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2、0010523120005+,% ,-./%,-./%l:;?AB:;?AB“CDCD+EFGEFG+HIJKHIJK”LMNOLMNO%&:;?PCDQRSTUVWXYZ_abcdefgCDFh TECNOiitel j Infinix klmnDopFqrstEFGQRjHIJKuRvZpFwxAByzyIn|_a?P“+pF”STU?gNEg“”9pFwxoqriQRNoE“CD+EFG+HIJK”LM%&W l?Eg“”?Eg“”2023Q4 W?-g?”i0%&klpFqrivZ“jmnDqoIe9oyo?v-ii?VWZABpF+Zv-?q l PCDQRSTUqrpFwxEFGP
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4、2024E 2025E 2026E MN5O 62295 71272 80066 89865 5OPH8%:33.7%14.4%12.3%12.2%QRSTUVWX 5537 5522 6379 7400 VWXPH8%:122.9%-0.3%15.5%16.0%YWZ8%:24.5%22.0%22.7%22.2%ROE8%:30.7%24.6%22.1%20.4%B589:6.88 4.84 5.59 6.49 P/E 20.12 19.14 16.57 14.29 -40%-30%-20%-10%0%10%20%30%40%50%12/233/246/249/24傳音控股滬深300Tabl
5、e_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*2/26/01234 P/B 6.18 4.70 3.66 2.92 EV/EBITDA 14.98 12.26 10.33 8.22 _a windbcd/012e Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*3/26 /01234!#$!#$13456789:;3456789:;?=?”ABCDABCD.6 1.1 EF=GHCDIJKLMNO AIOT PQR.6 1.2 STUVWXYZ_abcd.8 1.3 ef356gh
6、ijUVklmno.9 2 pq=rstuvwef356pq=rstuvwef356.12 2.1 3456xyz|stu%8g8xy56t“K”M56g.17 3 ghijUV3kno0e oghijUV3kno0e o.19 3.1 GH8gjNO AI 78 AI-.19 3.2 IefIjGH.20 3.3 856g=56g.11 13 2023=56n|=56n|.11 14 356GHst$X356GHst5678&=5678&.13 24=856=856.13 25,-./0=1234,-./0=1234.14 26 1GB 5%67)85%67)8GDP99%.14 27V:V
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8、XP856?HXP856?H.18 40.Z“(78&.Z“(78&.18 41.Z856?H.Z856?H.18 Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*5/26 /01234 42DE|78DE|78.19 43 DE78DE78.19 44DEDEAI78P78PAI.20 45 DEDEAI78_abcP78_abcP.20 46XP=756FdZJXP=756FdZJ.20 47 2023Q4=TWS TOP5efnmefnm.20 483C0GH0GH.21 49=g56FfZJ=g56FfZJ.21 50 202
9、2=“(1hi=“(1hi.21 510GH0GH.22 52CD“(CD“(.22 53 CD“(CD“(18j/k)l9j/k)l9.22 54NOmNOm/C0C0.23 55DEnopCqDEnopCqOSfrfr.24 56 DEsDEsAPPtutu.24 Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*6/26 /01234 1!#$%&!#$%&()*()*+“,-./,-./”01201233 1.10123456789:;?0123456789:;?AIOTABAB“=78?=78?”vwvw(vwvw(+ijxL
10、MyijxLMyz3456789:;2006 2019|k5-./78YZnPiAjrX78j 2006 P=T#QTQ85678?”y2016 A&=0QP0Q.ZXPCD3456“”X56vcdablmij56yvwIJKGH2014-2015 jxj2017-2024 pm|f0 2023&8 AI 7878e78Kef356 _afghijbklmnb/0o3bpqrsbtuvwxbcd/012eyz vwvwIJKLM78NO78vwvwIJKLM78NO78+0-0-AIOTPQRyPQRy TECNOitel Infinix|78jvwvwIJKLMGHj Oraimogj Sy
11、inix/f0j Carlcare IjnjyX78j8MNs Android CqtueESDEnopCq OS HiOSitelOS XOS OS opCqeVWtutu/f78_yImE3VWmvweijNOW0mB78+Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*7/26 /01234+0-AIOT PQRy 2 7878+0-PQ0-PQ _aTUnbTU|B.*bcd/012eyz IjLMV:ijBB&IjLMV:ijBB&TECNOItelInfinix|7|78jy8jyhBKV:TECNOItelInfinix
