aisidi(SZ:002416) Huaxin Securities·2024-05-05 06:30Investment Rating - The report maintains a "Buy" rating for the company Aishide (002416.SZ) [3][5] 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% [3] - 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% [3] - The smart retail business has increased its revenue contribution, achieving 32.95 billion yuan in 2023, a growth of 8.48%, and accounting for 35.75% of total revenue, up 2.53 percentage points year-on-year [3] - The company has expanded its offline channels and made breakthroughs in overseas markets, including increasing the number of Apple authorized stores and expanding its partnership with Honor in international markets [3] Summary by Relevant Sections Financial Performance - The company forecasts revenues of 98.17 billion yuan, 107.24 billion yuan, and 115.92 billion yuan for 2024, 2025, and 2026 respectively, with EPS projected at 0.57 yuan, 0.67 yuan, and 0.76 yuan [5] - The gross profit margin improved by 0.66 percentage points year-on-year to 3.58% in Q1 2024, and increased by 0.20 percentage points compared to Q4 2023 [3] Business Development - The company has increased its R&D investment, with expenses rising by 73.88% to 35 million yuan in 2023, focusing on expanding into new energy sectors and enhancing product value through proprietary brands [3] - New business units, including live streaming sales and trade-in services, have all achieved profitability, with the new tea brand "Chaxiaokai" exceeding 100 million yuan in annual sales [3] Market Position - The company has successfully expanded its customer base, adding over 4% in Honor's customer scale and increasing the number of Samsung retail stores operated by its subsidiary [3] - The report highlights the company's strategic focus on enhancing operational efficiency and expanding its market presence through digital transformation and channel development [3]