一、爱施德：数字化分销与零售行业龙头
爱施德于 1998 年在深圳注册成立，并于 2010 年在深圳证券交易所成功上市。公 司多年来深耕智能机分销及零售领域，是国内领先的数字化分销和数字化零售服务商， 聚焦以智能手机为核心的 3C 数码及快消领域，在销售服务网络、产品运营能力、组 织运营效率和数字化支撑等方面具有行业领先的竞争优势。2020 年，公司跻身《财 富》中国 500 强第 185 位，位列专业连锁销售行业榜单第 6 位。2021 年第三季度公 司实现营业收入超 260 亿人民币，较上年同期增长 53.22%；实现净利润约 4.44 亿元， 较上年同期提升 140.6%，扣非归母净利润 2.36 亿元，同比上升 47.42%。
1. 发展历程：立足分销行业领先地位，积极拓展产业布局
爱施德多年来在保持智能机终端分销业务行业领先地位的同时，积极且灵活调整 公司战略，完善产业布局，注重整体产业生态的建设。目前，爱施德已成功建成智慧 连接、智慧供应链和智慧零售三大平台，形成线上线下一体化的数字化分销和数字化 零售两大业务模式。
积极转型，布局线上业务，增大 B 端及 C 端客户触及率。2013 至 2014 年，面对 电商平台直供模式发展及主要合作手机品牌厂商渠道“去中介化”改革的冲击，爱施德 启动 O2O 平台建设战略，整合“爱施德在线”、“酷人在线”为统一的分销平台，并于 2015 年上线 B2B 电商平台“1 号机”，为众多的手机渠道 B 端客户提供产品展示、销 售、物流、金融等服务。目前，“1 号机”已经发展成为从公司 B 端向 C 端渗透的战略 性新零售品牌。
拓展零售端业务，完善产业链布局。公司 2015 年上线了面向 C 端用户的“由你 购”平台。目前，“由你购”已发展成为聚焦手机及智能数码产品的线上线下一体化的 新零售平台。同时 2020 年公司和阿里巴巴合作投资爱优品，进一步打开线上市场。 在移动通信方面，爱施德在 2013 年获得三大运营商的移动转售试点运营牌照后，推 进移动互联网战略布局，并在 2014 年发布面向 C 端的“U 友”品牌。在 2018 年获取正 式牌照后，公司虚拟运营商业务迅速扩充至覆盖全国。
产融结合，打造销售服务平台双引擎。2015 年，优友金服开业，随后公司于 2017 年获得网络小贷牌照，爱施德小贷成立。爱施德打造出金融板块，为上下游企业及个 人提供经营性及消费性贷款，与其手机分销业务形成良好的协同效应，实现了产业与 金融的相互促进和对产业服务的纵向延伸。 聚
焦品类开拓，探索新消费赛道。爱施德不断完善产品矩阵，合作品牌已从手机、 3C 数码产品延伸至快消领域。2019 年公司与电子烟龙头品牌悦刻达成战略合作，爱 施德积极铸就有价值的渠道网络壁垒，构建新型消费品品牌的渠道运营能力，着力在 新赛道中快速成长。
2. 组织架构：股权集中，架构稳定，员工激励完善
1）股权结构：股权结构集中，董事黄绍武为实际控制人
股权结构稳定，股权集中于公司主要创始人团队。爱施德核心董事大部分在公司 控股企业中担任董事长或总裁等要职。其中黄绍武直接及间接持有深圳华夏风投资有 限公司 99.8%股权，通过该公司直接持有作为爱施德控股股东的深圳市神州通投资集 团有限公司及主要股东赣江新区全球星投资管理有限公司各 66.5%股份，并在两家公 司担任董事长兼总经理职位，最终通过个人以及上述关联公司合计直接持有爱施德 33.07%股权，为公司的实际控制人。此外，2019 年起至 2021 年 8 月 24 日，公司董 事、监事和高级管理人员均无减持变动。
2）管理团队：成员稳定且具深厚行业背景优势
公司高管团队稳定，在相关领域具备丰富的工作经验和社会资源。公司管理层在 2014、2015 年经历换血后基本保持稳定，无频繁更替。目前形成以周友盟为总裁，米泽东为财务负责人，吴海南、陈亮、刘红花、杨治为副总裁的稳定的领导团队。多数 高管曾在上游品牌公司、运营商公司有任职经历，积累了丰富的行业经验及社会资源。
3）合伙人模式激励，激发员工实干精神
基础薪资+奖金+合伙人模式激励，激发员工实干精神。公司员工薪酬由基本薪 资、考核奖金加合伙人机制激励奖金三部分构成。其中，考核奖金视员工职级情况实 行月度制、季度制、半年制及年度制，根据员工的绩效考核结果计发；激励奖金实行 年度制，根据公司年度经营业绩情况进行计提。同时自 2016 年爱施德推动门店合伙 人经营激励项目后，至 2020 年所有产业均实现合伙人模式升级。目前公司员工主要 由销售人员组成，近年来，硕士学历员工占比整体呈上升趋势。2018 年后随着公司落 实合理划分业务网格、简化管理层级、落实经营责任的管理模式，整体员工数量呈现 下降趋势，效率全面提升。
3. 主营业务：深耕分销和零售业务，打造线上线下一体化经营模式
爱施德主营业务主要分为数字化分销和数字化零售两部分。 在分销业务中，公司 2019 年实现营业收入 454.58 亿元，2020 年实现营收 524.69 亿元（yoy+15.42%），分别占当年营业收入的 81.22%和 81.77%。爱施德在深耕手机 分销行业的同时，积极打造产业全链条、拓展新的消费赛道，目前已形成以手机分销、 3C 数码分销、快消品分销及供应链金融服务四位一体的业务生态产业格局。
爱施德始终保持与优秀智能手机品牌苹果、三星的深度合作伙伴关系，同时在 2020 年参与对荣耀的联合收购，成为渠道商中持股比例最大的战略投资者。此外，借 助多年经营手机终端分销业务积累的优势，公司亦不断加深与其他优质品牌的合作， 持续拓宽品牌及产品矩阵，并积极布局 3C 数码领域。目前公司的智能终端分销业务 已从单一手机业务全面升级为 3C 数码全品类，未来将继续拓展智能穿戴、智能家居 和智能健康领域的 3C 新品及潮品。同时，公司还积极布局快消品分销赛道，目前与 云南白药、开衫白酒、茶小开等多家知名品牌达成合作。2020 年爱施德成为电子烟 品牌悦刻在国内销量贡献最大的战略合作伙伴。
在零售端，爱施德顺应趋势，打造出线上线下一体化的智慧新零售模式，即以旗 下子公司——苹果在中国最大的授权零售商之一的“酷动（Coodoo）”为依托，以“由 你购”、“一号机”为平台，同时与阿里巴巴展开合作，入驻天猫平台，打通线上线下、 公域私域流量，提供售前售后闭环的会员服务，为消费者提供全体系服务最佳体验。 此外，公司还向增值服务、售后服务领域进军，通过旗下子公司“爱保科技”为消费者 提供碎屏保、延保等增值服务。2021 年上半年，爱施德数字化零售业务实现营业收入 超 111 亿，占营业收入比重 28.33%，同比增加 154.5%。（报告来源：未来智库）
