aisidi(SZ:002416) Huaxin Securities·2024-05-05 06:06Investment Rating - The report maintains a "Buy" rating for the company [2][15]. Core Insights - The company's revenue for 2023 reached 92.16 billion yuan, a year-on-year increase of 0.80%, while the net profit attributable to shareholders was 655 million yuan, a decrease of 10.26% [2][15]. - In Q1 2024, the company reported revenue of 21.65 billion yuan, a year-on-year decrease of 13.38%, with a net profit of 168 million yuan, down 3.89% [2]. - The smart retail business has seen an increase in revenue, contributing 32.75% to total revenue, with a year-on-year growth of 8.48% [2][3]. - The company has expanded its offline channels and made breakthroughs in overseas markets, including the establishment of new authorized stores and partnerships with major brands [2][3]. Summary by Sections Financial Performance - The company achieved a revenue of 92.16 billion yuan in 2023, with a projected revenue of 98.17 billion yuan for 2024, reflecting a growth rate of 6.5% [15]. - The net profit for 2023 was 655 million yuan, with expectations of 705 million yuan for 2024, indicating a recovery with a growth rate of 7.7% [15]. - The gross margin improved to 3.58% in Q1 2024, up 0.66 percentage points year-on-year [2]. Business Development - The company has increased its investment in research and development, with R&D expenses rising by 73.88% to 35 million yuan in 2023 [2]. - New business lines, including self-operated live streaming and recycling programs, have been launched, all achieving profitability [2][3]. - The company has successfully expanded its self-owned brands, enhancing product value and gross margin [2]. Market Position - The company has strengthened its market position by increasing the number of authorized stores and expanding its customer base, including significant growth in overseas markets [2][3]. - The smart distribution business, however, faced a revenue decline of 3.08% in 2023, indicating a shift in focus towards the smart retail segment [2].