Investment Rating - The report maintains an "Accumulate" rating for Tianyin Holdings (000829) with a target price based on the last closing price of 9.95 [1] Core Views - The company's terminal business is expected to recover due to national subsidies and AI advancements, while the e-commerce segment is emerging as a second growth driver [1][10] - The company reported a total revenue of 84.038 billion yuan for the year, a year-on-year decrease of 11.38%, and a net profit attributable to shareholders of 3.1 million yuan, down 62.72% year-on-year [4][11] - The intelligent terminal sales business remains the core, with a revenue of 58.48 billion yuan in 2024, accounting for 69.58% of total revenue, although this is a decline from 80.10% in 2023 [5][11] Summary by Sections Terminal Business - The intelligent terminal sales business is bolstered by long-term partnerships with major brands like Apple, Samsung, and Huawei, maintaining a leading market share [5] - The introduction of AI models in terminals is expected to drive a new wave of upgrades in the smartphone industry [5][6] E-commerce Business - The e-commerce segment has seen rapid growth, with revenue reaching 24.66 billion yuan in 2024, a year-on-year increase of 35.09%, contributing 29.34% to total revenue [7][10] - The company has expanded its presence on major platforms like JD, Pinduoduo, and Douyin, with a significant increase in the number of stores [7] Lottery and Repair Services - The lottery business is steadily growing, supported by the company's strategy of integrating various services under the "Easy Repair" brand, which focuses on mobile repair and related services [8][9] - The company plans to invest 1.847 billion yuan in marketing networks and digital platforms to enhance its lottery and mobile repair services [9] Financial Projections - Revenue projections for the next three years are 92.164 billion yuan, 99.662 billion yuan, and 108.474 billion yuan, with net profits expected to rise to 1.11 billion yuan, 1.19 billion yuan, and 1.63 billion yuan respectively [10][11] - The company is expected to benefit from the AI upgrade cycle and national subsidies, leading to a rebound in its core business [10]

Core Viewpoint - Tianyin Holdings (000829) reported a revenue of 84.038 billion yuan and a net profit attributable to shareholders of 31.184 million yuan for the fiscal year 2024, emphasizing its commitment to cash dividends as a means of returning value to investors [1] Group 1: Financial Performance - The company achieved a revenue of 84.038 billion yuan and a net profit of 31.184 million yuan for the fiscal year 2024, with earnings per share at 0.03 yuan [1] - Tianyin Holdings plans to distribute a cash dividend of 0.10 yuan for every 10 shares, totaling approximately 10.251 million yuan [1] - The company has consistently paid cash dividends for six consecutive years, amounting to approximately 219 million yuan [1] Group 2: Business Strategy and Operations - The core business of Tianyin Holdings is intelligent terminal sales, which supports its new development strategy of "integrated industry and digital network platform" [2] - In 2024, the company aims to create an integrated digital network platform, providing diverse supply chain services to over 20,000 downstream partners [2] - The company is leveraging its channel and customer resource advantages to enter the new energy vehicle sector and is building a competitive supply chain system centered in Shenzhen [2] Group 3: Technological Innovation - Tianyin Holdings utilizes big data and machine learning through its subsidiary "Nengliang E-commerce" to analyze market data, improving procurement efficiency and reducing costs [2] - The company has implemented AI recommendations to enhance order matching and increase transaction speed and volume [2] - The launch of AI smart systems in customer service has significantly reduced customer wait times [2] Group 4: Lottery Business - The subsidiary Suicai is a leading provider of comprehensive technology services for the lottery industry, focusing on R&D, sales, and service [3] - In 2024, the company won multiple bids for lottery projects across nearly twenty provinces in China and achieved breakthroughs in overseas markets, including Brazil and Mongolia [3] - The WIKO brand under Tianyin Holdings continues to grow in the mobile phone industry through product innovation and market positioning, with plans for global market expansion [3]