二、智能机行业及分销行业格局
1．5G 需求被释放，爱施德营收有望再创新高
爱施德作为智能机产业链中游重要渠道商，一方面凭借行业龙头地位，掌握重要 资源，另一方面也面临着分销渠道扁平化，以及运营商取消补贴费用后毛利率被压缩 的问题。
目前，我国手机市场 5G 手机产品逐步渗透，呈现规模发展态势。2021 年下半年， 苹果 13 以及荣耀新品的发布使得大量手机购买需求被释放。作为苹果及荣耀的核心 重要分销商，爱施德也将因此抢占更大的市场份额。
2．竞争格局：分销行业竞争格局稳定
分销行业竞争格局相对稳定，爱施德线下份额占比居行业领先地位。在近三年， 和行业内主要竞争对手相比，爱施德在资产周转及存货周转方面保持领先地位，显示 公司自身强劲的销售能力及库存周转能力。虽然分销行业整体毛利率近十年呈显著下 降趋势，但近三年，爱施德毛利率呈上升态势。
三、立足主营业务，完善产业布局
1．智能机终端业务：分销+零售，打造线上线下全渠道销售模式
智能机销售——爱施德的核心产业。公司 2019 年手机销售业务收入为 505.7 亿 元，2020年近567亿元（yoy+2.88%），分别占据当年营业收入总额的90.36%及88.31%， 充分显示手机销售业务为公司营业收入的核心来源。
1）智能机分销：与优质手机品牌商保持密切合作
手机分销行业龙头，与优质手机品牌商保持密切合作关系。爱施德是苹果、荣耀 及三星的中国一级代理商，且多年来始终坚持深化与上游优秀品牌商的合作伙伴关系。 2020 年，公司获得苹果厂商的线上 CES 渠道授权，意味着在与阿里巴巴合作的基础 上，爱施德能够独立开展苹果产品的线上分销业务，直接服务线上零售商，打开线上 增量空间。
020 年 4 月，爱施德获得华为荣耀 30 系列的线下独家代理权，该系列涵盖荣耀 30、荣耀 30Pro 及荣耀 30Pro+。同年公司团队共同斥资 6.6 亿元参与对荣耀的联合收 购。爱施德控股子公司由你网络作为天猫荣耀官方旗舰店和线下荣耀专卖店的指定运 营服务商，获得线上 2C 服务及线下荣耀专卖店服务平台的官方授权，将向线下 10 省 的近 500 家荣耀专卖店供货，并打通订单系统，触达终端消费者。据 Canalys 数据显 示，2021 年第三季度荣耀在中国智能手机的市场份额提升至 18%，排名第三，重返 头部梯队，为 2021 年第三季度销量增长最快的智能手机品牌。公司是荣耀 50、60 系 列多个产品的线下独家代理商，也是高端旗舰机型 Magic 3 的代理商。随着荣耀 50、 60 系列和 Magic3 的相继上市，公司有望掌握更多市场份额，与新荣耀联手持续拓 展中高端市场，创造更大的服务价值。
2019 年公司推行分品牌运营和三星业务公司化独立运营，共同投资成立控股子 公司深圳市实丰科技有限公司，聚焦三星品牌手机分销和零售新业务，开拓三星分销 和零售新兴市场。2020 年，爱施德获得三星授权，代理三星 S20 旗舰系列、FOLD 一 代及二代折叠屏系列等多款手机产品，同年 8 月，公司获得三星厂家授予 Phone 及产 品通讯渠道代理权。
2）智能机零售：以新零售撬动新增量，全方位触达目标客户
夯实以苹果零售为基础的智能机零售业务，以新零售撬动新增长。公司旗下酷动 数码（Coodoo）是中国最大的苹果授权零售商之一，同时是苹果在中国授权的优质经 销商（APR）和服务提供商（ACS），以及苹果教育和企业渠道的授权一级经销商。其 主要经营业务为专业代理并销售 Apple 全系列产品，以及 Beats、Bose、JBL 等品牌 的相关配件。2019 年，酷动数码获得苹果中国区唯一一个线下渠道 ACS（AppleCare Services）授权服务资质后，可为消费者提供厂家级的检测维修、升级换新、屏幕保 障等服务。通过分布于全国高端购物中心的 100 多家优质连锁零售体验店，酷动数码 亦可为消费者提供苹果及苹果周边产品的体验、购买、使用培训及相关售后服务。此 外，爱施德还全面发展线上业务，发挥同城购、到家购、直播电商、平台电商、微商 城和短视频等线上平台价值，形成线下服务，线上引流，以门店为中心辐射周边的本 地化网络，让消费者到店体验，同时开展线上下单，“立等可取”或同城即时配送等服 务。消费者还可线上预约一对一私教产品使用培训课程，公司将全方位提供消费者售 前、售中、售后服务，让消费者不受时间和空间的制约，享有实体店服务，从而打造 线上便捷的新零售模式。2021 年上半年，酷动数码（Coodoo）苹果门店创造营业收 入超过 13 亿元，其中近 3 亿元来自新零售模式，约占门店总收入的 23%。
提供增值服务，探索毛利增长空间。爱施德旗下子公司“爱保科技”作为手机保障 服务的运营主体，通过大数据分析挖掘出碎屏保、换新保、碎后保、双面保、延保、 电池保、数据保、意外保等十余种手机创新产品，满足手机用户日益增长的多元化保 障需求。截至 2019 年，爱保科技的合作维修网点已发展至 2000 多家，覆盖全国 32 个省级区域，为公司新零售板块织成一张坚实的售后保障网。同时，手机保障服务业 务具备的高毛利、需求强、成长空间大等特点，也是公司增强连锁店面盈利能力的有 效措施之一。
电商+本土化服务模式，全方位触达目标客户。“由你购”是爱施德旗下的电商平 台，作为聚焦于手机及智能数码产品的线上线下一体化的新零售平台，既满足消费者 线上便捷透明的体验，又能为其提供线下面对面周到的服务。公司通过每个单店覆盖 一定区域范围和多店协同形成区域网格的模式，为用户构建线上线下一体化、品质化 的专业服务。2020 年爱施德入驻天猫平台，并设立 3C 数码综合店——由你购旗舰 店，搭建本地化新零售平台。通过阿里巴巴导入并承接其体系内天猫、淘宝、淘宝直 播、支付宝等各大平台流量，基于与阿里巴巴的战略合作和共同投资运营的深圳爱优品电子商务有限公司，公司打通了线上市场的销售通路。爱施德在 2021 年上半年通 过新渠道向线上客户供货近 40 亿元，特别在“618”期间取得了良好的战绩。通过轻店 模式和门店技术的应用，爱施德为线下零售门店数字化赋能，为消费者带来本地化服 务的新零售体验。
2．电子烟：与悦刻绑定，大力发展线下渠道