12、|78jcdijyXTECNO z3456XihXj3KL AI 3Bb78#tVWHiOS opCqijItel B|se”?j#fKLij8EgtijA3fCD 50“(Infinix z3456+)NO-|Kj78TWStijCD 70 I“(y 3 780ij780ijN _aTUnb|B.*bcd/012e Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*8/26 /01234 1.2 CDEFGH8IJKLMNOPQRSTCDEFGH8IJKLMNOPQRST STUVWXSYZeySTUVWXSYZey|SPDE%S49
13、.64%)oPf 37 _Xv)PS 20.68%y 2024Q3d|SPS 76.60%STUVWXy|SPX2%_HKS 6.34%ST|s 2023 6 7S”%Digimoc Holdings Limited Digimoc Holdings Limited CYZe|MTK!#$YZe|MTK STk%SijYZKL&()ey 4STUVWXSTUVWX2024Q3 _ab|B.*bcd/012eyz*YZ_abcd S9+(_yYZ_abcd S9+(_y)P,-./078Ar010:a230dI_aby4YZ|I./0paEF78I 3456KL5 AV:ijt“K&Pi6E78
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15、7 _abcd/012e_abcd/012e Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*10/26 /01234 8 UVJUVJ 9 UVUV _abTU3bcd/012e_abTU3bcd/012e3456efwijUVgh gy3456efwijUVghv3456cdabvwef0QP0QXP.Z3568KghdFE”n 27%/ktyq356|t=5656efS356ijt“KQj$#S)gylmnoyvw8AI 788KGHKijUV478 ASP no56g=56g 13 2023=56n|=56n|_abcd/01
16、2e_abcd/012e$X r_FKxUy 6356ef t$X r_FKxUy 6356ef t“KM:_BC A _86Fx“KM:_BC A _86FxUQ54$yUQ54$y+ijvww|2022 eFno“y/0”/st 0.5%/y!-.BAVaA”-.4-A!#yr$%i!Ty%trBQ_3456E78_FKLM“y 14 356GHst$X356GHst$X 15-!-!_abcd/012e_abcd/012e 16#$!#$!17#%i!#%i!_abcd/012e_abcd/012eTable_CompanyRptType1 HIHIJKJKLL688036MM !#$%
17、&()*+,-.*12/26 /01234 2 45,6789+:;=!#$45,6789+:;=!#$2.1WcXYdefgh8ijklmnopqWcXYdefgh8ijklmnopq 34568no CD856 y34568no CD856 y6Xa/f$K 2023Q4 eCD78nxy y Canalysq2024 xS78KLijK|X56&nE-N”K3456CD&g|.y 18CD8&CD8&19CD“(8&nmCD“(8&nm _abcd/012e_abcd/012e34568CDt8t g|y at 134568CDt8t g|y at 12s-w:Q=.345682s-w:
18、Q=.34568yy GSMA 8g 81%/79%/77%/74%/67%IsCDt8 80%/56|gy 20 CD78CD78 _abcd/012e3456)*nml UV+8+y3456)*nml UV+8+y 2019)*y!2019-2050 CDno)*-.34)*now“()*nTable_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*13/26 /01234 o 46%/25%/18%Z 2%y!56|)*K34)*+y+)*UVa478&no83je856 856 qsnoy618/f|78j_3jGvwe2024 xSxy
19、/8&5400 Iu YOY 9.8%y z6a12&s-w/fg8f-gh5T5678&=5678&24=856=856 _abcd/012e_abcd/012e63gh5%8ygy63gh5%8ygy3s-w:Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*14/26 /01234 5%z=8&y6a_”&u r%te_w|4G 5G 1234g5%?478g8AnoyGSMA 4G 34 49%q 32%78g 88%CDt8t78569:;1234,-./0=1234 26 1GB 5%67)85%67)8GDP99%_abc
20、d/012e_abcd/012e+ij-VYZ56yij-VYZ“(3f(5:_+Cq 2_T3I|E8A-.y/=56ad;EF|IhaABCyaAz78Akg|.+(y!tK3BbijxyKijlijj56y“KL3A3jFf0_v756y Canalys q565r 50%yz68gp9:;y“j&y 27V:ijV:ij+56-;56-;28=856?H=856?H _a|B.*bcd/012e_abcd/012eTable_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*15/26 /01234+S|5-yS|5-yaI:hhhnVha
