aisidi(002416) 天风证券·2024-05-27 12:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for the stock with expected returns exceeding 20% over the next six months [87]. Core Insights - The company is a leading digital distributor and retailer in China, serving major smartphone brands like Apple, Honor, and Samsung, and has established a robust sales and service network [3][53]. - The company has a strong dividend policy, having paid cash dividends for seven consecutive years, with a projected dividend payout of 496 million yuan for 2023, corresponding to a dividend yield of 4.31% [3][83]. - The company is expected to benefit from the recovery of the smartphone market and the trend towards high-end products, particularly through its partnerships with top brands [6][24]. Summary by Sections 1. Company Overview - The company has been a key player in the digital distribution sector for over 20 years, focusing on mobile phones and related services, and has built a comprehensive digital distribution platform [53][55]. 2. Financial Performance - In 2023, the company achieved distribution revenue of 589.22 billion yuan, a decrease of 3.08% year-on-year, while retail revenue grew by 8.48% to 329.51 billion yuan [55][60]. - The company has maintained a healthy free cash flow, with 486 million yuan reported in 2023, supporting its dividend policy and future investments [27][83]. 3. Market Position and Strategy - The company is the largest channel service provider for Apple in China and the only all-channel retail service provider for Honor, positioning it well to capitalize on market trends [28][17]. - The company is actively expanding its digital retail capabilities, integrating online and offline channels to enhance customer experience and drive sales growth [59][60]. 4. Future Outlook - The report anticipates revenue growth for the company in the coming years, with projected revenues of 994.56 billion yuan in 2024, 1,078.61 billion yuan in 2025, and 1,160.88 billion yuan in 2026 [85]. - The company is expected to benefit from the launch of new AI-enabled products and the potential IPO of Honor, which could enhance its market position and profitability [10][18].