悦刻依赖线下渠道进行快速市场扩张。2019 年 10 月，《关于进一步保护未成年 人免受电子烟侵害的通告》颁布后，电子烟线上销售渠道确定被取缔，线下渠道则成 为电子烟品牌扩张的唯一途径。根据雾芯科技招股书表述，悦刻拥有的授权经销商数 量从 2019 年 9 月 30 日的 41 个，快速增长至 2020 年 9 月 30 日的 110 个。有超过 5,000 家品牌合作伙伴商店（Branded Partner Stores）和超过 10 万家零售网点，覆盖 全国 250 个城市。
悦刻与分销商合作模式：悦刻通常选择与拥有多样化且完整销售渠道的分销商进 行合作，分销协议一般为一年，经双方同意后续签。悦刻通常要求分销商在电子烟产 品的分销方面具有排他性，悦刻会定期提供培训来改善其分销商的管理能力和运营效 率，同时监控、评估分销商的行为是否符合公司的道德要求、运营和服务标准。款项 方面，根据协议线下分销商从悦刻下单后即需付全款，收货后货物控制权即完成转移。 分销商需负责授权经销区域的商品配送，并直接与线下零售商和终端客户进行沟通。
悦刻与零售网点合作模式：悦刻通过加盟模式加速店面扩张。据官网测算，开设 一家悦刻线下专卖店的初始投资在 5-15 万元之间，且有多种店铺规模类型可选，最 小面积要求仅为 3 平方米。较低的投资门槛大大降低了开店成本，从而提高了扩张开 店的速度。悦刻会为品牌商店合作伙伴提供定期培训，其重点是防止未成年人购买及 使用电子烟产品，并帮助合作伙伴了解公司的产品和服务标准。对于其他零售店，悦 刻还会提供相关指导和培训，以确保其满足公司线下零售网点标准。
悦刻线下零售网点主要为品牌旗舰店和代理零售店。 品牌旗舰店：包括悦刻自营旗舰店和 RELX 品牌合作伙伴商店。RELX 品牌合作 伙伴商店率先在全国范围内扩展市场，是展示悦刻产品并提供面对面的消费者服务和 教育的重要渠道。根据协议，悦刻授予品牌合作商店（加盟商）销售产品和使用某些 商标的权利，并提供免费指导以帮助其建设、管理门店，在门店开设和运营的各个方面提供系统地培训和支持，如防止未成年人购买及使用电子烟产品、门店人力资源管 理、财务管理、客户服务和商业技能等；并根据公司相关标准给予业绩表现优异的门 店各种商业奖励。与其他线下零售门店一样，悦刻品牌合作伙伴商店通常从授权经销 商（即爱施德）处采购产品。
代理零售店：通过悦刻品牌合作伙伴商店引领市场，从而扩张到各式零售场所， 包括专卖店、设置在酒吧、KTV 内的店中店、自动贩售机等。公司定义了多元化的加 盟店模式，包括标准店、悦刻小铺、明星店、迷你店、店中店等模式。另外，公司也 广泛覆盖了电子烟集合店、电子产品店等形式的门店。
合作紧密，爱施德帮助悦刻快速拓店，并获得悦刻授予其“四代”产品独家代理权。 2019 年爱施德与电子雾化器领导品牌悦刻（RELX）实现战略合作。作为悦刻电子烟 代理商，爱施德先帮助悦刻快速扩张门店，占领市场，之后爱施德将悦刻产品分销给 各门店，从而实现盈利。截至 2021H1，爱施德已在全国拓展并运营 7,000 多家悦刻 专卖店和 3,500 家店中店，成为国内规模最大、覆盖最广、发展最快的电子雾化器零 售服务商。而悦刻截至 2021 年上半年共有超过 15,000 家专卖店。根据雾芯科技招股 书显示，与爱施德合作期间，悦刻市场份额由 2019 年的 48%快速攀升至 2020 年的 62.6%。目前，悦刻共发布五款产品，爱施德作为全国独家代理经销商，可以帮悦刻 代理销售其第四代产品“无限”。爱施德可以向专卖店、KA 等各种渠道供货四代产品。 目前，零售门店加盟方式主要有三种，（1）加盟商和悦刻以及普通代理商签订三方协 议；（2）加盟商和爱施德以及悦刻签订三方协议；（3）加盟商与厂家签订直供协议。 这里普通代理商于爱施德的区别在于，由于爱施德拥有四代产品“无限”的全国独家代 理经销权，加盟商和普通代理商签订协议无法拿到第四代产品。
悦刻品牌与经销商的合作方式在持续改善升级中，后续计划并不会再将其它各代 产品的独家代理权授予某一特定经销商，但电子烟各代产品分别满足不同消费者需求 的特点，使得其新旧代产品间的替代率并不高。同时，爱施德可以拿等价“四代”产 品和其他代理商进行产品置换，使得专卖店能够开展全品类分销，因此出货权仍掌握 在爱施德手中。
出让一号机股权，以谋求更大的投资空间推进其上市。深圳市一号机科技有限公 司成立于 2017 年 12 月 12 日，主要经营电子雾化器等产品的分销及零售业务，一号 机是悦刻的一级代理商。2021 年 08 月 23 日，爱施德将其持有的一号机科技 6%的股 权以 3,425.23 万元的价格，转让给共青城沙河同路投资合伙企业（有限合伙）。股权转让完成后，公司持有一号机科技 49%的股权，一号机科技其他股东签署一致行动 协议后合计持有一号机科技 51%的股权，一号机科技将不再纳入公司合并报表范围。（报告来源：未来智库）
3．供应链金融服务：依托网络小贷牌照，构建国内手机流通全链条生态 体系
依托网络小贷牌照，公司已构建国内手机流通全链条生态体系。爱施德依托产业 链优势，基于对上下游客户的理解，建立了先进的风控模型、业务流程和 IT 系统， 以小额贷款、贸易融资等方式向上下游厂家/国代商、省代/经销商、零售/电商和终端 消费者提供高效便捷的供应链金融服务，成为行业内客户的可选择服务商。爱施德旗 下子公司“爱施德小贷”提供的优微贷、优爱贷、优易贷和优宝贷等产品，旨在解决上 下游小微企业融资难的问题，为其提供采购资金。爱施德供应链金融服务业务前期以 自营业务为主，后期切入 SaaS 模式，同时布局多品类、全生态体系，以求实现业务 闭环。
4．通信：连接基础运营商，为全球客户提供多样化服务
爱施德作为行业领先的虚拟运营商，2018 年率先获得中国移动、中国联通和中 国电信三网移动转售业务正式商用牌照。公司拥有卡号资源超 1,900 万、核心专利 2 项、软著 25 项、超 3 万家营业网点覆盖全国 29 个省 90 个城市，具有行业领先的智 能连接和零售服务能力。通过自建的连接管理平台、物联网设备管理平台、大数据/AI 平台和计费、客服等业务支撑系统，连接基础运营商的核心网络，依靠覆盖全国的销 售网点，为用户提供新型跨境通信、漏电提醒、多方通信、流量充值等服务。
5．竞争优势：销售网络布局初现规模，稳步拓展海外增量市场，探索数 字化发展新格局
