Group 1: Company Overview - Aishide was established in June 1998 and listed on the Shenzhen Stock Exchange on May 28, 2010 [2] - The company is a leading digital smart distribution and retail service provider in China, focusing on mobile smart terminals, digital products, communication and value-added services, new energy vehicles, and fast-moving consumer goods [2] Group 2: Financial Performance and Dividends - Aishide has distributed cash dividends for 8 consecutive years, with a total cash dividend exceeding 3 billion CNY since its listing [3] - For the 2023 annual equity distribution, the company will distribute 4 CNY (including tax) for every 10 shares, with the record date on May 29 and the ex-dividend date on May 30 [3] - The company plans to distribute at least 30% of the average distributable profit over the next three years (2023-2025) in cash [3] Group 3: Business Operations and Market Presence - Aishide operates over 3,000 stores for Apple products, making it the largest distributor of authorized Apple stores in China [3] - The company has launched over 1,000 offline managed stores on O2O platforms and provides 24-hour shopping experiences through various online platforms [3] - Aishide has obtained sales agency for the Honor 200 series, which will officially launch on May 31 [3] Group 4: Employee Structure - As of the end of 2023, Aishide has 3,450 employees, with sales personnel accounting for 76% of the workforce [4] Group 5: Strategic Partnerships and International Expansion - In 2020, Aishide invested 660 million CNY in a joint acquisition of Honor to enhance brand value and market competitiveness [4] - The company has established a strong channel advantage and logistics capabilities, supporting Honor's overseas expansion, with overseas business revenue reaching 4.225 billion CNY in 2023 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for the stock with expected returns exceeding 20% over the next six months [87]. Core Insights - The company is a leading digital distributor and retailer in China, serving major smartphone brands like Apple, Honor, and Samsung, and has established a robust sales and service network [3][53]. - The company has a strong dividend policy, having paid cash dividends for seven consecutive years, with a projected dividend payout of 496 million yuan for 2023, corresponding to a dividend yield of 4.31% [3][83]. - The company is expected to benefit from the recovery of the smartphone market and the trend towards high-end products, particularly through its partnerships with top brands [6][24]. Summary by Sections 1. Company Overview - The company has been a key player in the digital distribution sector for over 20 years, focusing on mobile phones and related services, and has built a comprehensive digital distribution platform [53][55]. 2. Financial Performance - In 2023, the company achieved distribution revenue of 589.22 billion yuan, a decrease of 3.08% year-on-year, while retail revenue grew by 8.48% to 329.51 billion yuan [55][60]. - The company has maintained a healthy free cash flow, with 486 million yuan reported in 2023, supporting its dividend policy and future investments [27][83]. 3. Market Position and Strategy - The company is the largest channel service provider for Apple in China and the only all-channel retail service provider for Honor, positioning it well to capitalize on market trends [28][17]. - The company is actively expanding its digital retail capabilities, integrating online and offline channels to enhance customer experience and drive sales growth [59][60]. 4. Future Outlook - The report anticipates revenue growth for the company in the coming years, with projected revenues of 994.56 billion yuan in 2024, 1,078.61 billion yuan in 2025, and 1,160.88 billion yuan in 2026 [85]. - The company is expected to benefit from the launch of new AI-enabled products and the potential IPO of Honor, which could enhance its market position and profitability [10][18].

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"）于 2024 年 5 月 21 日召开 2023 年年度股东大会审议通过《2023 年度利润分配预案》，现将 2023 年年度权益分派具 体事宜公告如下： 证券代码：002416 证券简称：爱施德 公告编号：2024-023 深圳市爱施德股份有限公司 2023年年度权益分派实施公告 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个月 （含 1 个月）以内，每 10 股补缴税款 0.8 元；持股 1 个月以上至 1 年（含 1 年）的， 每 10 股补缴税款 0.4 元；持股超过 1 年的，不需补缴税款。】 三、股权登记日与除权除息日 一、 股东大会审议通过的权益分派方案情况 1、2024 年 5 月 21 日，公司 2023 年年度股东大会审议通过了《2023 年度利润分配 预案》，具体为：以 2023 年 12 月 31 日的总股本 1,239,281,806 股为基数，向全体股东 每 10 股派发现金红利 4 元（含税），送红股 0 股（含 ...

