On September 24, Gelonghui・Changjiang Securities' research report pointed out that Shenzhen Transsion Holdings Co., Ltd. (688036.SH) has built solid operational barriers in emerging markets, and the competitive landscape is clear. The sales of smart phones still have significant room for growth, and as the market recovers, the company is expected to achieve growth rates surpassing the industry. In the long term, Transsion is a leading player in hardware + internet, and is expected to tap into deeper levels of monetization on the basis of OS. The company's soft power of co-creation, sharing, and glocalization will help maintain its long-term high growth. It is expected to achieve net income attributable to shareholders of 5.73 billion yuan, 7.19 billion yuan, and 8.48 billion yuan in 2024-2026, with corresponding PE ratios of 17x, 13x, and 11x based on the current stock price, maintaining a "buy" rating.