销售服务网络强大，稳步开拓海外增量市场。爱施德在国内设有 30 多个分支机 构和办事处，服务遍布 31 个省级区域，覆盖 T1-T6 全渠道和 10 万家零售门店及线上 零售商，并管控 5 大配送中心和 30 余个区域分仓的物流网络，配送范围直至乡镇。 此外，公司还深化布局海外销售和仓储服务网络，公司已在德国、韩国、意大利等 10 个国家设立海外分支机构，组建当地运营团队；并在香港、新加坡、迪拜、美国等 10 多个国家和地区建设可管控的仓储物流网点，稳步开拓海外增量市场。
在零售端，爱施德在全国一至三线城市的核心商圈区域拥有近 120 家苹果零售门 店和维修站，并拓展管理 800 多家苹果授权门店（MONO 及 APR），为消费者提供苹 果及苹果周边产品的体验、购买、相关培训及售后服务。其中，直营的苹果授权维修 站，连接苹果 MONO 接机点，覆盖全国 32 个省级区域及 290 个地市。同时扩展并运 营 7,000 多家悦刻专卖店。
构建爱施德分销信息系统 4.0，探索数字化发展新增长点。爱施德通过建立大分 销平台、零售及服务平台、终端营销云平台和金融服务平台，构成了一个完整的分销 和零售生态，实现了信息流、物流、资金流端到端可视化管理。此外，爱施德分销信 息系统 4.0 不断升级，将大数据和数字化操作植入全流程，使得线上下单、线上支付、 电子签章、物流追踪、产品溯源、大数据风控、全链数据可视等数字化功能均得到充 分应用。
四、盈利预测
公司核心营收增长主要来自于手机销售业务，该部分为公司收入核心贡献，平均 收入占比达 85%以上。未来几年公司将继续深耕以智能手机为核心的 3C 数码及快消 领域，铸就有价值的渠道网络壁垒，打造数字化全产业链服务标杆，与苹果、荣耀及 悦刻等品牌的深度合作，也有望贡献新的增长点。
1）手机销售业务：公司与头部智能手机品牌都有密切合作，为苹果、荣耀及三 星的中国一级代理商。苹果手机方面，通过旗下酷动数码（Coodoo）进行零售分销业 务，截至 2021H1，门店创造营收超过 13 亿元，后续将通过新零售模式稳定并提升该 部分营收增长。在现有业务基础上，公司将继续深化与“荣耀”品牌的战略合作，据 荣耀手机销售情况乐观估计，未来三年公司通过其品牌代理手机销售等相关业务可实 现整体收入翻倍增长，且荣耀手机的毛利率高于公司另一主要合作伙伴苹果，但整体 手机销售业务毛利率较低，公司也正通过提供更多相关增值服务，如开展售后维修网 点等，探索毛利增长空间，21-23 年手机销售业务毛利率将稳步提升，分别为 2.54%/2.58%/2.60%。收入端，随着荣耀独立后供应链问题的改善，其新品推出后产量 及销量也将显著提升，预计 21-23 年公司手机销售业务同比增速为 25%/15%/13%。
2）非手机销售业务：涵盖非手机 3C 类数码产品、食品酒水等快消品及电子烟代 理等相关收入，非手机销售业务相对手机销售业务毛利率较高。公司在快速扩张快消 品分销赛道，目前已与云南白药、雀巢、ReFa、开衫白酒、茶小开等多个知名品牌达 成合作。此外，电子雾化器头部品牌悦刻在国内市场的销售份额不断提升，爱施德与 悦刻深度合作也因此受益，公司与悦刻在海外市场合作发展迅速，已在英国、德国、 发过等 10 多个国家开展业务，以快消品分销增长及电子烟海外收入增长情况综合测 算非手机销售业务的收入增速，该部分整体增速较高，未来 3 年预计收入将分别达 99.83/127.78/159.73 亿元，同比增长 35%/28%/25%。
3）其他业务则包含公司部分供应链金融及返利/补贴等业务，这部分业务具有很 高的毛利率，基本维持在 85%，增速也相对稳定，其他业务收入占公司总收入比重较 小，预计 21-23 年实现营收 1.34/1.68/2.10 亿元。
翻译：
1. Eside: Leading digital distribution and retail industry
Aside was incorporated in Shenzhen in 1998 and listed on the Shenzhen Stock Exchange in 2010. The company has been deeply engaged in the field of smartphone distribution and retail for many years, and is the leading digital distribution and digital retail service provider in China. Focusing on the field of 3C digital and fast consumer goods with smart phones as the core, the company has industry-leading competitive advantages in sales and service network, product operation ability, organizational operation efficiency and digital support.
In 2020, the company ranked 185th in the Fortune China 500 and 6th in the professional chain sales industry list. In the third quarter of 2021, the company achieved operating revenue of more than 26 billion yuan, an increase of 53.22% compared with the same period last year; The net profit was about 444 million yuan, an increase of 140.6% compared with the same period last year, and the non-attributable net profit was 236 million yuan, an increase of 47.42% compared with the same period last year.
