"传音控股(688036)：拐点明确，需求复苏，看好未来发展-深度报告"

中信证券对传音控股（688036.SH）进行了深度跟踪报告，认为公司已经明确拐点，需求正在复苏，对公司的未来发展持续看好。传音控股是新兴市场领先的智能手机品牌厂商，2016年到2021年期间，公司业绩持续高速成长，营收从116亿元增长至494亿元，复合年增长率为33.5%。但在2022年受到汇率波动、粮食价格扰动等宏观因素的影响，公司收入下降至466亿元，同比下降5.7%，归母净利润下降至24.8亿元，同比下降36.5%。 根据分析师的观点，公司的业绩低谷已经过去，新兴市场需求率先复苏，加上AIGC的支持，功能手机有望加速向智能手机升级，公司后续短、中、长期成长逻辑明确，新一轮成长阶段即将开启。因此，中信证券坚定推荐传音控股，维持“买入”评级。 报告指出，公司拥有良好的基础，并且定位在新兴市场，这将为其带来更多的增长机会。同时，随着全球经济的复苏，智能手机市场的需求正在加速增长，传音控股将受益于这一趋势。公司在产品和渠道上的深耕也为其未来发展提供了强有力的支持。 总的来看，在新兴市场的领导地位、业绩持续增长、明确的发展逻辑以及全球智能手机需求的复苏等因素的叠加下，传音控股有望在未来取得更大的成功。中信证券对公司的未来发展充满信心，看好其未来的成长潜力。investors and analysts alike should take note of this potential growth opportunity. Investors may want to consider adding shares of Transsion Holdings to their portfolios in order to potentially benefit from this expected growth. Over the long term, the company's prospects look bright, and its sound business strategy positions it well for continued success in the competitive smartphone market. These factors combined make Transsion Holdings a compelling investment opportunity for those looking to capitalize on the growth potential of the emerging smartphone market. In conclusion, Transsion Holdings is a leading smartphone manufacturer in emerging markets and is well positioned for continued growth. The company's recent performance, coupled with its clear growth strategy, strong market position, and favorable industry trends, indicate that it has the potential to deliver strong returns for investors in the future. As such, investors may want to consider adding Transsion Holdings to their portfolios to potentially benefit from the company's bright outlook and growth prospects.