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研報掘金丨民生證券:傳音控股長期成長可期,維持“推薦”評級
格隆匯 02-28 15:46

民生證券研報指出,傳音控股(688036.SH)基本盤穩固,4Q23出貨量創新高。據IDC數據,傳音2023Q4智能手機出貨量達2820萬部,同比增長68.6%,首次躍升全球第四,出貨量創新高,2023年全年以8.1%的市場份額成功躋身全球智能機市場第五。從盈利水平來看,公司持續開拓新興市場,同時受益於產品結構升級及成本優化,公司整體出貨量有所增長、毛利率有所提升。24 年原材料升價對公司毛利影響有限,伴隨宏觀環境的改善,以及市佔率+產品結構的提升,盈利能力將不斷提升。該行看好公司在非洲、東南亞市場的核心業務優勢,同時疊加東歐、拉美等新興市場開拓,打開向上空間,公司長期成長可期,預計公司23-25年實現歸母淨利潤55.03/63.18/85.33億元,對應22/19/14倍PE,維持“推薦”評級。

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