Company Overview - Honor introduced new investors in October 2024 including China Telecom, CICC Capital, Cornerstone Capital, and Shenzhen Special Zone Development Group [1] - Honor completed its shareholding reform on December 28 2024 changing its name to Honor Terminal Co Ltd [11] - Honor plans to initiate an IPO process after the shareholding reform to further its strategic development [5] Financial Performance - Aishida reported Q3 2024 revenue of 18611 billion yuan down 1901% YoY and net profit of 130 million yuan down 3450% YoY [9] - Aishida's total revenue for the first three quarters of 2024 was 57378 billion yuan down 1737% YoY with net profit of 525 million yuan up 157% YoY [9] Market Position - Honor became the third-largest smartphone brand in Hong Kong in H1 2024 with over 540 stores trailing only Samsung and Apple [2] - Honor's digital series products saw customer coverage increase by over 11% YoY in H1 2024 with overall sales showing steady growth [2] Business Operations - Aishida is a national first-tier distributor for Honor Apple Samsung and Meizu with a network covering over 100000 stores across T1-T6 channels [6] - Aishida serves as Honor's authorized service provider in Hong Kong Thailand Vietnam and other regions offering marketing sales logistics and after-sales services [7] - Aishida has branches in 32 provincial regions 5 distribution centers and over 30 regional warehouses with overseas operations in key markets [12] Strategic Investments - Aishida invested 660 million yuan in 2020 as part of a consortium to acquire Honor [10] - Honor's shareholding reform has led to significant stock price movements for related concept stocks including Aishida [3][8] Corporate Governance - Aishida confirmed no undisclosed major issues or changes in its operating environment during the stock price fluctuation period [4] - Honor emphasized its commitment to transparent development and diversified equity structure with the new round of investors [6]

2020年公司与团队共同斥资6.6亿元参与对荣耀的联合收购。 公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重大事项，或处于筹划阶段的重大事 项。 证券时报e公司讯，爱施德(002416)1月1日晚间披露股价异动公告称，公司是荣耀品牌的线上、线下零 售服务商，也是荣耀品牌在香港、泰国、越南等多个国家及地区的授权服务商。 除此之外公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影响的未公开重大信 息。 据荣耀官网信息，荣耀终端有限公司已于2024年12月28日依法整体变更为股份有限公司，其公司名称变 更为"荣耀终端股份有限公司"。 ...

证券时报网讯，爱施德股价创出历史新高，截至9:31，该股上涨10.01%，股价报17.69元，成交量628.38 万股，成交金额1.11亿元，换手率0.51%，该股最新A股总市值达219.23亿元，该股A股流通市值216.51 亿元。 证券时报•数据宝统计显示，爱施德所属的商贸零售行业，目前整体跌幅为0.38%，行业内，目前股价上 涨的有32只，涨幅居前的有中央商场、爱施德、若羽臣等，涨幅分别为10.14%、10.01%、7.06%。 股价下跌的有60只，跌幅居前的有深赛格、东方集团、爱婴室等，跌幅分别为10.00%、7.17%、 6.61%。 两融数据显示，该股最新（11月1日）两融余额为10.71亿元，其中，融资余额为10.68亿元，近10日增加 4.33亿元，环比增长68.13%。 ...

证券时报网讯，爱施德盘中涨停，已连收5个涨停板，截至9:26，该股报17.69元，换手率0.25%，成交 量309.18万股，成交金额5469.43万元，涨停板封单金额为23.65亿元。 连续涨停期间，该股累计上涨61.11%，累计换手率为47.60%。 最新A股总市值达219.23亿元，A股流通市值216.51亿元。 ...

证券时报网讯，证券时报•数据宝统计，两融数据来看，该股最新（10月31日）两融余额为8.65亿元， 其中，融资余额8.62亿元，较前一个交易日增加2.67亿元，环比增长44.95%，近4日累计增加1.88亿元， 环比增长27.90%。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%上榜龙虎榜1次，买卖居前营业部 中，机构净买入1306.57万元，深股通累计净卖出358.26万元，营业部席位合计净买入606.23万元。 ...

荣耀计划四季度启动股份制改革+推进IPO流程，这家公司曾于2020年参与对荣耀的联合收购，目前深 度绑定荣耀、苹果实现全国T1-T6超10万家门店的高效渠道网络覆盖，旗下APP登陆鸿蒙NEXT加速数 字化转型，同时公司具备高分红属性，已连续八年进行现金分红，分红比例远超行业平均水平。 爱施德（002416）精要： ①荣耀表示，计划在2024Q4启动股份制改革，并将在合适的时机推进IPO流程，浙商证券汤秀洁看好 公司为荣耀线上、线下全渠道零售服务商，2020年公司与团队合计斥资6.6亿参与对荣耀的联合收购； ②公司旗下APP爱施德在线、店小蜜正式登陆华为鸿蒙系统HarmonyOSNEXT，加速数字化转型，公司 旗下高新技术企业爱保科技全资子公司成功入选"中国移动终端公司以旧换新项目"合作伙伴，积极拓展 新业务增长点； ③2017年以来，公司已连续八年进行现金分红，在2018年归母净利润为负的情况下，仍执行了高达2.5 亿元的现金分红，且近三年分红比例不低于60%，分红比例远超行业平均水平； ④汤秀洁预计2024-26年公司归母净利润7.06/7.51/7.88亿元，同比增长8%/6%/5%，对应PE分别为 24 ...