1）Development history: Based on the leading position in the distribution industry, actively expand the industrial layout
Over the years, while maintaining the leading position in the industry of smartphone terminal distribution business, Eside has actively and flexibly adjusted the company strategy, improved the industrial layout, and paid attention to the construction of the overall industrial ecology. At present, Eside has successfully built three platforms of smart connection, smart supply chain and smart retail, forming two business models of digital distribution and digital retail that integrate online and offline.
Actively transform, layout online business, and increase the reach rate of B and C terminal customers. From 2013 to 2014, faced with the impact of the development of direct supply mode on e-commerce platforms and the channel “disintermediation” reform of major cooperative mobile phone brand manufacturers, Eside launched the O2O platform construction strategy and integrated “Eside Online” and “Kurenren Online” as unified distribution platforms. In 2015, the company launched the B2B e-commerce platform “No.1 Machine”, providing product display, sales, logistics, finance and other services to numerous mobile channel B-terminal customers. The company has developed into a strategic new retail brand that penetrates from the B end of the company to the C end.
Expand retail business, improve the industrial chain layout.
In 2015, the company launched the “Buy by You” platform for C-terminal users. At present, Youbuy has developed into a new online and offline integrated retail platform focusing on mobile phones and smart digital products. Meanwhile, in 2020, the company will cooperate with Alibaba to invest in Aiyoupin, further opening the online market. In terms of mobile communication, after obtaining the mobile resale pilot operation license from the three major operators in 2013, Eside promoted the strategic layout of mobile Internet, and released the C-end “U Friend” brand in 2014. After obtaining the positive license in 2018, the company’s virtual operator business rapidly expanded to cover the whole country.
Combination of industry and finance to create a sales and service platform twin engines. In 2015, Youyou Financial Service started business, and then in 2017, the company obtained the online small loan license, and Eside small loan was established. Aside has created a financial sector, providing business and consumption loans for upstream and downstream enterprises and individuals, forming a good synergistic effect with its mobile phone distribution business, realizing the mutual promotion of industry and finance and the vertical extension of industrial services. poly
Coke category development, explore new consumption track. Aside constantly improves the product matrix, and the cooperative brands have extended from mobile phones and 3C digital products to the field of fast moving consumer goods. In 2019, the company reached a strategic cooperation with Yueke, the leading brand of e-cigarettes. Aiside actively cast valuable channel network barriers, build the channel operation capability of new consumer brands, and strive to grow rapidly in the new track.
2）Organizational structure: concentrated equity, stable structure and perfect employee incentive
(1) Ownership structure: The ownership structure is concentrated, with director Huang Shaowu as the actual controller
The ownership structure is stable, and the ownership is concentrated in the main founder team of the company. Most core directors of Eside hold important positions such as chairman or president in the company’s holding companies. Huang Shaowu directly and indirectly holds 99.8% of the equity of Shenzhen Huaxia Venture Capital Co., LTD., through which he directly holds 66.5% of the shares of Shenzhen Shenzhoutong Investment Group Co., LTD., the controlling shareholder of Eside, and the main shareholder of Ganjiang New Area Global Star Investment Management Co., LTD., and serves as the chairman and general manager of these two companies. In the end, individuals and the above affiliated companies directly hold 33.07% of the equity of Eside and serve as the actual controller of the company. In addition, from 2019 to August 24, 2021, the board of directors, supervisors and senior management of the company have not reduced their holdings.
(2) Management team: stable members with deep industry background
The company has a stable senior management team with rich working experience and social resources in related fields. In 2014 and 2015, the management level of the company remained stable without frequent turnover. At present, a stable leadership team has been formed with Zhou Youmeng as the president, Mi Zedong as the head of finance, and Wu Hainan, Chen Liang, Liu Honghua and Yang Zhi as vice presidents. Most senior executives have worked in upstream brand companies and operator companies, and have accumulated rich industry experience and social resources.
(3) Partner mode motivates employees to work hard
Base salary + bonus + partner model motivates employees to work hard. The employee salary of the company consists of three parts: basic salary, appraisal bonus and incentive bonus of partner mechanism. Among them, the assessment bonus is based on the status of employees in monthly, quarterly, semi-annual and annual systems, and is calculated and distributed according to the performance assessment results of employees. The incentive bonus shall be based on the annual operating performance of the company.
At the same time, after Eside promoted the partner operation incentive program in stores in 2016, all industries will realize the upgrade of partner mode by 2020. At present, the company’s employees are mainly composed of sales staff. In recent years, the proportion of employees with master’s degree is on the rise. After 2018, as the company realized the management mode of reasonably dividing the business grid, simplifying the management level and implementing the operational responsibility, the overall number of employees showed a downward trend and the efficiency was comprehensively improved.
3）Main business: Deepen distribution and retail business, and build an integrated online and offline business model
Eside’s main business is divided into two parts: digital distribution and digital retail. In the distribution business, the company achieved an operating revenue of 45.458 billion yuan in 2019 and 52.469 billion yuan in 2020 (yoy+15.42%), accounting for 81.22% and 81.77% of the operating revenue in that year respectively. While deeply exploring the mobile phone distribution industry, Aishi is actively building the whole industrial chain and expanding new consumption track. At present, it has formed a business ecological industrial pattern integrating mobile phone distribution, 3C digital distribution, fast-moving consumer goods distribution and supply chain financial services.
Aside has always maintained a deep partnership with excellent smartphone brands Apple and Samsung, and participated in the joint acquisition of Honor in 2020, becoming the strategic investor with the largest shareholding ratio among channel providers. In addition, with the help of the advantages accumulated in the mobile terminal distribution business for many years, the company continues to deepen the cooperation with other quality brands, continue to broaden the brand and product matrix, and actively layout the 3C digital field.
At present, the company’s smart terminal distribution business has been upgraded from a single mobile phone business to a full range of 3C digital products. In the future, it will continue to expand new 3C products and fashion products in the fields of smart wear, smart home and smart health. At the same time, the company also actively layout the fast moving consumer goods distribution track, and has reached cooperation with many well-known brands such as Yunnan Baiyao, Cardigan liquor, Tea Xiaokai. In 2020, Eside will become the strategic partner of e-cigarette brand Yueke with the largest sales contribution in China.
At the retail end, Eside follows the trend and creates a smart new retail model integrating online and offline.
