通信行业科创板系列之二传音控股20190415华鑫证券10页

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。2016A2017A2018A营业收入116372004422646（+/-）-+72%+13%营业利润118808857（+/-）-+587%+6%归属母公司净利润63671657（+/-）-+969%-2%EPS（元）-0.940.91分析师：徐鹏执业证书编号：S1050516020001电话：[phone]邮箱：[e-mail]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：[phone]网址：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····································································································································································31.公司简介···············································································································································································32.新兴市场手机发展仍具潜力················································································································································33.公司非洲手机市占率遥遥领先············································································································································53.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图表1公司产品与服务........................................................................................................................3图表22011-2022年全球手机出货量和出货金额情况......................................................................3图表32011-2022年全球智能手机出货量和出货金额占比..............................................................3图表42011-2022年部分新兴市场手机出货量和出货金额情况......................................................4图表52011-2022年部分新兴市场智能手机出货量及占比..............................................................4图表62013-2017年中国与“一带一路”国家贸易额...........................................................................4图表72018非洲市场全品类手机出货量和市占率（单位：百万部）............................................5图表8全球全品类手机出货量和市占率（单位：百万部）............................................................5图表9印度市场全品类手机出货量和市占率（单位：百万部）....................................................5图表102018公司前五大客户..............................................................................................................6图表112018年公司营收划分（按产品）.........................................................................................6图表122015-2018年公司营收及净利润............................................................................................6图表13公司股权结构..........................................................................................................................7图表14公司成立以来历次股权转让及增资情况..............................................................................7图表15募集资金用途..........................................................................................................................7图表16同行及部分消费电子领域重要品牌企业估值（截止2019年4月12日）......................8规范、专业、创新请阅读最后一页重要免责声明3华鑫证券·行业研究一、公司概况1.公司简介公司成立于2013年，主要从事以手机为核心的智能终端的设计、研发、生产、销售和品牌运营，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。2.新兴市场手机发展仍具潜力全球手机出货量由2011年的17.18亿部增长到2018年的18.91亿部，出货金额由3,094亿美元增长到了4,950亿美元。2018年，全球智能手机出货量为14.06亿部，占全球手机出货总量的74.35%，出货金额为4,861亿美元，占全球出货总金额的98.20%图表22011-2022年全球手机出货量和出货金额情况图表32011-2022年全球智能手机出货量和出货金额占比资料来源：IDC,公司招股说明书申报稿资料来源：IDC,公司招股说明书申报稿图表1公司产品与服务资料来源：公司招股说明书申报稿规范、专业、创新请阅读最后一页重要免责声明4华鑫证券·行业研究新兴市场手机量的47.44%。IDC预计新兴市场智能手机渗透率将于2022年达到70.38%，提升空行业发展相对滞后，手机发展仍具潜力。20