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22、2019H1 31=56DEaAFG=56DEaAFG 2019H1 _a|B.*bcd/012e8a M5:_a|B.*bcd/012e8a M5:9:t“KKL3NOijy9:t“KKL3NOijy/560B-356i78I56B6E78?KL3vw3A)3B3KLg78t“56CSyaIvt“KEGHIJKL3A)|DOS Cqfij0y XIJE_Q78IEEGH):F.SXIJE_Q78IEEGH):F.S“)JHeI:JKLMNODO“)JHeI:JKLMNODO“1PQRS wLM TUJV|rWXY)I1PQRS wLM TUJV|rWXY)ICq NMZZvI e&EGHZG
23、 K=Cq NMZZvI e&EGHZGIJBbyIJBby _:“(eeEX78MN|Oaby SIM c_612r3vdx.Ir23“(3er1fg78ltyO&%c%-7878ltAhgy 78ijkl_mnoBIp78iOklqr&j7pstq0ouPv3A/fwpx USB*ypzkl78iy 32EGHIJKLEGHIJKL 33 itelGGP40+MNMN7000mAh|O|O _a bcd/012e_anbcd/012eTable_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*17/26 /01234 2.2.2 UV23NX
24、Y8u;=gXY|ZUV23NXY8u;=gXY|Z P0Q%n|uz|&VW78RT56P0Q%n|uz|&VW78RT56 Canalys q 2024 P0Q856 xS&nonm YOY CDt8|2024Q3&2500 u YOY+15%CD 5%n.|&“(|nozyX$P0Q+)*UV#0zno_78Kgh&noy2024 DEP0QphLM3561GHIJKB$200/56vwG&”ijnE&E_I_“IKxyAnmgy2024 GVWXY3j Infinix GT20 ProzCD_7VPUBGMOBILE120 8|VWLy1ESt“K”M/:llBb0BnijKab|Ay
25、 34P0Q“(78&P0Q“(78&35 P0Q856?HP0Q856?H _abcd/012e8a”-_r”:_a bcd/012e 36RSTUQ856?HRSTUQ856?H 37 DEDEInfinix GT 20ProVWXY8VWXY8 _abcd/012e_a nbcd/012eTable_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*18/26 /01234 XPnm.ZQyXPnm.ZQy Canalys Z”“uUHgh/f“)*94“”S2024Q3 XP“(8&nm&1220 u YOY 2%y 2025 783!$o
26、a/w|I|XP856vQky XP/vweft“Kcdij/Ano2024 xS5y zy1n.LMaA/f“(|(Lulu Hypermarkets pg&56y 1a$200/”782024Q3.Z“(856noQ&3510 uYOY+10%“(xS&y“$200/”78vcdabw”w|ijGH vwijxUy2023 3 7DE78Q|2r Claroy/Qe.Z563ay2024Q3 DE.Z/9%5%?ABCDE!F*GHIJ+KLM?ABCDE!F*GHIJ+KLMNOPQRSITUNO?45k|Z8?AI“k”“k”AI&AIXY vwGHyXY vwGHy78p78ijQ3
27、7856XIno Canalys 2024-2028 78&/CAGR 30%no 5100 uyuv-5 w|78GH/$|jKy 202497TECNOCDPHANTOMCXY-|PHANTOM V Fold2 5G V Flip2 5GjKaxyy!vwGHKL3Q&-8 TEKL Kvy 42DE|78DE|78 43 DE78DE78 _aTUnbcd/012e_aTUnbcd/012ep|cp|cAIGCyyAI 781m|)ESKLeK0)-z78z53yvw AI-“h|NO78 AI eIKV:/AI PQCqy2024 3 7&TECNO AIOSMN|MediaTek 9
28、300 P AI 2H4C|YCPU V/APU 790 sge AI p Google Gemini|CgX78 AI 56yTECNO AIOS YZ-.%1K AI 7 Ella_CDI#(CDeGPvf PP!&HabGJHK0 2AI nE)ngvQEGHIGHKLyAI Cgh78lBby78ijb8”|Agy Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*20/26 /01234 44DEDEAI78P78PAI 45 DEDEAI78_abcP78_abcP _a bcd/012e_a bcd/012e3.2 j9U
29、V89 45j9UV89 45 78j78at/f=8g/TWS R87RE,g 3C!xyy/79Mordor Intelligence q 2024-2029 XP=“(CAGR 12.17%nomSl56z|yI?8 2014 j Oraimo X|78j TECNOItel Infinix 0“78E3j8540cd78PQRnjy Canalys q TWS 565nm8|y#$3C 0ykop|.nXo$78PQRj!E=TWS TOP5efnmefnm _a bcd/012e_abcd/012e Table_CompanyRptType1 HIHIJKJKLL688036MM !