That is, relying on its subsidiary Coodoo, one of the largest authorized retailers of Apple in China. And taking “Buy by You” and “Machine One” as platforms. Eside cooperates with Alibaba and enters the Tmall platform. Through online and offline traffic, public domain and private domain, to provide pre-sale and after-sale closed-loop membership services, to provide consumers with the best service experience of the whole system. In addition, the company has also entered the field of value-added services and after-sales services. Through its subsidiary “Aibao Technology” to provide consumers with broken screen protection, extended warranty and other value-added services. In the first half of 2021, the operating revenue of the digital retail business of Eside exceeded 11.1 billion. Accounting for 28.33% of the operating revenue, with a year-on-year increase of 154.5%. (Report source: Future Think Tank)
2. Smart phone industry and distribution industry pattern
1）5G demand is released, and Eside’s revenue is expected to hit a new high
As an important channel provider in the middle stream of the smartphone industry chain. Eside on the one hand controls important resources by relying on its leading position in the industry. On the other hand, it also faces the problems of flat distribution channels and compressed gross profit margin after the cancellation of subsidy fees by operators.
At present, 5G mobile phone products are gradually penetrating into China’s mobile phone market, showing a trend of scale development. In the second half of 2021, the release of the iPhone 13 and the new Honor products released a lot of mobile phone buying demand. As a key distributor for Apple and Honor, Eside will also have a bigger market share.
2）Competition pattern: The distribution industry competition pattern is stable
The competition pattern of the distribution industry is relatively stable. And the offline share of Eside occupies the leading position in the industry. In the last three years, Aside has maintained a leading position in asset turnover and inventory turnover compared with its major competitors in the industry, demonstrating its own strong sales capability
3. Based on the main business, improve the industrial layout
1）Smartphone terminal business: distribution + retail, creating online and offline omni-channel sales model
Smart phone sales — the core business of Eside. The company’s mobile phone sales revenue in 2019 was 50.57 billion yuan. And nearly 56.7 billion yuan in 2020 (yoy+2.88%), accounting for 90.36% and 88.31% of the total operating revenue of the year respectively. Which fully shows that mobile phone sales is the core source of the company’s operating revenue.
(1)Smart phone distribution: Keep close cooperation with quality mobile phone brands
Mobile phone distribution industry leader, and quality mobile phone brands to maintain close cooperation. Aside is the first level agent of Apple, Honor and Samsung in China, and has been persisting in deepening the partnership with excellent upstream brands over the years. In 2020, the company obtained online CES channel authorization from Apple manufacturers. Which means that on the basis of cooperation with Alibaba. Eside can independently carry out online distribution business of Apple products, directly serve online retailers, and open up online incremental space.
In April 2010, Eside obtained the exclusive offline dealership of Huawei Honor 30 series, which covers Honor 30, Honor 30Pro and Honor 30Pro+.
In the same year, the company team invested 660 million yuan to participate in the joint acquisition of Honor. As the designated operating service provider of Tmall Honor official flagship store and offline Honor store. The subsidiary of Eside Holding has obtained the official authorization of online 2C service and offline Honor store service platform. And will supply to nearly 500 offline Honor stores in 10 provinces. And get through the order system to reach the end consumers.
According to Canalys data, in the third quarter of 2021, Honor’s smartphone market share in China increased to 18%. Ranking the third and returning to the top echelon as the fastest growing smartphone brand in the third quarter of 2021. The company is the exclusive offline agent of Honor 50 and 60 series products. As well as the agent of high-end flagship model Magic 3. With the launch of Honor 50, 60 series and Magic3, the company is expected to hold more market shares. And continue to expand the middle and high-end market together with New Honor, creating greater service value.
In 2019, the company implemented separate brand operation and independent operation of Samsung business as a company. And jointly invested and established a holding subsidiary, Shenzhen Shifeng Technology Co., LTD., focusing on the new business of Samsung brand mobile phone distribution and retail, and exploring the emerging market of Samsung distribution and retail. In 2020, Eside was authorized by Samsung to act as the agent of Samsung S20 flagship series, FOLD generation and two generation folding screen series and many other mobile Phone products. In August of the same year, the company was granted the phone and product communication channel agency by Samsung manufacturers.
(2)Smart phone retail: Leverage new increment with new retail to reach target customers in an all-round way
Strengthen the smartphone retail business based on Apple retail and leverage new growth with new retail.
Coodoo is one of the largest authorized Apple retailers in China, an authorized premium reseller (APR) and Service provider (ACS) in China. And an authorized Level 1 reseller for Apple’s education and enterprise channels. Its main business is professional agent and sales of Apple products. As well as related accessories of Beats, Bose, JBL and other brands. In 2019, after obtaining the authorized service qualification of ACS (AppleCare Services). The only offline channel of Apple in China, Coolplay Digital can provide consumers with factory-level testing and maintenance, upgrade and replacement, screen protection and other services. Through more than 100 premium retail experience stores located in high-end shopping centers across China. Kool Digital also provides consumers with experience, purchase, use training and related after-sales services of Apple and its peripheral products.
In addition
In addition, Eside also develops its online business in an all-round way, giving full play to the value of online platforms such as city shopping, home shopping, live streaming e-commerce, platform e-commerce, micro mall and short video, forming offline services, online drainage. And a localized network radiating around the store as the center, allowing consumers to experience in the store. At the same time, Eside also carries out online ordering, “instant delivery” or intra-city instant delivery and other services.
Consumers can also book one-to-one training courses on the use of private products online. The company will provide consumers with a full range of pre-sale, in-sale and after-sales services. So that consumers are not restricted by time and space, and enjoy physical store services. So as to create a convenient online new retail model. In the first half of 2021, Coodoo stores generated more than 1.3 billion yuan in operating revenue. Of which nearly 300 million yuan came from the new retail model, accounting for about 23% of the total store revenue.
Provide value-added services and explore the space for gross profit growth.
“Aibao Technology”, a subsidiary of Aishide, is the operating subject of mobile phone protection service. Through big data analysis, it has excavated more than ten kinds of innovative mobile phone products. Such as broken screen protection, replacement protection, broken after protection, double-sided protection, extended protection, battery protection, data protection, accident protection, etc., to meet the growing diversified protection needs of mobile phone users. By 2019, Aibao Technology’s cooperative maintenance outlets have grown to more than 2,000. Covering 32 provincial regions across the country, forming a solid after-sales guarantee network for the company’s new retail sector. At the same time, the mobile phone guarantee service business has the characteristics of high gross profit, strong demand, large growth space and so on. Which is also one of the effective measures for the company to enhance the profitability of chain stores.
E-commerce + localization service mode, full range of target customers. “Youbuy” is the e-commerce platform of Eside.
As a new online and offline integrated retail platform focusing on mobile phones and smart digital products. It can not only meet consumers’ convenient and transparent online experience, but also provide them with thoughtful offline face-to-face service. The company covers a certain area with each single store and forms a regional grid mode with the cooperation of multiple stores. So as to build online and offline integration and high-quality professional services for users. In 2020, Eside will enter the Tmall platform, set up 3C digital comprehensive store — Youbuy flagship store, and build a new localized retail platform.
