TRANSSION(688036) 华创证券·2025-04-28 04:14Investment 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].