Yealink(300628) 东方财富·2024-10-16 08:03Investment 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].