TRANSSION(688036) 兴业证券·2024-04-26 06:02Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Insights - The company reported a significant revenue increase of 88.10% year-on-year for Q1 2024, reaching 17.443 billion yuan, with a net profit of 1.626 billion yuan, up 210.30% year-on-year [1] - The global smartphone market is showing a clear recovery, with the company expanding its market share in emerging markets, particularly in India and Africa [1] - The company is actively investing in AI technology for its smartphones, which is expected to enhance product demand and user experience [1] - The company's net profit margin has improved significantly, with effective cost control measures leading to a net profit margin of 9.32%, up 3.67 percentage points year-on-year [1] Financial Performance Summary - For 2024, the company expects revenues of 75.838 billion yuan, a 21.7% increase year-on-year, and net profits of 6.517 billion yuan, a 17.7% increase year-on-year [2] - The projected PE ratios for 2024, 2025, and 2026 are 28.2, 23.4, and 20.2 respectively [2] - Key financial metrics for 2024 include a gross margin of 24.4% and a return on equity (ROE) of 29.5% [5][6]