aisidi(SZ:002416) Minsheng Securities·2024-08-27 03:42Investment 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].