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研報掘金丨浦銀國際:傳音控股估值具備上行空間,重申“買入”評級
格隆匯 02-28 15:42
浦銀國際證券研報指出,傳音控股(688036.SH)2024年四季度業績有較好的環比改善。這爲公司2025年的基本面增長奠定良好的基礎。根據IDC,2024 年傳音智能手機出貨量排名全球第四,份額達8.7%,較2023 年繼續增長。展望2025年,預期公司在如下方面仍有較好的增長動能:1)智能手機出貨量增長動能和確定性都比較高。公司將在東南亞和拉美地區發力,推動手機業務盤持續向上;2)擴品類業務中,數碼配件以及儲能產品預計將保持較高增速;3)移動互聯業務增速會加快,而且得益於規模效應帶來的經營性槓桿,該業務板塊的利潤增速將超過收入增速。從中長期來看,AI 以及DeepSeek 帶動行業發展,有望給公司手機端側業務提供增量,並有望改善成本空間。傳音當前市盈率估值爲18.3x,考慮端側AI高漲的市場情緒,估值具備上行空間,重申傳音的“買入”評級。
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