aisidi(002416) 民生证券·2024-10-27 03:00Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company experienced a decline in total revenue of 17.36% year-on-year, with total revenue reaching 57.458 billion yuan in the third quarter of 2024 [1]. - The company's net profit attributable to shareholders increased by 1.57% year-on-year, amounting to 5.25 billion yuan [1]. - The smartphone market in China is gradually recovering, and the company, as a multi-core brand distributor, is expected to benefit significantly from this growth [2]. - The new retail business is expanding, with the company's tea brand "Cha Xiaokai" achieving over 100 million yuan in sales in the first half of the year [2]. - The company is actively expanding its overseas market presence, particularly in regions like Hong Kong, Thailand, and Vietnam [2]. - The forecasted net profits for 2024, 2025, and 2026 are 746 million yuan, 932 million yuan, and 1.038 billion yuan respectively, with corresponding PE ratios of 17X, 14X, and 12X [2][5]. Financial Summary - In Q3 2024, the company achieved revenue of 18.611 billion yuan, a year-on-year decrease of 19.01% but an increase of 8.24% compared to Q2 2024 [1]. - The gross profit margin for Q3 2024 was 3.64%, up from 3.46% in Q3 2023 but down from 3.96% in Q2 2024 [1]. - The company's total revenue for 2023 is projected at 92.16 billion yuan, with a growth rate of 0.8% [5]. - The net profit for 2023 is estimated at 655 million yuan, reflecting a decline of 10.3% [5]. - The company’s total assets are expected to grow from 12.457 billion yuan in 2023 to 26.106 billion yuan by 2026 [6].