According to the Changjiang Securities Research Report, Communication Holdings' performance continues to grow rapidly, expanding categories and mobile internet. Q2 performance maintained relatively rapid growth, and the increase in mobile phone prices combined with early inventory boosting to increase profitability. The core emerging market position continues to stabilize, and the “mobile+mobile Internet service+category expansion” business ecosystem continues to deepen. Investment in AI resources continues to be increased, and AIOS, Agent and AIoT layouts continue to advance. Considering that the company has long been deeply involved in emerging markets such as Africa and South Asia, AI capabilities formed around localization scenarios such as multiple languages, weak networks, and the computing power of medium- and low-end devices are expected to further strengthen product competitiveness and help the brand extend to the middle and high-end value chains. The bank expects the company to achieve net profit of 35.46/47.07/6.199 billion yuan in 26/27/28, maintaining a “buy” rating.

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