多品牌策略显现成效，经营效率显著提升

Investment Rating - The report maintains a "Buy" rating for Aishide (002416) with an expected upside of over 20% based on a 23x PE valuation [23] Core Views - Aishide's 2023 annual report and 2024 Q1 results met expectations, with 2023 revenue reaching 92.16 billion yuan, a 0.8% YoY increase, and net profit attributable to shareholders declining by 10.26% to 655 million yuan [23] - The company's multi-brand strategy has shown significant results, with offline channels expanding and digital integration enhancing consumer reach [23] - Overseas sales, communication value-added services, and proprietary brands have become new growth drivers, with notable market share gains in Hong Kong, Thailand, and Vietnam [23] - Increased R&D investment and strict cost control have improved operational efficiency, with a 576.83% YoY increase in operating cash flow to 3.643 billion yuan in 2023 [23] Financial Performance Summary Revenue and Profit - 2023 revenue: 92.16 billion yuan, +0.8% YoY [23] - 2024 Q1 revenue: 21.654 billion yuan, -13.38% YoY [23] - 2023 net profit attributable to shareholders: 655 million yuan, -10.26% YoY [23] - 2024 Q1 net profit attributable to shareholders: 168 million yuan, -3.89% YoY [23] Future Projections - 2024E revenue: 106.078 billion yuan, +15.1% YoY [15] - 2025E revenue: 115.973 billion yuan, +9.3% YoY [15] - 2026E revenue: 124.61 billion yuan, +7.4% YoY [15] - 2024E net profit attributable to shareholders: 744 million yuan, +13.5% YoY [15] - 2025E net profit attributable to shareholders: 810 million yuan, +8.8% YoY [15] - 2026E net profit attributable to shareholders: 868 million yuan, +7.2% YoY [15] Key Financial Ratios - 2024E ROE: 11.1% [15] - 2025E ROE: 10.8% [15] - 2026E ROE: 10.4% [15] - 2024E PE: 19x [15] - 2025E PE: 18x [15] - 2026E PE: 16x [15] Operational Highlights Offline and Online Integration - Apple business expanded 87 authorized stores, totaling 3,151 stores [23] - Coodoo added 29 APR stores, reaching 174 stores [23] - Samsung retail stores managed by Shifeng Technology increased by 511, totaling 4,215 stores [23] - O2O platform integration achieved 120% YoY growth in online sales for Apple business [23] New Growth Areas - Honor brand achieved a 10.8% market share in Hong Kong, up from 2% at the beginning of 2023 [23] - Youyou Interconnection saw an 8.24% YoY increase in revenue and a 27.59% YoY increase in net profit [23] - Proprietary brands like "Tea Xiao Kai" and "ROZU/Rongzun" achieved significant sales milestones [23] R&D and Cost Control - R&D expenses increased by 73.88% YoY in 2023 [23] - Operating cash flow surged by 576.83% YoY to 3.643 billion yuan in 2023 [23] - Interest expenses decreased by 26.76% YoY to 144 million yuan in 2023 [23]