aisidi(SZ:002416) Huaxin Securities·2024-09-24 06:08Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company achieved a revenue of 38.847 billion yuan in the first half of 2024, a year-on-year decrease of 16.54%. However, the net profit attributable to shareholders increased by 23.92% to 0.395 billion yuan, indicating improved profitability despite the revenue decline [1] - The digital smart retail business showed strong performance, contributing significantly to profit growth [1] - The company is expanding its global sales service network, with a presence in 32 provincial regions and branches in key countries such as Hong Kong, Thailand, and Vietnam [1] - The company is committed to innovation and is actively exploring new business areas, including the development of its own brands and new energy battery brands [1] Financial Summary - Revenue projections for 2024-2026 are 96.752 billion, 104.086 billion, and 111.196 billion yuan, respectively, with corresponding EPS of 0.59, 0.67, and 0.75 yuan [2] - The current price-to-earnings (PE) ratios are projected to be 16, 14, and 12 times for the years 2024, 2025, and 2026, respectively [2] - The company is expected to maintain a steady growth rate in revenue and net profit over the next few years, with net profit growth rates of 12.3%, 12.6%, and 11.9% for 2024, 2025, and 2026, respectively [4]