证券代码：002416 证券简称：爱施德 公告编号：2024-032 深圳市爱施德股份有限公司（以下简称"公司"）于 2024 年 9 月 6 日接到公司股东深圳 市神州通投资集团有限公司（以下简称"神州通投资"）的通知，神州通投资将其持有的公司 部分股份进行了质押延期，具体事项如下： | 股东 | 是否为控 股股东或 | 本次 质押延期 | 占其所 持股份 | 占公司 总股本 | 是 否 为 | 是否 为补 | | | 原质押 | | 延期后质 | 质权 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | | | | | | 质押起始日 | | | | | | | | 名称 | | 数量 | 比例 | 比例 | 限 | 充质 | | 到期日 | | | 押到期日 | 人 | 用途 | | | 东及其一 致行动人 | （股） | （%） | （%） | 售 股 | 押 | | | | | | | | | 深圳 | | | | | | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [5]. Core Insights - The company reported a significant year-on-year increase in net profit for the first half of 2024, achieving a net profit of 395 million yuan, up 23.92% compared to the previous year, despite a decline in revenue [1][2]. - The company's digital distribution and retail businesses have shown improved profitability, attributed to enhanced operational efficiency and a focus on digital transformation [2]. - The company is expanding its self-owned brands and exploring overseas markets, which are expected to contribute to future growth [3]. Financial Performance Summary - For 2024H1, the company achieved operating revenue of 38.847 billion yuan, a decrease of 16.54% year-on-year, while the net profit attributable to shareholders was 395 million yuan, reflecting a 23.92% increase [1]. - The digital distribution segment generated revenue of 24.964 billion yuan, down 17.65% year-on-year, but with a gross margin improvement of 1.23 percentage points [2]. - The digital retail segment reported revenue of 13.724 billion yuan, a decline of 14.63% year-on-year, with a gross margin increase of 0.34 percentage points [2]. Future Projections - The company forecasts operating revenues of 99.456 billion yuan, 107.861 billion yuan, and 116.088 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 709.90 million yuan, 821.10 million yuan, and 973.89 million yuan for the same years [3][4]. - The expected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 16.81x, 14.53x, and 12.25x respectively [3]. Operational Efficiency - The company has implemented a "streamlined operations" strategy, resulting in a significant reduction in asset impairment losses by 88.75% year-on-year, which has enhanced asset vitality [2]. - The number of authorized Apple retail outlets and self-operated stores has increased, contributing to a robust distribution network that supports future revenue growth [2]. Market Position - The company is positioned as a key strategic partner for the Honor brand, which is expected to benefit from the upcoming IPO, potentially enhancing dividend income and shareholder value [3]. - The company has established a comprehensive distribution network with over 100,000 stores across various channels, reinforcing its market presence [2].

深圳市爱施德股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |------------------|----------------------------------------------|--------------------------------------------------------------| | | √特定对象调研 □ | 分析师会议 | | 投资者关系 | □媒体采访 □ | 业绩说明会 | | 活动类别 | □新闻发布会 □□现场参观 □ | 路演活动其他（请文字说明其他活动内容） | | 上市公司 | 副总裁兼董事会秘书吴海南先生 | | | | 投资者关系经理陈菲菲女士 | | | 接待人员 | | | | | 申万宏源证券—赵令伊 | | | | 南方基金—王士聪 | 韩毓 | | 活动参与人员 | 宝盈基金—周佳莹摩根史丹利基金—隋思誉、李子扬 | | | （排名不分先后） | 大成基金—方向 | | | | 国联基金—陈方园 | | | | 德邦资管—甘华 | | | 时间 | 2024 年 8 月 27 日 | | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 14.50, maintaining the previous rating of "Buy" [5]. Core Views - The company demonstrates strong operational resilience and is advancing its sales network, overseas, and innovative business layouts. With the recovery in consumer electronics and the increasing penetration of AI smartphones, future development is promising [3]. Financial Performance Summary - In H1, the company's