研報掘金丨申萬宏源:傳音控股業績符預期,維持“買入“評級
申萬宏源研究指出,傳音控股(688036.SH)24年歸母淨利潤爲55.49億元,同比增長0.2%;25Q1歸母淨利潤4.90億元,同比下跌69.87%。2024年報及2025一季報符合預期。根據IDC數據,2024年公司在全球手機市佔率14.0%,全球排名第三,其中智能機全球市佔率8.7%,排名第四;公司非洲智能機市佔率超過40%,排名第一。在南亞市場:巴基斯坦智能機市佔率超過40%,排名第一;孟加拉國智能機市佔率29.2%,排名第一;印度智能機市佔率5.7%,排名第八。公司加快AI圖像功能創新,小語種AI技術新突破,接入DeepSeek大模型。“手機+移動互聯網服務+家電、數碼配件”商業生態模式具有閉環優勢。維持“買入“評級。
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