上 市 公 司 证 券 研 究 报 告 商贸零售 2024 年 10 月 28 日 爱施德 (002416) ——营收增长短期承压，以旧换新+新机发售有望拉动 Q4 需求 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 10.38 | | 一年内最高/最低（元） | 12.85/7.32 | | 市净率 | 2.1 | | 息率（分红 / 股价） | 3.85 | | 流通 A 股市值（百万元） | 12,704 | | 上证指数/深证成指 | 3,299.70/10,619.85 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 4.84 | | 资产负债率 % | 59.16 | | 总股本/流通 A ...

爱施德（002416.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 营收短期承压，新零售布局持续深化 2024 年 10 月 27 日 ➢ 事件：2024 年 10 月 25 日，爱施德发布 2024 年三季报。报告期内公司实 现营业总收入 574.58 亿元，同比去年下跌 17.36%，归母净利润为 5.25 亿元， 同比去年增长 1.57%。 ➢ 2024Q3 公司经营小幅承压，毛利率水平环比有所下降。公司于 2024Q3 实现营业收入 186.11 亿元，同比下降 19.01%，环比 2024Q2 的 171.94 亿元 环比增长 8.24%；实现归母净利润 1.30 亿元，同比下滑 34.50%，环比 2024Q2 的 2.28 亿元下滑 43.09%。2024Q3 公司毛利率水平达 3.64%，较 2023Q3 的 3.46%同比提升 0.18pcts，环比 2024Q2 的 3.96%下滑 0.32pcts。 ➢ 我国智能手机市场下游需求逐步复苏，公司作为多核心品牌分销商有望充分 受益。据中国信通院报告，2024 年 H1 我国国内市场手机出货量达 1.47 亿 ...

深圳市爱施德股份有限公司 2024 年第三季度报告 证券代码：002416 证券简称：爱施德 公告编号：2024-036 深圳市爱施德股份有限公司 2024 年第三季度报告 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证 季度报告中财务信息的真实、准确、完整。 3、第三季度报告是否经过审计 □是 否 1 深圳市爱施德股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------|------------------------------------------------------|-- ...

Investment Rating and Core Views - The report assigns a "Buy" rating to Aishide (002416 SZ) with a target price of 10 76 RMB per share based on a 24-year PE multiple of 18x [2][4] - Aishide is a leading digital smart distribution and retail service provider in China, focusing on mobile smart terminals, 3C digital products, communication and value-added services, new energy vehicles, and fast-moving consumer goods [2] - The company benefits from the recovery in consumer electronics demand, the rise of high-end smartphones, and the potential of new product categories like foldable and AI-powered phones [2] Business Overview and Competitive Advantages - Aishide operates over 3,100 Apple-authorized stores and 186 self-operated APR stores, with a 25% YoY growth in self-operated APR stores and a 60% YoY increase in Coodoo online sales [2] - The company is the largest service provider for Apple in China and the largest shareholder among channel partners for Honor, with a 11% YoY growth in Honor's digital series product coverage [2] - Aishide has a stable and high-barrier-to-entry agent market, with a strong service capability that further consolidates its competitive advantage [2] Financial Performance and Projections - Revenue is projected to grow from 96 214 million RMB in 2024E to 110 466 million RMB in 2026E, with a CAGR of 4 4% to 6 8% [3] - Net profit attributable to shareholders is expected to increase from 741 million RMB in 2024E to 923 million RMB in 2026E, with a CAGR of 11 4% to 13 1% [3] - EPS is forecasted to rise from 0 60 RMB in 2024E to 0 75 RMB in 2026E, with a PE ratio decreasing from 17 33x in 2024E to 13 90x in 2026E [3] Industry Trends and Market Dynamics - The global smartphone market is recovering, with shipments expected to grow by 5% in 2024 and a CAGR of 2% from 2024 to 2028 [34][35] - The Chinese smartphone market is also rebounding, with a 9 6% YoY growth in Q2 2024, driven by the recovery in consumer demand and the rise of high-end smartphones [35][36] - The market is shifting towards a "funnel structure," with increasing demand for both high-end (>600 USD) and low-end (<200 USD) smartphones, while the mid-range segment (200-600 USD) is shrinking [41][42] Strategic Initiatives and Future Growth Drivers - Aishide is expanding its comprehensive operation services and incubating its own brands in 3C digital and FMCG sectors, extending into high-growth industries like new energy batteries, tea beverages, and smart health [2] - The company is well-positioned to benefit from the high-end smartphone trend, with Apple and Huawei dominating the >600 USD market segment, accounting for over 80% of the market share [57] - The rise of foldable and AI-powered smartphones is expected to drive a new wave of device upgrades, with Apple leading the AI smartphone market with a 51% global market share in Q2 2024 [63][64]