revenue grew by 24%, with total revenue reaching 388.5 billion and a net profit attributable to shareholders of 3.95 billion, reflecting a year-on-year increase of 23.9%. The earnings per share (EPS) for 2024-2026 are projected to be 0.59, 0.65, and 0.71 respectively, with growth rates of 11% for each year [10][11]. - Revenue breakdown shows that communication products accounted for 347.8 billion, a decrease of 16.5%, while non-communication products generated 39.1 billion, down by 17.3% [10]. Business Expansion and Market Position - The company has expanded its operational management to over 3,100 Apple authorized stores and 186 self-operated APR stores, maintaining industry leadership. The Samsung business segment added 168 retail stores, totaling over 4,380 managed stores [10]. - The company is accelerating its new retail channels, with O2O sales for Apple products increasing by 60% in H1. Additionally, it has expanded its overseas business for Honor in Hong Kong, Thailand, and Vietnam, becoming the third-largest smartphone brand in Hong Kong [10]. Market Trends and Future Outlook - According to IDC, global smartphone shipments reached 285.4 million units in Q2, marking a 6.5% year-on-year increase. The domestic foldable smartphone shipments grew by 125% year-on-year [10]. - The company is well-positioned to benefit from the trends in foldable and AI smartphones, with expectations that AI smartphone shipments will rise from 5% to 45% of total smartphone shipments by 2027, driving consumer upgrade demand [10].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company experienced a temporary revenue pressure but significantly improved its profitability, with a net profit of 395 million yuan in H1 2024, up 23.92% year-on-year, despite a revenue decline of 16.54% [2][3]. - The company is focusing on enhancing its overseas localization capabilities and evolving its new retail business, achieving rapid sales growth in its new tea brand and expanding its market presence in regions like Hong Kong, Thailand, and Vietnam [3]. - The consumer electronics market is recovering, with new product iterations expected to drive growth, particularly with the anticipated release of Apple's iPhone 16 series [3]. Financial Forecasts - Revenue is projected to grow from 92.16 billion yuan in 2023 to 118.05 billion yuan in 2026, with growth rates of 0.8%, 6.6%, 9.9%, and 9.3% respectively [4][6]. - Net profit is expected to increase from 655 million yuan in 2023 to 1.058 billion yuan in 2026, with growth rates of -10.3%, 28.1%, 14.4%, and 10.1% respectively [4][6]. - The company's PE ratio is projected to decrease from 18 in 2025 to 11 in 2026, indicating a potentially attractive valuation [4][6]. Business Strategy - The company is actively optimizing its business processes and reducing non-sustainable operations to enhance efficiency and profitability [3]. - It is leveraging its strengths in channel management to expand into overseas markets, particularly focusing on partnerships with brand manufacturers [3]. - The company is diversifying its product offerings with its own brands, which are contributing to its revenue growth and margin improvement [3].

证券代码：002416 证券简称：爱施德 公告编号：2024-028 深圳市爱施德股份有限公司 第六届监事会第十三次（定期）会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市爱施德股份有限公司（以下简称"公司"）第六届监事会第十三次（定期） 会议通知于 2024 年 8 月 12 日以电子邮件及通讯方式送达全体监事，以现场方式于 2024 年 8 月 23 日上午在深圳总部 18 楼 A 会议室召开了本次会议。本次会议应出席 监事 3 名，实际出席监事 3 名。本次会议的出席人数、召集、召开程序和议事内容 均符合《中华人民共和国公司法》和《公司章程》的规定。 本次会议由监事会主席朱维佳先生召集并主持。经与会监事投票表决，做出如 下决议： 一、审议通过了《2024 年半年度报告》及《2024 年半年度报告摘要》 监事会认为，公司董事会编制和审核《2024 年半年度报告》及《2024 年半年度 报告摘要》的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、 完整地反映了公司的实际情况，没有任何虚假记载、误导性陈述或者重大遗漏。 表决结 ...