深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于深圳市爱施德股份有限公司 2023 年年度股东大会的 法律意见书 国枫律股字[2024]C0068 号 致：深圳市爱施德股份有限公司（贵公司） 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2023 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）、《上市公司股东大会规则》（以下简称《股东 大会规则》）、《律师事务所从事证券法律业务管理办法》（以下简称《证券法律业务管理 办法》）、《律师事务所证券法律业务执业规则（试行）》（以下简称《证券法律业务执业 规则》）等相关法律、行政法规、规章、规范性文件及《深圳市爱施德股份有限公司章 程》（以下简称《公司章程》）的规定，就本次会议的召集与召开程序、召集人资格、出 席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具， ...

特别提示： 证券代码：002416 证券简称：爱施德 公告编号：2024-022 深圳市爱施德股份有限公司 2023年年度股东大会决议公告 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。 3、表决方式：现场表决与网络投票相结合的方式 4、召集人：公司董事会 5、主持人：副董事长兼总裁周友盟女士 1、本次股东大会没有出现否决提案的情形； 2、本次股东大会没有涉及变更以往股东大会已通过的决议； 3、本公告中占公司有表决权股份总数的百分比例均保留4位小数，若其各分项数值 之和与合计数值存在尾差，均为四舍五入原因造成。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间为：2024年5月21日（星期二）下午14:00； （2）网络投票时间为：2024年5月21日，其中通过深圳证券交易所交易系统投票的 时间为：2024年5月21日上午9:15-9:25，9:30-11:30，下午13:00-15:00；通过深圳证券交 易所互联网投票系统投票的时间为：2024年5月21日上午09:15至下午15:00期间的任意 时间。 2、现场会议召开地点：深圳市南山区科发路 ...

证券代码：002416 证券简称：爱施德 公告编号：2024-021 深圳市爱施德股份有限公司 关于公司股东股份质押延期的公告 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"）于 2024 年 5 月 17 日接到公司股东赣江 新区全球星投资管理有限公司（以下简称"全球星投资"）的通知，全球星投资将其持有的公 司部分股份进行了质押延期，具体事项如下： | | 是否为控 | | | | 是 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | 本次 | 占其所 | 占公司 | 否 | 是否 | | | | | | | | | | 股东 | 第一大股 | 质押延期 | 持股份 | 总股本 | 为 | 为补 | 质押起始日 | | 原质押 | | 延期后质 | | 质权 | 质押 | | 名称 | | 数量 | 比例 | 比例 | 限 ...

Investment Rating - The report maintains a "Buy" rating for the company Aishide (002416.SZ) [3][5] Core Insights - The company's revenue for 2023 reached 92.16 billion yuan, a year-on-year increase of 0.80%, while the net profit attributable to shareholders was 655 million yuan, a decrease of 10.26% [3] - In Q1 2024, the company reported revenue of 21.65 billion yuan, a year-on-year decrease of 13.38%, with a net profit of 168 million yuan, down 3.89% [3] - The smart retail business has increased its revenue contribution, achieving 32.95 billion yuan in 2023, a growth of 8.48%, and accounting for 35.75% of total revenue, up 2.53 percentage points year-on-year [3] - The company has expanded its offline channels and made breakthroughs in overseas markets, including increasing the number of Apple authorized stores and expanding its partnership with Honor in international markets [3] Summary by Relevant Sections Financial Performance - The company forecasts revenues of 98.17 billion yuan, 107.24 billion yuan, and 115.92 billion yuan for 2024, 2025, and 2026 respectively, with EPS projected at 0.57 yuan, 0.67 yuan, and 0.76 yuan [5] - The gross profit margin improved by 0.66 percentage points year-on-year to 3.58% in Q1 2024, and increased by 0.20 percentage points compared to Q4 2023 [3] Business Development - The company has increased its R&D investment, with expenses rising by 73.88% to 35 million yuan in 2023, focusing on expanding into new energy sectors and enhancing product value through proprietary brands [3] - New business units, including live streaming sales and trade-in services, have all achieved profitability, with the new tea brand "Chaxiaokai" exceeding 100 million yuan in annual sales [3] Market Position - The company has successfully expanded its customer base, adding over 4% in Honor's customer scale and increasing the number of Samsung retail stores operated by its subsidiary [3] - The report highlights the company's strategic focus on enhancing operational efficiency and expanding its market presence through digital transformation and channel development [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][15]. Core Insights - The company's revenue for 2023 reached 92.16 billion yuan, a year-on-year increase of 0.80%, while the net profit attributable to shareholders was 655 million yuan, a decrease of 10.26% [2][15]. - In Q1 2024, the company reported revenue of 21.65 billion yuan, a year-on-year decrease of 13.38%, with a net profit of 168 million yuan, down 3.89% [2]. - The smart retail business has seen an increase in revenue, contributing 32.75% to total revenue, with a year-on-year growth of 8.48% [2][3]. - The company has expanded its offline channels and made breakthroughs in overseas markets, including the establishment of new authorized stores and partnerships with major brands [2][3]. Summary by Sections Financial Performance - The company achieved a revenue of 92.16 billion yuan in 2023, with a projected revenue of 98.17 billion yuan for 2024, reflecting a growth rate of 6.5% [15]. - The net profit for 2023 was 655 million yuan, with expectations of 705 million yuan for 2024, indicating a recovery with a growth rate of 7.7% [15]. - The gross margin improved to 3.58% in Q1 2024, up 0.66 percentage points year-on-year [2]. Business Development - The company has increased its investment in research and development, with R&D expenses rising by 73.88% to 35 million yuan in 2023 [2]. - New business lines, including self-operated live streaming and recycling programs, have been launched, all achieving profitability [2][3]. - The company has successfully expanded its self-owned brands, enhancing product value and gross margin [2]. Market Position - The company has strengthened its market position by increasing the number of authorized stores and expanding its customer base, including significant growth in overseas markets [2][3]. - The smart distribution business, however, faced a revenue decline of 3.08% in 2023, indicating a shift in focus towards the smart retail segment [2].

