Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Hold" due to its undervaluation and strong growth prospects [6][8] Core Views - The company's business model focuses on selling scenarios rather than just products, which enhances customer stickiness and provides stable performance [5][6] - The company has a three-stage development model: product-focused (2012-2018), solution-focused (2019-2021), and full-scenario-focused (2022 onwards) [5][6] - The company's high profitability is driven by its world-class pricing, domestic supply chain advantages, and engineering talent红利 [6][10] - The company's overseas growth potential exceeds 30%, supported by strategic subsidiary布局 and the increasing demand for remote and hybrid办公 solutions [5][6] Financial Performance - The company's revenue for 2024E, 2025E, and 2026E is projected to be 5,318 million, 6,611 million, and 8,235 million respectively, with year-on-year growth rates of 22.3%, 24.3%, and 24.6% [4] - Net profit attributable to the parent company is expected to be 2,515 million, 3,130 million, and 3,880 million for 2024E, 2025E, and 2026E, with growth rates of 25.1%, 24.5%, and 24.0% respectively [4] - The company's gross margin remains stable at around 65%, with ROE projected to increase from 26.7% in 2024E to 29.7% in 2026E [4] - The company's PE ratio for 2024E, 2025E, and 2026E is 20x, 16x, and 13x, significantly lower than the industry average of 29x, 23x, and 19x, indicating undervaluation [6][8] Business Segments - The company's three product lines—desktop communication terminals, meeting products, and cloud office terminals—cater to different enterprise communication needs, including fixed desktop办公, meeting room办公, and remote/mobile办公 scenarios [6] - The desktop communication terminal business, which accounts for 37.5% of revenue in 2023, is expected to grow steadily, with revenue growth rates of 8.4%, 8.3%, and 3.4% for 2024-2026 [9] - The meeting products business is expected to grow rapidly, with revenue growth rates of 46.3%, 43.1%, and 44.8% for 2024-2026, driven by low penetration rates and increasing market share [9] - The cloud office terminal business is also expected to grow rapidly, with revenue growth rates of 23.3%, 34.2%, and 26.6% for 2024-2026, benefiting from the dual寡头格局变动 and the company's brand, channel, and technological advantages [6][9] Competitive Advantages - The company's BOM cost advantage is a key factor in its high profitability, with domestic supply chain benefits and engineering红利 contributing to lower costs compared to international competitors [6][10] - The company's channel strategy, which focuses on reducing reliance on high-cost sales teams, has been validated by the high营销费用 of对标 companies like Polycom [6][10] - The company's transition from product-focused to scenario-focused solutions has increased its market space and reduced同质化供给, leading to better financial performance [6][10] Valuation and Upside Potential - The company's 2025E PE of 16x is significantly lower than the industry average of 23x, indicating a potential upside [6][8] - The company's dividend yield and historical PB分位数 remain attractive, making it a compelling investment from a类固收 perspective [6][47]

Financial Performance - Revenue for the first three quarters of 2024 reached 4.11 billion yuan, a year-on-year increase of 27.49% [2] - Net profit attributable to shareholders for the first three quarters of 2024 was 2.065 billion yuan, a year-on-year increase of 27.91% [2] - Q3 2024 revenue was 1.443 billion yuan, up 22.27% year-on-year [2] - Q3 2024 net profit was 704 million yuan, up 20.47% year-on-year [2] Product Line Performance - Cloud office terminal business showed significant improvement with sequential growth in each quarter [3] - Meeting products maintained steady growth [3] - Desktop communication terminal growth slowed compared to the first half but remained positive [3] - Cloud office terminal regained the highest growth rate among the three product lines in the first three quarters [4] Business Strategy and Development - Cloud office terminal business is improving with continuous quarter-on-quarter growth [5] - Meeting products are focusing on intelligent and efficient communication solutions [6] - Business headsets are being developed to enhance product competitiveness and meet enterprise needs [6] - Stable and deepening partnership with Microsoft Teams, with synchronized product iterations [6] Cost and Supply Chain Management - Gross margin remained stable with slight improvement due to cost reduction and efficiency measures [7] - Supply chain relocation is in the experimental evaluation phase, with no significant capital expenditure involved [7] - Price adjustments are made based on regional competitiveness, with overall price stability [8] Market and Competitive Positioning - The company continues to strengthen its market position through technological strength and product quality [3] - Effective market strategies are employed to maintain and enhance competitive advantages [3]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 4.11 billion yuan (YoY +27.49%) and net profit of 2.065 billion yuan (YoY +27.91%) [4] - The company continues to strengthen its product competitiveness by launching new products in the video conferencing and business headset segments [4] - The company has entered into a global strategic cooperation with DingTalk to enhance smart office solutions [4] - The company has effectively controlled expenses, with sales, management, and R&D expense ratios decreasing by 1.04pct, 0.36pct, and 1.83pct respectively [4] Financial Performance and Forecast - The company's revenue for 2024E, 2025E, and 2026E is projected to be 5.498 billion yuan, 6.393 billion yuan, and 7.218 billion yuan, respectively [6] - Net profit for 2024E, 2025E, and 2026E is forecasted to be 2.551 billion yuan, 2.951 billion yuan, and 3.281 billion yuan, respectively [6] - EPS for 2024E, 2025E, and 2026E is expected to be 2.02 yuan, 2.34 yuan, and 2.60 yuan, respectively [6] - The company's gross margin is projected to remain stable at around 65% over the next three years [6] Business Segment Analysis - Desktop communication terminals are expected to contribute 28.61 billion yuan in 2024E, with a gross margin of 67.70% [7] - Conference products are forecasted to generate 21.99 billion yuan in 2024E, with a gross margin of 65.00% [7] - Cloud office terminals are projected to contribute 4.20 billion yuan in 2024E, with a gross margin of 54.00% [7] Valuation and Target Price - The report assigns a 2025E dynamic PE range of 18-20X, corresponding to a reasonable value range of 42.03-46.70 yuan [5] - The "Outperform" rating is based on the company's historical valuation and the average valuation of comparable companies [5] Market Performance - The company's stock price has shown significant volatility, with a 52-week range of 22.45-50.71 yuan [1] - The company's stock has underperformed the Haizhong Composite Index by 29.57% over the past year [2]

