\u3000\u3 China Vanke Co.Ltd(000002) 416 Shenzhen Aisidi Co.Ltd(002416) )
Key investment points
In the 21st year, the revenue was + 48%, and the net profit attributable to the parent company was + 32%. The revenue and profit reached a record high. The share of mobile phone sales business continued to increase, and the channel sink and retail service scene upgrade achieved a breakthrough: in 2021, the company achieved a revenue of 95.166 billion yuan (YoY + 48.26%) and a net profit attributable to the parent company of 922 million yuan (YoY + 31.64%); Q4 revenue was 29.843 billion yuan (YoY + 48.62%), and the net profit attributable to the parent company was 174 million yuan (yoy-21.16%). The company continued to strengthen the construction of new retail infrastructure platform, and the service value of its mobile phone distribution business continued to improve. With the first momentum of Apple Q4’s market share in China, the company comprehensively promoted the sinking of channels and the upgrading of retail service scenarios. By the end of 2021, the company’s mobile phone sales had achieved a revenue of 86.113 billion yuan (YoY + 51.91%), accounting for 90.49% of the total revenue.
Upgrade the new retail strategy and build the core competence of the operation center:
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) the whole scene was opened, and the touch and service to C-end users were strengthened. The number of online 2C orders exceeded 10 million in the whole year. As the channel strategic partner with the largest shareholding ratio of new glory, the company further optimized its own operation system to match the glory organizational structure, serve the glory logistics system, and create a new high in the scale of glory nd business. In terms of channels, the company has established an omni-channel e-commerce sales network and become the only certification service provider for many projects of glory brand, helping new glory Dafu to increase its retail market share. In addition, based on the strategic cooperation with Alibaba, the company opened the CES market sales channel and obtained the authorization of Apple’s online channel. By the end of 21, the company had supplied 8.6 billion yuan to online platform customers through new channels and continued to expand the incremental space.
New retail system 2.0 enhances new retail capabilities and builds diversified brand values:
In the context of consumption upgrading, the company has realized strategic cooperation with Jindong group and China Tea Co., Ltd., striving to build multi brand cooperation and break through the sales service of FMCG. Shenzhen Jiujiu Liquor Co., Ltd., a subsidiary, is the sole agent of Guizhou Zhenjiu liquor “Jinzhen 30” and “Jinzhen 15” flagship products; In the field of tea, the company has established a joint venture with China Tea Co., Ltd. to carry out strategic cooperation and jointly explore the markets of tea, bagged tea and so on. By opening up the private domain flow pool of various industries, enabling sales services to accelerate the upgrading.
Profit forecast and valuation
Shenzhen Aisidi Co.Ltd(002416) as a leading digital distribution and digital retail service provider in China, it has significant competitive advantages in sales network layout, product operation development, organizational efficiency improvement and digital renewal support, which is the core reason why we continue to be optimistic about the company. It is estimated that the company’s revenue in 22 / 23 / 24 years will be 114465/133096/150939 billion yuan, with a year-on-year increase of 20.4% / 16.3% / 13.4%, and the net profit attributable to the parent company will be 1.255/16.662211 billion yuan, with a year-on-year increase of 36.1% / 32.8% / 32.7%. The corresponding P / E ratios of the current market value are 8.7x/6.5x/4.9x respectively, maintaining the “buy” rating.
Risk warning: repeated epidemic situation; New product sales and expansion are not as expected; Mobile phone sales did not meet expectations.