30、#$%&()*+,-.*21/26 /01234 483C0GH0GH _a|B.*bTUnbcd/012exyz|GHyxyz|atggijxyky Statista 56F 613.6 ZJ 2028x|900 ZJ 2023-2028 CAGR 7.53%56y s-w e56zU-078ijgBGH0/cdijUVn)EKj!y 2015 j Syinix2023 B;jDYQUEX|78j TECNOItel Infinix&ijNO78Ijhij/By|A(5BC/f“aAESpg56FfZJ=g56FfZJ 50 2022=“(1hi=“(1hi _abcd/012e_abcd/
31、012e Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*22/26 /01234 510GH0GH _a|B.*bTUnbt”nb bcd/012eyz3.3 ijkyz8-fnohijkyz8-fnoh 83y83y6=at3G m235%GSMA qB8 51%lmkg5y78p5*|Ff34e|.NByq“(8e=3 CDt8t|56zy 52CD“(CD“(53 CD“(CD“(18j/k)l9j/k)l9 _abcd/012e_abcd/012eTable_CompanyRptType1 HIHIJKJKLL688036M
32、M !#$%&()*+,-.*23/26 /01234 mB0no#$ymB8565v|45%z0|.sYy16m%V:C0tu0y 1m%X78j8MNs Android CqtueESnopCqDE OS HiOS itelOS XOSyDEOSeVWXZtu/f78_aysnopCqDE OSt“K0m/p_eIs APP1s APP 5WOyEVWmf GoogleFacebookImNO BoomplayScooperPhoenix I7)s APPyXE5Btu Boomplay 4300 7b 20|E5Btuy T=8565/785*1V:mBa 5W-5-5Q-C3DqAyx
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34、y Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*25/26 /01234 !#$%&()!#$%&()Table_Finace :DE9 WXWX :DE9 2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E FF 40132 46733 55168 65102 MN5OMN5O 62295 71272 80066 89865 12599 20186 26183 33280 MNC 47063 55624 61874 69899 5 1965 2178 2446 2746 MN+249
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37、1 QRSTUVWXQRSTUVWX 5537 5522 6379 7400$F$F 4046 4090 4090 4090 EBITDA 6759 7178 7938 9112 (3 247 247 247 247 EPS89:6.88 4.84 5.59 6.49$F 3799 3843 3843 3843 “27944 29931 31585 33697 6(HZ6(HZ 45B7 122 172 230 297 2023A 2024E 2025E 2026E BC 807 1140 1140 1140 88 CT9 6583 6995 6995 6995 MN5O 33.7%14.4%
38、12.3%12.2%:5 10665 14343 20721 28121 MNWX 122.5%-0.5%15.4%15.9%QRSTUB7 18055 22478 28856 36256 QR;STUVW 122.9%-0.3%15.5%16.0%B7B7 46121 52581 60671 70250 W8M?FM?F 11890 6422 6924 7989 ROIC8%:26.2%22.5%19.9%18.6%VWX 5587 5572 6436 7467 88 ABC 315 395 395 395 Z8%:60.6%56.9%52.1%48.0%63 37 37 37 VHZ8%:
39、153.7%132.1%108.6%92.2%)#-195 -570 -200 -225 FHZ 1.68 1.81 2.01 2.20 MD&5888 976 16 76 EHZ 1.21 1.37 1.56 1.73 MF-68 4608 6660 7631 MD8MD8 )?F)?F-6134 2009 -890 -855 AFGZ 1.62 1.44 1.41 1.37 C/-803 -100 -90 -80 5FGZ 38.31 34.41 34.63 34.61 ()-5590 1500 -1000 -1000 FGZ 4.74 3.87 4.10 4.37 )F 260 609
40、200 225 BHI89:BHI89:J?FJ?F-3390 -707 -37 -37 B5 6.88 4.84 5.59 6.49 2(3 277 0 0 0 BMFK:10.43 5.63 6.07 7.01 (3-3 0 0 0 BV 22.39 19.71 25.30 31.79 LGBM 3 334 0 0 NKHZNKHZ CT9M 557 411 0 0 P/E 20.12 19.14 16.57 14.29 JF-4223 -1452 -37 -37 P/B 6.18 4.70 3.66 2.92 VM0VM0 2383 7587 5998 7097 EV/EBITDA 14
41、.98 12.26 10.33 8.22 _aTUT4bcd/012e Table_CompanyRptType1 HIHIJKJKLL688036MM !#$%&()*+,-.*26/26 /01234 PP 01230123456OPQRSTQ!U012VWgXYZ_abXcdefg456OPQRSTQ!U012VWgXYZ_abXcdefg$hY#$i$hY#$i8+9#jk+9#jk 7893OPQRS0127893OPQRS0122020-2021+elgmnQR+elgmnQR2023+kOPQR+kOPQR4+STQjo+STQjokpi9qrskpi9qrs -012tu012
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