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研報掘金丨招商證券:傳音控股全年業績總體穩健,維持“增持”評級
格隆匯 03-04 15:12

招商證券研報指出,傳音控股(688036.SH)24Q4營收及淨利潤環比改善,24全年業績總體穩健。根據IDC,24Q4傳音智能手機出貨2720萬臺,同比-3.4%,位列全球第四,繼24Q1後重回全球銷量前五;此外據IP fray報道,2025年1月16日高通與傳音達成和解,撤回了在印度針對傳音提起的四項非標準必要專利訴訟。傳音控股作爲新興市場手機領導品牌,短期受益於智能手機在新興市場的滲透率提升邏輯及公司份額持續開拓,擴品類業務中數碼配件及儲能業務的高成長性,以及移動互聯網業務的成長空間;中長期有望受益於AI應用趨勢帶來的業績催化及估值提升。維持“增持”評級。

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