Through Alibaba, the company imports and receives traffic from Tmall, Taobao, Taobao Live Streaming, Alipay and other major platforms within its system. Based on the strategic cooperation with Alibaba and the joint investment and operation of Shenzhen Aiyoupin E-commerce Co., LTD. The company has opened up the sales channel of the online market. In the first half of 2021, Eside delivered nearly 4 billion yuan to online customers through new channels, especially during the “618” period. Through the application of light store mode and store technology. Aside enables the digitalization of offline retail stores and brings new retail experience of localized services to consumers.
2）E-cigarette: Binding with Yueke, vigorously developing offline channels
Yueke relies on offline channels for rapid market expansion. After the Circular on Further Protecting Minors from e-cigarettes was issued in October 2019. Online sales channels of e-cigarettes were banned, leaving offline channels as the only way for e-cigarette brands to expand. According to Fogcore’s prospectus, the number of authorized dealers owned by Yuetch increased rapidly from 41 as of September 30, 2019 to 110 as of September 30, 2020. There are more than 5,000 Branded Partner Stores and more than 100,000 retail outlets covering 250 cities nationwide.
Cooperation mode between Yuetsch and distributors: Yuetsch usually chooses to cooperate with distributors with diversified and complete sales channels. The distribution agreement is usually for one year and can be renewed upon mutual agreement. Yueke generally requires distributors to have exclusivity in the distribution of e-cigarette products. Yueke regularly provides training to improve the management ability and operational efficiency of its distributors. While monitoring and evaluating whether the distributors’ behavior complies with the company’s ethical requirements, operations and service standards. In terms of payment, the distributor shall pay the full amount after placing an order from Yueke under the agreement. And the control of goods shall be transferred after receiving the goods. Distributors are responsible for the distribution of goods in the authorized distribution area and communicate directly with offline retailers and end customers.
Cooperation mode between Yuetch and retail outlets:
Yuetch accelerates store expansion through franchise mode. According to estimates on the official website, the initial investment for opening an offline store of Yueke is between 50,000 yuan and 150,000 yuan, and there are a variety of store sizes and types to choose from, with a minimum area of 3 square meters. The lower investment threshold greatly reduces the cost of opening a store, thus increasing the speed of expansion. Yuetch will provide regular training to branded store partners, with a focus on preventing underage purchases and use of vaping products. And help partners understand the company’s product and service standards. For other retail outlets, Yuetke will also provide relevant guidance and training to ensure that they meet the company’s offline retail outlet standards.
Yuetke’s offline retail outlets are mainly brand flagship stores and agency retail stores. Brand flagship stores: including Yuetch flagship stores and RELX brand partner stores. RELX brand partner stores are the first to expand the market across the country and are an important channel to showcase Yuetke products and provide face-to-face consumer services and education. Under the agreement, Yuetch grants the brand partner stores (franchisees) the rights to sell products and use certain trademarks. Provides free guidance to assist them in building and managing the stores. And provides systematic training and support in all aspects of store opening and operation.
Such as preventing minors from buying and using e-cigarette products. Store human resource management, financial management, customer service and business skills. And according to the relevant standards of the company to give excellent performance of the door shop a variety of business awards. Like other offline retail outlets, Yuetch brand partner stores typically source products from authorized resellers, namely Eside.
Retail agent: Lead the market through Yuetke brand partner stores, thus expanding into various retail locations.
Retail agent: Lead the market through Yuetke brand partner stores. Thus expanding into various retail locations, including specialty stores, shop-in-shop in bars, KTV, vending machines, etc. The company defines a diversified Gameng store model. Including standard store, Yueke shop, star store, mini store, store in store and so on. In addition, the company has also extensively covered the e-cigarette collection stores, electronic products stores and other forms of stores.
With close cooperation, Eside helped Yueke expand its store quickly and obtained the exclusive agency right of “four generation” products from Yueke.
In 2019, Eside achieved strategic cooperation with RELX, the leading brand of electronic atomizer. As the agent of Yueke e-cigarette, Eishi first helped Yueke to expand its stores quickly and occupy the market. And then Eishi distributed Yueke products to various stores to achieve profit. By 2021H1, Eside has expanded and operated more than 7,000 Yueke stores and 3,500 shop-in-store stores nationwide, becoming the largest, most extensive and fastest growing electronic atomizer retail service provider in China. Yuetch had more than 15,000 stores by the first half of 2021. According to Fogcore’s prospectus, Yuetch’s market share soared from 48% in 2019 to 62.6% in 2020 during the partnership with Aside.
At present, Yueke has released a total of five products, and Aside. As the exclusive distributor in China, can help Yueke to sell its fourth-generation product “Infinity” as an agent. Aiside can supply four generations of products to stores, KA and other channels. At present, there are mainly three ways to join retail stores. (1) Franchisees sign tripartite agreements with Yueke and general agents. (2) The Franchisee signs a tripartite agreement with Eside and Yueke. (3) Franchisees sign direct supply agreements with manufacturers. The difference between general agents and Eside here is that. Because Eside has the exclusive agency right of “unlimited” four generations of products across the country. Franchisees cannot get the fourth generation of products by signing an agreement with general agents.
In the process of continuous improvement and upgrading of the cooperation between Yueke brand and distributors
In the process of continuous improvement and upgrading of the cooperation between Yueke brand and distributors. The exclusive agency right of other generations of products will not be granted to a specific distributor in the subsequent plan. However, the characteristics of each generation of e-cigarette products to meet different consumer needs make the replacement rate between the old and new generations of products is not high. At the same time, Eside can replace products with equivalent “fourth generation” products with other agents. So that the exclusive store can carry out full-category distribution. So the right of shipment is still in the hands of Eside.
To sell the shares of Engine One, in order to seek greater investment space to promote its listing. Shenzhen No.1 Machine Technology Co., Ltd. was established on December 12, 2017. Mainly engaged in the distribution and retail business of electronic atomizers and other products. No.1 Machine is the first-class agent of Yueke. On August 23, 2021, Eside transferred its 6% equity of No.1 Engine Technology to Shahe Tonglu Investment Partnership (limited Partnership) of Komsomqingcheng at the price of RMB 34,252,300. Upon completion of the equity transfer, the Company will hold 49% of the equity of No.1. And other shareholders of No.1 will hold 51% of the equity of No.1 after signing the agreement of concerted action. No.1 will no longer be included in the consolidated statements of the Company. (Report source: Future Think Tank)
3）Supply chain financial services: Relying on the network small loan license, the construction of domestic mobile phone circulation chain ecosystem
Relying on the network small loan license, the company has built the domestic mobile phone circulation chain ecosystem. Based on its industrial chain advantages and understanding of upstream and downstream customers. Eside has established advanced risk control models, business processes and IT systems to provide efficient and convenient supply chain financial services to downstream manufacturers/national agents. Provincial agents/distributors, retailers/e-commerce and end consumers by means of small loans and trade financing.
