Yealink(300628) 华泰证券·2025-04-23 08:13Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue growth of 29.28% year-on-year in 2024, reaching 5.621 billion RMB, and a net profit growth of 31.72% to 2.648 billion RMB, aligning with performance forecasts. However, in Q1 2025, revenue grew only 3.57% to 1.205 billion RMB, while net profit declined by 1.15% to 562 million RMB [1][2] - The company plans to expand its global supply chain to mitigate trade risks and is optimistic about leveraging its competitive advantages in products and channels to drive growth in conference products and business headsets, establishing a second growth curve [1][3] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 65.45% and a net margin of 47.10%, indicating stable profitability despite slight declines compared to the previous year [3] - The company distributed cash dividends totaling 2.399 billion RMB in 2024, with a payout ratio of 90.59% [1] Product Segments - Conference products generated 1.997 billion RMB in revenue, a year-on-year increase of 36.21%, while cloud office terminals saw a revenue increase of 62.98% to 537 million RMB, reflecting strong market acceptance of new business headset products [2] - The company aims to launch a new generation of AI+ products, including audio and video conference tablets and smart video integration machines, to enhance product competitiveness [2] Future Outlook - The company expects net profits for 2025 to reach 3.038 billion RMB, with projected growth rates of 14.72% for 2026 and 12.97% for 2027 [4] - The target price for the company's stock is set at 43.26 RMB per share, based on an adjusted PE ratio of 18x for 2025 [4]