国海证券研报指出，爱施德上半年实现归母净利润2.22亿元，同比下降43.98%；实现扣非归母净利润2.06亿元，同比下降32.61%。营收下滑主要系公司主动优化业务结构，调整品牌合作，收缩部分低毛利业务所致。尽管收入规模有所收缩，但公司经营质量显著提升。该行认为，随着消费电子行业逐步复苏、行业β有望驱动终端需求回暖；公司在渠道网络深厚、全场景数字化服务能力持续提升，苹果核心渠道优势显著，新品周期持续受益。海外市场与自有品牌拓展带来新动能，经营质量稳步提升。公司作为荣耀等头部品牌核心渠道商，后续有望受益于荣耀IPO进程催化，估值有望持续提升，首次覆盖，给予“买入”评级。
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