Yealink(300628) 民生证券·2024-07-15 14:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on strong growth potential and competitive advantages [3]. Core Insights - The company is expected to achieve a revenue of 26.16-27.18 billion yuan for H1 2024, representing a year-on-year growth of 28-33%. The net profit attributable to shareholders is projected to be 13.38-13.90 billion yuan, with a growth of 30-35% [1]. - In Q2 2024, the company reported a revenue of 15.0 billion yuan, a year-on-year increase of 30.2% and a quarter-on-quarter increase of 29.2%. The net profit for Q2 is expected to be 8.0 billion yuan, reflecting a year-on-year growth of 31.1% [2]. - The company is focusing on enhancing its enterprise communication solutions and expanding sales channels, which is expected to solidify its long-term competitive advantage [2]. Financial Forecasts - The company forecasts revenues of 5.803 billion yuan in 2024, 7.514 billion yuan in 2025, and 9.372 billion yuan in 2026, with growth rates of 33.5%, 29.5%, and 24.7% respectively [4]. - The net profit attributable to shareholders is projected to be 2.673 billion yuan in 2024, 3.465 billion yuan in 2025, and 4.426 billion yuan in 2026, with corresponding growth rates of 33.0%, 29.6%, and 27.7% [4]. - The report anticipates a net profit margin of 51.1% for H1 2024, which is an increase of 0.8 percentage points year-on-year [2]. Product Development and Market Position - The company is set to launch new products in its desktop communication terminal and professional audio-visual meeting solutions, which are expected to enhance its market competitiveness [3]. - The company is also focusing on upgrading its headset products across various categories, which has received positive validation in the market [3]. Valuation Metrics - The projected price-to-earnings (PE) ratios for the company are 18x for 2024, 14x for 2025, and 11x for 2026, compared to a historical average PE of 39x over the past five years [3].