Shenzhen Aisidi Co.Ltd(002416) (002416)
Key investment points
Distribution industry leader, whole industry chain layout
Shenzhen Aisidi Co.Ltd(002416) over the years, it has deeply cultivated the mobile phone distribution industry and cooperated closely with a number of high-quality mobile phone brands. At the same time, it has actively built the whole industrial chain and expanded new consumption tracks. At present, it has formed a business ecological industrial pattern integrating mobile phone distribution, 3C digital distribution, FMCG distribution and supply chain financial services.
New retail leverages new increment and opens up Wuxi Online Offline Communication Information Technology Co.Ltd(300959) all channels
Consolidate the smartphone retail business based on Apple retail, explore the new retail mode of "e-commerce + localized services", form offline services, online drainage, take the store as the center, radiate the surrounding localized network, and create a new pattern of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) digital retail.
Based on distribution + retail, create valuable channel network barriers
Shenzhen Aisidi Co.Ltd(002416) it has more than 30 branches and offices in China, serving 31 provincial regions, covering T1-T6 omni-channel and 100000 retail stores and online retailers, controlling the logistics network of 5 distribution centers and more than 30 regional warehouses, and building an efficient and three-dimensional distribution network connecting brands and downstream customers.
Deepen brand cooperation and expand overseas incremental market
The company has reached in-depth cooperation with 3C digital and FMCG brands. At present, it has established storage outlets in more than 10 countries and regions such as Hong Kong, Singapore, Dubai and the United States. In the future, based on 3C digital and FMCG service scenarios, it will continue to provide comprehensive supply chain services and explore overseas markets.
Profit forecast and valuation
In the next few years, the company will continue to cultivate the 3C digital and FMCG field with smart phones as the core, creating valuable channel network barriers. It is estimated that the total revenue of the company will reach 80.977 billion yuan, 94.647 billion yuan and 108.096 billion yuan respectively in 21, 22 and 23 years, yoy + 26.64% / 16.88% / 14.21%; The net profit attributable to the parent company was RMB 989 / 1155 / 1321 million respectively, yoy + 41.24% / 16.70% / 14.38%. Considering that the company, as a high-quality retail distributor with mature and perfect offline channels, has follow-up growth momentum, the corresponding PE of the company in 21-23 years is 14.8x / 12.6x / 11.1x respectively, with sufficient room for rise, and is given a "buy" rating for the first time.
Risk warning: repeated epidemic situation; E-cigarette policy changes, new product sales and new brand expansion were less than expected.