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Investment Rating - The report maintains a "Buy" rating for Aishide (002416) with an expected upside of over 20% based on a 23x PE valuation [23] Core Views - Aishide's 2023 annual report and 2024 Q1 results met expectations, with 2023 revenue reaching 92.16 billion yuan, a 0.8% YoY increase, and net profit attributable to shareholders declining by 10.26% to 655 million yuan [23] - The company's multi-brand strategy has shown significant results, with offline channels expanding and digital integration enhancing consumer reach [23] - Overseas sales, communication value-added services, and proprietary brands have become new growth drivers, with notable market share gains in Hong Kong, Thailand, and Vietnam [23] - Increased R&D investment and strict cost control have improved operational efficiency, with a 576.83% YoY increase in operating cash flow to 3.643 billion yuan in 2023 [23] Financial Performance Summary Revenue and Profit - 2023 revenue: 92.16 billion yuan, +0.8% YoY [23] - 2024 Q1 revenue: 21.654 billion yuan, -13.38% YoY [23] - 2023 net profit attributable to shareholders: 655 million yuan, -10.26% YoY [23] - 2024 Q1 net profit attributable to shareholders: 168 million yuan, -3.89% YoY [23] Future Projections - 2024E revenue: 106.078 billion yuan, +15.1% YoY [15] - 2025E revenue: 115.973 billion yuan, +9.3% YoY [15] - 2026E revenue: 124.61 billion yuan, +7.4% YoY [15] - 2024E net profit attributable to shareholders: 744 million yuan, +13.5% YoY [15] - 2025E net profit attributable to shareholders: 810 million yuan, +8.8% YoY [15] - 2026E net profit attributable to shareholders: 868 million yuan, +7.2% YoY [15] Key Financial Ratios - 2024E ROE: 11.1% [15] - 2025E ROE: 10.8% [15] - 2026E ROE: 10.4% [15] - 2024E PE: 19x [15] - 2025E PE: 18x [15] - 2026E PE: 16x [15] Operational Highlights Offline and Online Integration - Apple business expanded 87 authorized stores, totaling 3,151 stores [23] - Coodoo added 29 APR stores, reaching 174 stores [23] - Samsung retail stores managed by Shifeng Technology increased by 511, totaling 4,215 stores [23] - O2O platform integration achieved 120% YoY growth in online sales for Apple business [23] New Growth Areas - Honor brand achieved a 10.8% market share in Hong Kong, up from 2% at the beginning of 2023 [23] - Youyou Interconnection saw an 8.24% YoY increase in revenue and a 27.59% YoY increase in net profit [23] - Proprietary brands like "Tea Xiao Kai" and "ROZU/Rongzun" achieved significant sales milestones [23] R&D and Cost Control - R&D expenses increased by 73.88% YoY in 2023 [23] - Operating cash flow surged by 576.83% YoY to 3.643 billion yuan in 2023 [23] - Interest expenses decreased by 26.76% YoY to 144 million yuan in 2023 [23]