研報掘金丨海通證券:傳音控股Q3毛利率拐點或現,維持“優於大市”評級
海通證券研報指出,開拓新興市場,推進產品升級,傳音控股(688036.SH)毛利率拐點或現。3Q24公司毛利率為21.72%,環比增0.83pct,公司淨利率為6.44%。公司以非洲市場為基礎,目前已進入其他新興市場國家,同時佈局數碼配件、家用電器及移動互聯網服務,形成“手機+移動互聯網服務+家電、數碼配件”的生態模式,打造商業閉環。判斷公司有望分享第三世界利基市場快速成長的紅利,伴隨手機滲透率的持續提升,疊加功能機向智能機轉換帶來的ASP提升,預計24-26年EPS分別為4.62/5.75/6.79元,考慮到可比公司估值水平,公司所在區域市場的高增速,給予24年PE估值區間18-23x,對應合理價值區間83.16-106.26元,維持“優於大市”評級。
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