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved stable growth in Q1-Q3 2024, with revenue of 4.11 billion yuan, up 27.5% YoY, and net profit attributable to shareholders of 2.06 billion yuan, up 27.9% YoY [1] - Q3 2024 revenue reached 1.44 billion yuan, up 22.3% YoY, with net profit attributable to shareholders of 700 million yuan, up 20.5% YoY [1] - Downstream demand is improving, and performance continues to recover positively, driven by healthy inventory levels and recovery in European and American demand [1] - The company focuses on three strategic directions in 2024: "full-scenario coverage, all-in-one terminals, and intelligent transformation," with plans to launch high-quality new products [1] - The company announced a 2024 restricted stock incentive plan, demonstrating confidence in future growth, with revenue and net profit growth targets of at least 20% and 40% for 2024 and 2025, respectively [2] Financial Performance - Revenue for 2024E is projected at 5.218 billion yuan, with a YoY growth of 20.0%, and net profit attributable to shareholders of 2.414 billion yuan, up 20.1% YoY [5] - Gross margin is expected to remain stable at around 65.4%-65.6% from 2024E to 2026E [6] - ROE is forecasted at 24.6% for 2024E, gradually declining to 22.1% by 2026E [6] - EPS is projected to grow from 1.91 yuan in 2024E to 2.85 yuan in 2026E [6] Product and Market Strategy - The company launched multiple video conferencing products in Q3 2024, including the MeetingEye900, UVC85 camera, and BH74 advanced Bluetooth wireless headset [1] - Plans to release new products in Q4 2024, such as the MeetingBoard 65/75/86 Pro, ceiling microphone CM50, and A40 conference room all-in-one machine [1] Valuation and Investment Recommendation - The company's PE ratio is estimated at 20.83x for 2024E, declining to 13.93x by 2026E [3] - The target price is set at 50.27 yuan, with a total market capitalization of 50.275 billion yuan [1] - The company is positioned as a global leader in communication and collaboration solutions, with recovering downstream demand and improving performance [3]

第五届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 厦门亿联网络技术股份有限公司（以下简称"公司"）第五届董 事会第四次会议于 2024 年 10 月 22 日以现场表决结合通讯表决的方 式召开，会议通知于 2024 年 10 月 8 日以电子邮件的方式发出，符合 《公司法》及《公司章程》的规定。本次会议由董事长陈智松先生召 集和主持，会议应参与表决董事 9 名，实参与表决董事 9 名。经与会 董事认真审议通过了以下决议： 证券代码：300628 证券简称：亿联网络 公告编号：2024-056 厦门亿联网络技术股份有限公司 本议案已经公司审计委员会审议通过。公司监事会对该事项发表 了同意的意见. 特此公告。 厦门亿联网络技术股份有限公司 二○二四年十月二十二日 一、会议以9票赞成，0票反对，0票弃权，审议通过了《2024年 第三季度报告》 公司《2024 年第三季度报告》刊登于中国证监会指定创业板信息 披露网站巨潮资讯网上供投资者查阅。 ...

