爱施德2024年中报点评：H1业绩增长24%，行业龙头韧性强

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].