本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示：本次会计政策变更，是公司依据财政部发布的相关企业会计准则解 释进行的相应变更，无需提交股东大会审议，不会对公司当期的财务状况、经营成 果和现金流量产生重大影响，亦不存在损害公司及股东利益的情况。 深圳市爱施德股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开第六 届董事会第十三次（定期）会议、第六届监事会第十三次（定期）会议审议通过了 《关于会计政策变更的议案》，上述议案已事前通过审计委员会审议，现将有关情况 公告如下： 一、本次会计政策变更原因及执行时间 证券代码：002416 证券简称：爱施德 公告编号：2024-031 深圳市爱施德股份有限公司 关于会计政策变更的公告 2023 年 10 月 25 日，财政部发布了《关于印发<企业会计准则解释第 17 号>的 通知》（财会〔2023〕21 号）（以下简称"解释第 17 号"），对"关于流动负债与非 流动负债的划分"、"关于供应商融资安排的披露"、"关于售后租回交易的会计处理" 等内容进行进一步规范及明确。该解释自 2024 年 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥38,847,475,710.75, a decrease of 16.54% compared to ¥46,545,220,507.34 in the same period last year[13]. - Net profit attributable to shareholders was ¥395,487,160.07, representing an increase of 23.92% from ¥319,152,023.03 in the previous year[13]. - The net cash flow from operating activities was ¥450,076,397.39, down 84.17% from ¥2,843,946,796.89 in the same period last year[13]. - Basic earnings per share increased to ¥0.3191, up 23.92% from ¥0.2575 in the previous year[13]. - Total assets at the end of the reporting period were ¥12,692,707,626.22, reflecting a growth of 1.89% from ¥12,456,814,430.10 at the end of the previous year[13]. - Net assets attributable to shareholders decreased by 1.66% to ¥5,865,484,872.15 from ¥5,964,441,083.78 at the end of the previous year[13]. - The weighted average return on net assets was 6.51%, an increase of 1.17% compared to 5.34% in the previous year[13]. - The company reported a diluted earnings per share of ¥0.3191, consistent with the basic earnings per share[14]. - The company reported a non-recurring profit of CNY 89,466,412.90 for the period, after accounting for various non-operating income and expenses[17]. Revenue Breakdown - Digital intelligent distribution business revenue was CNY 24.96 billion, accounting for 64.26% of total revenue, down 17.65% year-on-year[35]. - Digital intelligent retail business revenue was CNY 13.72 billion, representing 35.33% of total revenue, a decrease of 14.63% year-on-year[35]. - The company achieved operating revenue of ¥38,847,475,710.75, a decrease of 16.54% compared to the same period last year[28]. - Operating profit increased by 29.83% year-on-year to ¥623,564,280.43, while net profit attributable to shareholders rose by 23.92% to ¥395,487,160.07[28]. Cash Flow and Liquidity - Cash and cash equivalents decreased by 23.25% to CNY 2.95 billion from CNY 3.26 billion at the end of the previous year[38]. - The net cash flow from operating activities decreased significantly, leading to a net decrease in cash and cash equivalents of CNY 743.23 million[35]. - The net cash flow from operating activities for the first half of 2024 was approximately ¥450.08 million, a significant decrease from ¥2.84 billion in the first half of 2023[118]. - Cash and cash equivalents at the end of the first half of 2024 were approximately ¥1.47 billion, down from ¥2.06 billion at the end of the first half of 2023[118]. Strategic Initiatives - The company operates over 100,000 stores across T1-T6 channels in China, establishing a comprehensive distribution network for mobile smart terminals and 3C digital products[19]. - The company is a leading distributor for major brands such as Apple, Honor, Samsung, and Meizu, enhancing its market position in the digital distribution sector[19]. - The company has built a full-channel online and offline retail network, being the largest retailer of Apple’s self-operated APR stores in China[20]. - The company has established a digital new retail ecosystem, integrating online and offline sales channels to enhance customer experience[20]. - The company has expanded