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [1][7][16]. Core Views - The company shows steady revenue growth, achieving a revenue of 687.15 billion yuan in 2024, a year-on-year increase of 10.31%, and a net profit of 55.49 billion yuan, up 0.22% year-on-year [4][5]. - The company is expanding its presence in emerging markets and diversifying its product offerings, which is expected to drive future growth [6][10]. Revenue and Profitability - The company sold approximately 201 million mobile phones in 2024, contributing to revenue growth despite a decline in profit margins due to market competition and supply chain costs [5]. - The gross margin for the mobile phone business in 2024 was 20.62%, a decrease of 2.63 percentage points year-on-year [5]. Financial Projections - Revenue projections for 2025-2027 are 770.24 billion yuan, 882.33 billion yuan, and 1,008.80 billion yuan, respectively, with corresponding net profits of 63.56 billion yuan, 75.40 billion yuan, and 90.41 billion yuan [7][8]. - The expected growth rates for revenue are 12.09% in 2025, 14.55% in 2026, and 14.33% in 2027 [8]. Cost Management - The company effectively managed its operating expenses, with a sales expense ratio of 7.04%, a decrease of 0.82 percentage points year-on-year, and a management expense ratio of 2.52%, down 0.10 percentage points year-on-year [5][8]. Market Position and Strategy - The company maintains a strong position in the African mobile phone market and is actively pursuing a multi-brand strategy to enhance its ecosystem through mobile internet and digital accessories [6][10].

Core Insights - Transsion Holdings achieved a record high of 201 million mobile phone shipments in 2024, becoming the first Chinese smartphone manufacturer to surpass the 200 million mark in annual shipments [1] - The company's global market share rose to 14%, maintaining its position as the third-largest smartphone manufacturer globally for five consecutive years, despite a 3.2% decline in the global smartphone market [1] - The primary growth driver remains the African market, where smartphone market share exceeds 40% and feature phone market share is over 78% [1] Group 1: Financial Performance - Revenue increased by 10.31% year-on-year to 68.715 billion yuan, but non-net profit decreased by 11.54% to 4.541 billion yuan, resulting in a net profit margin drop from 9.8% in 2020 to 6.6% [2] - Supply chain costs surged, with 4G chip procurement prices rising by 22% and DRAM memory prices increasing by 18%, leading to a 3.2 percentage point decline in gross margin to 21.3% [2] - Currency depreciation in emerging markets, such as a 35% devaluation of the Nigerian Naira and a 28% devaluation of the Ethiopian Birr, resulted in exchange losses of 820 million yuan, equivalent to 14.8% of net profit [2] Group 2: Market Dynamics - Increased competition led to a price war, with Xiaomi's quarterly shipments in Africa growing by 22% and realme's by 70%, causing Transsion's fourth-quarter shipments in Africa to grow only by 1%, reducing market share from 51% to 49% [2] - Inventory pressure rose, with inventory amounts climbing to 15.3 billion yuan, a 29% year-on-year increase, and inventory turnover days extending to 107 days [2] Group 3: Strategic Initiatives - Transsion is pursuing a strategic transformation to break through profitability constraints by entering the mid-to-high-end market with the Tecno Phantom X3 series priced above $400 [3] - The company is expanding its AIoT ecosystem, with its digital accessory brand oraimo ranking 81st in Africa's top 100 brands, and expanding its smart home product line to 32 SKUs, although this segment still accounts for less than 5% of total revenue [3] - Financial strategies show a dual nature, with a total dividend of 3.421 billion yuan, representing 61.65% of net profit, while capital expenditure was reduced to 1.8 billion yuan, a 12% decrease year-on-year [3] Group 4: Industry Challenges - Analysts highlight three critical challenges for Transsion: competing against localized offerings from Xiaomi in Africa, facing low-cost Samsung A-series models in Asia, and achieving a 15% share of 5G models by 2025, up from less than 5% currently [4]