Yealink(300628) 天风证券·2025-04-21 01:23Investment 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," with diversified and collaborative development across three main business lines: desktop communication terminals, conference products, and cloud office terminals [1]. - The company plans to distribute a cash dividend of 1.3 yuan per share, totaling 1.641 billion yuan, resulting in a nearly 91% dividend payout ratio for the year [1]. Summary by Sections Desktop Communication Terminals - In 2024, revenue reached 3.082 billion yuan, 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 recovery in inventory levels after a de-stocking cycle in 2023 [2]. - New product launches, including the T7 and T8 series, are planned for 2025 [2]. Conference Products - Revenue for 2024 was 1.997 billion yuan, increasing by 36.21%, with a gross margin of 65.67% [2]. - The MeetingBoard product received positive market feedback, and new products with advanced features are set to launch in 2025 [2]. Cloud Office Terminals - Revenue in 2024 was 527 million yuan, a significant increase of 62.98%, contributing to 9.37% of total revenue [3]. - The company is enhancing its business headset product line and plans to introduce a complete range of products across various price segments in 2025 [3]. Financial Performance and Forecast - The company expects net profits for 2025, 2026, and 2027 to be 3.071 billion yuan, 3.528 billion yuan, and 4.051 billion yuan, respectively [4]. - The report highlights a strong commitment to R&D and continuous product innovation as key factors for maintaining market competitiveness [4].