研報掘金丨國海證券:傳音控股擴品類和移動互聯未來可期,維持“買入”評級
國海證券研報指出,傳音控股(688036.SH)是非洲智能機龍頭企業,並積極開拓其他國家和地區,智能機份額持續提升,同時公司擴品類和移動互聯業務收入快速增長。維持“買入”評級。新興市場宏觀環境改善,智能機業務有望受益。美國聯邦儲備委員會於2024年9月18日宣佈下調聯邦基金利率目標區間,新興市場消費者購買力有望得到釋放,有望帶動公司智能機出貨量增加。新市場如東南亞、拉美、中東等,公司積極開拓,堅持本地化戰略,包括需求、渠道等方面,不斷提高自身份額,帶動盈利能力提升。此外,公司擴品類和移動互聯發展空間大,擴品類業務主要包括配件和家電等,配件方面有望依靠智能機高市佔率奪取更多份額,家電方面深耕當地用户需求積極推新,如Swallow Maker 和儲能產品,有望搶佔當地白牌份額。
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