Changjiang Securities: Maintains "Buy" rating on Transsion Holdings, with rapid growth in category expansion and mobile internet.

Changjiang Securities noted in a research report that Transsion Holdings' performance continued to grow rapidly, with expansion into additional product categories and mobile internet services growing quickly. Q2 performance maintained relatively fast growth, with handset price increases combined with earlier inventory stockpiling driving profitability improvement. Its position in core emerging markets continues to be steadily consolidated, and the "handset + mobile internet services + category expansion" business ecosystem continues to deepen. The company continues to increase investment in AI resources, with AIOS, Agent, and AIoT layouts continuing to advance. Considering the company's long-term deep cultivation of emerging markets such as Africa and South Asia, the AI capabilities formed around localized scenarios including multilingual support, weak network conditions, and computing power for low- to mid-end devices are expected to further strengthen product competitiveness and help the brand extend toward the mid- to high-end value chain. The bank expects the company to achieve net profit attributable to parent of 3.546/4.707/6.199 billion yuan in 2026/2027/2028, maintaining a "Buy" rating.