Yealink(300628) 民生证券·2025-04-22 10:53Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company achieved a revenue of 56.21 billion yuan in 2024, representing a year-on-year growth of 29.28%, and a net profit of 26.48 billion yuan, up 31.72% year-on-year [1]. - In Q1 2025, the company reported a revenue of 12.05 billion yuan, a growth of 3.57% year-on-year, while the net profit attributable to shareholders decreased by 1.15% to 5.62 billion yuan [1][3]. - The company is actively responding to international trade disruptions by enhancing supply chain resilience through overseas warehousing and production capabilities in Southeast Asia [3]. Revenue Breakdown - Desktop communication products generated 30.82 billion yuan in revenue, a growth of 21.13%, accounting for 54.83% of total revenue [2]. - Conference products saw revenue of 19.97 billion yuan, up 36.21%, making up 35.52% of total revenue [2]. - Cloud office terminals achieved revenue of 5.27 billion yuan, a significant increase of 62.98%, representing 9.37% of total revenue [2]. Profitability Metrics - The company's gross margin for 2024 was 65.45%, a slight decrease of 0.27 percentage points year-on-year, while the net margin improved to 47.10%, an increase of 0.87 percentage points [2]. - In Q1 2025, the sales gross margin was 64.54%, down 0.09 percentage points year-on-year, and the net margin was 46.64%, a decrease of 2.23 percentage points [3]. Dividend Policy - The company proposed a cash dividend of 13.00 yuan per 10 shares for 2024, totaling 16.41 billion yuan, resulting in a dividend payout ratio of 90.59%, an increase from 87.90% in 2023 [4]. Financial Forecast - The company is projected to achieve net profits of 29 billion yuan, 33 billion yuan, and 38 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 15, 13, and 11 [4][5].