厦门亿联网络技术股份有限公司（以下简称"公司"）第五届监 事会第四次会议于 2024 年 10 月 22 日在公司会议室以现场表决结合 通讯表决的方式召开，会议通知于 2024 年 10 月 8 日以电子邮件的方 式发出，符合《公司法》及《公司章程》的规定。本次会议由监事会 主席魏志华先生召集和主持，会议应参与表决监事 3 名，实参与表决 监事 3 名，经与会监事认真审议通过了以下决议： 一、会议以3票同意，0票反对，0票弃权，审议通过了《2024年 第三季度报告》 经审议，监事会认为董事会编制和审议的公司《2024 年第三季度 报告》的程序符合法律、行政法规及中国证监会的规定，报告内容真 实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 特此公告。 证券代码：300628 证券简称：亿联网络 公告编号：2024-057 厦门亿联网络技术股份有限公司 第五届监事会第四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 厦门亿联网络技术股份有限公司 二〇二四年十月二十二日 ...

厦门亿联网络技术股份有限公司 2024 年第三季度报告 证券代码：300628 证券简称：亿联网络 公告编号：2024-055 厦门亿联网络技术股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 厦门亿联网络技术股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|------------------------ ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： A c t i o n | shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 15 Oct 2024 11:03:19 ET │ 14 pages Yealink Network Technology (300628.SZ) shuinu9870 3Q24 Preliminary Results Slightly Beat; Raise TP to Rmb50 更多一手调研纪要和研报数据加V： CITI'S TAKE Yealink posted 3Q24 preliminary results which were slightly better than our forecast. We upgrade our EPS forecasts by 7/6/3% for 2024/25/26E and raise our DC ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Insights - The company has shown robust growth in its performance for the first three quarters of 2024, with expected revenue growth of 25%-30% year-on-year and net profit growth of 25%-30% year-on-year [2][9]. - The company's meeting products have experienced a year-on-year revenue increase of 12.81% in 2023 and 51.27% in the first half of 2024, indicating a strong demand in the market [2]. - The cloud office terminal revenue decreased by 10.33% in 2023 but rebounded with a 29.29% growth in the first half of 2024, reflecting a positive trend [2]. - The desktop communication terminal revenue saw a decline of 19.11% in 2023 but improved with a 20.26% growth in the first half of 2024, suggesting a recovery in demand [2]. Summary by Sections Company Overview - The company is a global leader in communication and collaboration solutions, providing intelligent and efficient unified communication solutions to enterprise users worldwide [9]. - It has established partnerships with major global telecom operators and technology companies, enhancing its market position [9]. Financial Performance - The company achieved a total revenue of 4,348.04 million yuan in 2023, with projections of 5,408.26 million yuan in 2024, 6,471.10 million yuan in 2025, and 7,566.40 million yuan in 2026 [10]. - The expected growth rates for revenue are 24.38% in 2024, 19.65% in 2025, and 16.93% in 2026 [10]. - The net profit attributable to the parent company is projected to be 2,433.84 million yuan in 2024, 2,972.55 million yuan in 2025, and 3,547.68 million yuan in 2026, with growth rates of 21.07%, 22.13%, and 19.35% respectively [10]. Product Lines - The company has three main product lines: desktop communication terminals, meeting products, and cloud office terminals, catering to various enterprise communication needs [9]. - Recent product launches, such as the CP50 and CPE40 video conferencing microphones, have received official recognition and recommendations from major platforms like DingTalk [2].

23/1023/1123/1224/0124/0224/0324/0524/0624/0724/0824/0924/10 亿联网络(300628) 报告日期：2024 年 10 月 14 日 Q3 业绩预告符合预期，看好产品结构优化 ——亿联网络 24Q3 业绩预告点评 投资要点 ❑ 事件：公司发布 2024 年前三季度业绩预告。24Q3，公司预计实现营收 14.16 至 14.75 亿元，同比增长 20%至 25%；归母净利润 6.90 至 7.19 亿元，同比增长 18% 至 23%；扣非后归母净利润 6.53 至 6.79 亿元，同比增长 22%至 27%，符合我们 此前的业绩前瞻。利润增速略低于收入增速，我们判断主要系汇率波动影响。 24 年前三季度，公司预计实现营收 40.30 至 41.91 亿元，同比增长 25%至 30%； 实现归母净利润 20.18 至 20.98 亿元，同比增长 25%至 30%。 ❑ 第二、三成长曲线高增长，看好产品结构优化 分三条产品线来看，桌面通信终端市场相对成熟，公司 SIP 话机市占率全球第 一，24H1 受益于补库需求。会议产品和云办公终端作为第二、三成长曲线， ...