Yealink(300628) 国盛证券·2024-08-28 13:14Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 2.67 billion yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 1.36 billion yuan, up 32% year-on-year [1]. - The company plans to increase cash dividends, distributing 6 yuan per 10 shares, totaling 757 million yuan, to share its operational success with investors [2]. - The company has a strong growth outlook, with significant potential in its second and third business segments due to new product launches [2]. Financial Performance - For Q2 2024, the company achieved revenue of 1.5 billion yuan, a 30% year-on-year increase, and a net profit of 790 million yuan, up 31% year-on-year [1]. - The desktop communication terminal segment generated revenue of 1.51 billion yuan, a 20% increase, while the conference product segment saw revenue of 950 million yuan, a 51% increase [2]. - The company expects net profits for 2024, 2025, and 2026 to be 2.5 billion yuan, 2.86 billion yuan, and 3.43 billion yuan, respectively, with corresponding P/E ratios of 16, 14, and 12 [3]. Product Segments - The desktop communication terminal accounted for 56.6% of total revenue, with a gross margin of 66.9% [2]. - The conference product segment, which has a lower market share, is expected to maintain high growth due to increasing hybrid work demands and improved product penetration [2]. - The cloud office terminal segment generated 200 million yuan in revenue, reflecting a 29% year-on-year increase, with ongoing expansion in product offerings [2]. Future Outlook - The company plans to launch several new products in the second half of the year, including professional audio-visual conference tablets and smart conference terminals [2]. - The long-term competitive advantages and stable operations suggest a promising growth trajectory for the company [3].