aisidi(002416) Huaxin Securities·2025-05-28 07:03Investment Rating - The report maintains a "Buy" investment rating for the company [12] Core Views - The company is positioned as a leading domestic distributor for Apple and is expanding into AI computing services, marking the beginning of a second growth curve [5][10] - The company's financial fundamentals are stable, with a focus on optimizing core business and enhancing profitability through strategic initiatives [5][10] Financial Performance - In 2024, the company achieved a total revenue of 658.21 billion yuan, a year-on-year decrease of 28.58%, and a net profit of 5.81 billion yuan, down 11.26% [4] - For Q1 2025, revenue was 127.37 billion yuan, a decline of 41.18%, with a net profit of 1.26 billion yuan, down 24.89% [4] - Accounts receivable decreased by 5.63 billion yuan year-on-year, a drop of 32.30%, and total liabilities fell by 10.45% [5] Market Dynamics - The iPhone 16 Pro series has seen significant sales growth following a price reduction, with the domestic market share exceeding 21.5% [6][9] - The company has established a robust distribution network, serving over 2,700 Apple authorized stores and more than 9,000 clients for its Honor business [9] Strategic Initiatives - The company is actively developing new beverage brands and AI computing services, aiming for dual-driven growth through internal and external strategies [10][11] - A new subsidiary, Shenzhen Aishide Intelligent Computing Technology Co., has been established to focus on AI application systems and software development [11] Earnings Forecast - Revenue projections for 2025-2027 are 711.52 billion yuan, 782.67 billion yuan, and 853.12 billion yuan respectively, with corresponding EPS of 0.54, 0.66, and 0.71 yuan [12][14]