传音控股：拐点已至，看好公司长期成长

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for long-term growth [5]. Core Views - The company is expected to experience a turning point with improved revenue and profitability in the upcoming quarters, driven by a recovery in gross margins and increased shipment volumes [6]. - The company has established a strong competitive advantage in emerging markets, particularly in Africa and South Asia, and aims to continue expanding its market presence while enhancing its product offerings [6]. - Recent developments include a resolution of patent disputes with Qualcomm and a partnership with Alibaba to strengthen its AI capabilities, which are anticipated to contribute to future growth [6]. Financial Summary - Revenue projections for the company are as follows: - 2022: 46,596 million RMB - 2023: 62,295 million RMB (33.69% YoY growth) - 2024E: 69,879 million RMB (12.17% YoY growth) - 2025E: 82,693 million RMB (18.34% YoY growth) - 2026E: 96,183 million RMB (16.31% YoY growth) [5]. - Net profit forecasts are: - 2022: 2,484 million RMB - 2023: 5,537 million RMB (122.93% YoY growth) - 2024E: 5,257 million RMB (-5.06% YoY growth) - 2025E: 6,419 million RMB (22.11% YoY growth) - 2026E: 8,077 million RMB (25.82% YoY growth) [5]. - Earnings per share (EPS) estimates are: - 2023: 4.86 RMB - 2024E: 4.61 RMB - 2025E: 5.63 RMB - 2026E: 7.08 RMB [5]. Market Position - The company is projected to achieve a global smartphone shipment of approximately 106.9 million units in 2024, capturing a market share of 8.6%, which represents a 12.7% increase year-over-year [6]. - The company ranks fourth globally in terms of smartphone shipments, reflecting its strong position in the competitive landscape [6].