通信行业科创板系列之二：传音控股

规范、专业、创新 请阅读最后一页重要免责声明 1 华鑫证券·科创板报告 证券研究报告·行业研究·通信 主要财务指标（单位：百万元） 科创板已受理企业名单中，传音控股是唯一一家手机终端企业。本次科创板通信系列之二我们聚焦传音控股。传音控股以手机终端为核心，旗下拥有 TECNO、itel 和 Infinix 三大品牌手机，销售区域主要集中在非洲、南亚、东南亚、中东和南美等全球新兴市场国家。此外，公司积极实施多元化战略布局，逐步开发了数码配件、家用电器业务以及移动互联网服务。  公司在手机行业内享有“非洲之王”的美誉。在全球市场，2018 年公司手机出货量占有率达 7.04%，排名第四；在非洲市场占有率高达 48.71%，排名第一。根据《AfricanBusiness》2018 年 6 月发布的“最受非洲消费者喜爱的品牌”百强榜，公司下属三个手机品牌 TECNO、itel 及 Infinix 分别位列第 7、16 及 28 名；在百强榜中，仅有 5 个中国品牌入选，其中 TECNO连续多年位居入选的中国品牌之首，itel 位居中国品牌第二名。多品牌战略覆盖了非洲不同的消费群，同时在三大手机品牌基础上，公司又创办数码配件品牌 Oraimo，售后服务品牌Carlcare 和家用电器品牌 Syinix 等，并自主研发了 HiOS、itelOS 和 XOS 等智能终端操作系统及独立的应有软件平台。公司立足于非洲本土化的创新和专注于用户体验的产品定位，且公司“手机+移动互联网服务+家电、数码配件”的商业生态模式已初步成型。  新兴市场智能手机发展仍具潜力。新兴市场手机行业发展相对滞后。2018 年新兴市场手机合计出货量为 7.06 亿部，出货金额为 674.03 亿美元。2018 年智能手机在新兴市场的出货量占该等市场手机出货总量的 47.44%。IDC 预计新兴市场智能手机渗透率将于 2022 年达到 70.38%，提升空间较大。  对标公司估值：公司竞争对手中，巨头公司如三星、苹果体量庞大，凭借成熟的产品线、强大的研发能力和长期以来良好的用户口碑铸就了手机行业的帝国。消费行业竞争激烈，各公司都有特色的产品线或生态链，不同公司的估值差别较大。我们还选取消费电子领域中的 LG、联想集团、惠普、华硕等品牌企业的估值作为参考，剔除部分微利的公司，可比公司估值对应 TTM-PE 平均为 17.02 倍。  风险提示：手机行业需求不及预期的风险、新市场拓展不力的风险、技术更新换代风险、市场系统性风险等等。 2016A 2017A 2018A 营业收入 11637 20044 22646 （+/-） - +72% +13% 营业利润 118 808 857 （+/-） - +587% +6% 归属母公司净利润 63 671 657 （+/-） - +969% -2% EPS（元） - 0.94 0.91 分析师：徐鹏 执业证书编号：S1050516020001 电话：021-54967573 邮箱：xupeng@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路 750 号 邮编：200030 电话：（86 21）64339000 网址：http://www.cfsc.com.cn 2019 年 4 月 15 日 通信 科创板通信系列之二：传音控股 规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·行业研究 目录 一、公司概况 ···································································································································································· 3 1.公司简介 ··············································································································································································· 3 2.新兴市场手机发展仍具潜力 ················································································································································ 3 3.公司非洲手机市占率遥遥领先 ············································································································································ 5 3.主要客户 ··············································································································································································· 5 二、财务数据 ···································································································································································· 6 三、股权结构及融资历程 ················································································································································· 6 四、对标公司分析及同类公司估值·································································································································· 8 五、风险提示 ···································································································································································· 8 图