Become the service provider of choice for customers in the industry. Products such as Youwedai, Youaidai, Youyidai and Youbaodai. Which are provided by the subsidiary of Aishide Xiaodai, aim to solve the financing difficulties of upstream and downstream small and micro enterprises and provide them with procurement funds. The supply chain financial service business of Eside mainly focuses on self-run business in the early stage. And enters into SaaS mode in the later stage. At the same time, it distributes multi-category and whole ecological system, so as to realize closed loop of business.
4）Communication: Connect basic operators to provide diversified services to global customers
Aside, as a leading virtual operator in the industry, was the first to obtain the official commercial license of mobile resale business of China Mobile, China Unicom and China Telecom in 2018. The company has more than 19 million card number resources, 2 core patents, 25 soft publications. More than 30,000 business outlets covering 29 provinces and 90 cities across the country. With industry-leading intellectual connectivity and retail service capabilities. Through self-built connection management platform, Internet of Things device management platform, big data /AI platform, billing, customer service and other business support systems, the core network of basic operators is connected. Relying on sales outlets covering the whole country, users are provided with new cross-border communication, leakage reminder, multi-party communication, traffic recharge and other services.
5）Competitive advantage: Initial scale of sales network layout, steady expansion of overseas incremental markets, exploring a new pattern of digital development
Strong sales service network, steadily expand overseas incremental market. Aside has more than 30 branches and offices in China, serving 31 provincial-level regions, covering T1-T6 omni-channel and 100,000 retail stores and online retailers. Aside also controls 5 distribution centers and a logistics network of more than 30 regional warehouses. And the distribution scope is up to villages and towns. In addition, the company also deepens the layout of overseas sales and storage service network. The company has set up overseas branches in 10 countries such as Germany, South Korea, Italy, and set up local operation teams; And in Hong Kong, Singapore, Dubai, the United States and other more than 10 countries and regions to build controllable warehousing and logistics outlets, steadily explore overseas incremental markets.
At the retail end, Eside has nearly 120 Apple retail stores and repair stations in the core business areas of first – to third-tier cities in China
At the retail end, Eside has nearly 120 Apple retail stores and repair stations in the core business areas of first – to third-tier cities in China. And expanded and managed more than 800 Apple authorized stores (MONO and APR). Providing consumers with experience, purchase, relevant training and after-sales services of Apple and its peripheral products. Among them, directly operated Apple authorized repair stations, connected to Apple MONO pickup points. Covering 32 provincial regions and 290 cities. At the same time to expand and operate more than 7,000 Yuetke stores.
Construct Aiside distribution information System 4.0, explore new growth point of digital development. By establishing a large distribution platform, retail and service platform, terminal marketing cloud platform and financial service platform, Eside has formed a complete distribution and retail ecology. And realized the end-to-end visual management of information flow, logistics and capital flow. In addition, Aiside distribution information System 4.0 has been continuously upgraded, embedding big data and digital operation into the whole process, making the digital functions such as online ordering, online payment, electronic signature, logistics tracking, product traceability, big data risk control and full-chain data visualization fully applied.
4. Profit forecast
The company’s core revenue growth mainly came from the mobile phone sales business. Which is the core contribution of the company’s revenue, accounting for more than 85% on average. In the next few years, the company will continue to deepen its efforts in the fields of 3C digital and fast moving consumer goods with smart phones as the core. Build valuable channel network barriers, and create service benchmarks for the digital whole industry chain. The deep cooperation with Apple, Honor and Yueke and other brands is also expected to contribute to new growth points.
1）Mobile phone sales business:
The company has close cooperation with all smart phone brands and is the first-level agent of Apple, Honor and Samsung in China. In terms of Apple’s mobile phone, it conducts retail distribution business through its subsidiary Coodoo. As of 2021H1, the store generated revenue of more than 1.3 billion yuan. In the future, it will stabilize and improve the revenue growth of this division through the new retail model. On the basis of the existing business, the company will continue to deepen the strategic cooperation with “Honor” brand. According to the optimistic estimate of Honor mobile phone sales. The company can achieve a double growth of the overall income through its brand agent mobile phone sales and other related businesses in the next three years.
Besides, the gross profit rate of Honor mobile phone is higher than that of Apple. The other major partner of the company. But the gross profit rate of the overall mobile phone sales business is lower. The company is also exploring the space for gross profit growth by providing more related value-added services. Such as carrying out after-sales maintenance network points, etc. And the gross profit rate of mobile phone sales business will increase steadily in 21-23, respectively to 2.54%, 2.58% and 2.60%. At the income end, with the improvement of supply chain issues after the independence of Honor. Its output and sales volume will also increase significantly after the launch of new products. It is estimated that the growth rate of mobile phone sales of the company will be 25%, 15%, 13% compared with the same period last year.
2）Non-mobile phone sales business:
It covers non-mobile phone 3C digital products, fast-moving consumer goods. Such as food and drinks, e-cigarette sales and other related income. Non-mobile phone sales business has higher gross profit rate than mobile phone sales business. The company is rapidly expanding the distribution circuit of fast-moving consumer goods, and has reached cooperation with many well-known brands. Such as Yunnan Baiyao, Nestle, ReFa, Cardigan liquor and Tea Xiaokai. In addition, the sales share of Yueke, the head brand of electronic atomizer, keeps increasing in the domestic market. Which also benefits from the in-depth cooperation between Eside and Yueke.
The cooperation between the company and Yueke in overseas markets develops rapidly. And the company has conducted business in more than 10 countries such as the UK, Germany and Fa Guo. The revenue growth of non-mobile phone sales business is measured comprehensively based on the distribution growth of fast-moving consumer goods and the overseas revenue growth of e-cigarettes. The overall growth rate of this part is relatively high. In the next three years, the revenue is expected to reach 99.83/127.78/15.973 billion yuan respectively. With a year-on-year growth of 35%, 28%, 25%.
3）Other businesses include part of the company’s supply chain finance and rebate/subsidy businesses.
These businesses have a high gross profit rate, which is basically maintained at 85% with a relatively stable growth rate. The income from other businesses accounts for a small proportion of the total income of the company.
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