its overseas sales services, acting as an authorized service provider for Honor in markets like Hong Kong, Thailand, and Vietnam[21]. Employee and Corporate Governance - The company has implemented various employee training programs to enhance professional skills and career development opportunities[58]. - The company has established a comprehensive performance evaluation system for employees, enhancing their sense of belonging and sharing in the company's development achievements[58]. - The company emphasizes the importance of protecting the rights of shareholders and creditors, ensuring compliance with relevant laws and regulations[56]. Risk Management and Compliance - The company has established a robust risk control system and is optimizing funding costs to ensure operational efficiency[50]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[62]. - The company has not engaged in any violations regarding external guarantees during the reporting period[62]. Shareholder Structure - The total number of shares before the recent change was 1,239,281,806, with 98.76% being unrestricted shares[96]. - The largest shareholder, Shenzhen Shenzhou Tong Investment Group, holds 39.50% of the shares, totaling 489,464,303 shares[97]. - The total number of restricted shares is 15,377,502, accounting for 1.24% of total shares[96]. - There are no foreign shareholders holding shares in the company, indicating a domestic ownership structure[96]. Legal Matters - The company reported a litigation amount of 5,663.05 million yuan in a contract dispute with Dalian Dongmei Supply Chain Service Co., Ltd., with the first instance ruling in favor of the company[63]. - The company is currently involved in a first-instance litigation against Suning.com Group Co., Ltd. with a claim amount of 10,134 million yuan, awaiting court judgment[63]. Accounting Policies - The company has not disclosed any significant changes in its accounting policies or financial reporting standards during the reporting period[15]. - The company follows the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect its financial position accurately[139]. - The company has specific accounting policies for bad debt provisions and inventory valuation, adhering to relevant accounting standards[138]. Social Responsibility - The company has actively participated in social responsibility initiatives, including donations to support education and assist underprivileged children, contributing to social equity[60]. - The company is committed to sustainable development and will continue to explore social welfare initiatives to contribute to common prosperity[60].

证券代码：002416 证券简称：爱施德 公告编号：2024-027 深圳市爱施德股份有限公司 第六届董事会第十三次（定期）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市爱施德股份有限公司（以下简称"公司"）第六届董事会第十三次（定期） 会议通知于 2024 年 8 月 12 日以电子邮件及通讯方式送达全体董事，以现场、通讯方 式于 2024 年 8 月 23 日上午在深圳总部 18 楼 A 会议室及北京总部 5 层中会议室召开 了本次会议。本次会议应出席董事 7 名，实际出席董事 7 名，其中董事黄文辉先生、 周友盟女士、喻子达先生、独立董事吕良彪先生出席现场会议，董事黄绍武先生、独 立董事张蕊女士、葛俊先生以通讯方式参会并进行表决。公司高级管理人员、监事列 席了本次会议。本次会议的出席人数、召集、召开程序和议事内容均符合《中华人民 共和国公司法》和《公司章程》的规定。 1 / 3 表决结果：同意 7 票，反对 0 票，弃权 0 票。 《关于核销应收款项的公告》详见公司在《中国证券报》《证券时报》《上海证券 报》及巨潮资讯网（www.c ...

证券代码：002416 证券简称：爱施德 公告编号：2024-030 深圳市爱施德股份有限公司 关于核销应收款项的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市爱施德股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开第六 届董事会第十三次（定期）会议、第六届监事会第十三次（定期）会议，审议通过 了《关于核销应收账款的议案》，上述议案已事前通过审计委员会审议。根据《深圳 证券交易所股票上市规则》和《公司章程》等相关规定，本次核销应收款项的事项 无需提交股东大会审议。现将有关情况公告如下： 一、本次核销应收款项概述 根据《企业会计准则》《公司章程》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规及公司相关制度，为真实反映公司财 务状况和资产价值，在对合并报表范围内的资产进行清查的基础上，拟对公司截至 2024 年 6 月 30 日经营过程中无法收回的账款予以核销。 本次核销应收账款 5,254.00 万元，核销其他应收款 378.97 万元，合计 5,632.97 万元，已全额计提坏账准备 5,6 ...