Yealink(300628) 天风证券·2025-04-21 00:42Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4]. Core Views - The company achieved a revenue of 5.621 billion yuan in 2024, representing a year-on-year growth of 29.28%, and a net profit of 2.648 billion yuan, up 31.72% [1]. - The business model is characterized by "incremental breakthroughs and stock optimization" across three main segments: desktop communication terminals, meeting products, and cloud office terminals [1]. - The company plans to distribute a cash dividend of 13.00 yuan per 10 shares, totaling 1.641 billion yuan, leading to a nearly 91% dividend payout ratio for the year [1]. Summary by Sections Desktop Communication Terminals - Revenue reached 3.082 billion yuan in 2024, a growth of 21.13%, with a gross margin of 67.55% [2]. - The growth was driven by the normalization of hybrid work and a replenishment demand from distributors following a de-inventory cycle in 2023 [2]. - New product launches, including the T7 and T8 series phones, are planned for 2025 [2]. Meeting Products - Revenue for this segment was 1.997 billion yuan in 2024, up 36.21%, with a gross margin of 65.67% [2]. - The MeetingBoard product received positive market feedback, and new products featuring advanced technology are set to launch in 2025 [2]. Cloud Office Terminals - This segment saw a revenue of 527 million yuan in 2024, marking a significant growth of 62.98% [3]. - The company is enhancing its business headset product line and plans to launch a series of new products in 2025 [3]. Financial Overview - Sales expenses were 291 million yuan, up 5.66%, while management expenses increased by 17.57% to 156 million yuan [3]. - R&D expenses reached 559 million yuan, a growth of 12.08% [3]. - The company is focusing on overseas market expansion and dynamic pricing mechanisms to mitigate cost pressures [3]. Profit Forecast - Projected net profits for 2025, 2026, and 2027 are 3.071 billion yuan, 3.528 billion yuan, and 4.051 billion yuan, respectively [4].