证券研究报告 | 公司点评 | 通信设备 亿联网络(300628) 报告日期：2025 年 01 月 16 日 ——亿联网络 2024 年业绩预告点评 投资要点 ❑ 24Q4 经营收入、利润均超预期 公司发布 2024 年业绩预告。2024 年，公司预计实现收入 55.2 至 57.3 亿元，同比 增长 27%至 32%；归母净利润 26.1 至 27.1 亿元，同比增长 30%至 35%；扣非后 归母净利润 24.0 至 24.9 亿元，同比增长 34%至 39%。 以业绩预告中值计算，24Q4 公司预计实现收入 15.2 亿元，环比+5%，同比增长 35%；归母净利润 6.0 亿元，同比增长 51%。分季度来看，24Q1-Q4 公司收入增 速分别为 31%、30%、22%、35%；归母净利润增速分别为 34%、31%、20%、 51%。我们认为，24Q4 美元升值幅度较大，公司主要收入来自于欧美地区，或 形成较多的汇兑收益。 ❑ 云办公终端有望进入成长快车道 公司云办公终端业务趋势向好，各季度环比增速持续提升。从前三季度来看，云 办公终端回归至增速最高的状态，其次为会议产品和桌面通信终端。我们认为， 目前 ...

Revenue and Profit Projections - Revenue for 2024 is expected to be between 55.22 billion yuan and 57.394 billion yuan, representing a year-over-year increase of 27%-32%[3] - Net profit attributable to shareholders is projected to be between 2.613 billion yuan and 2.714 billion yuan, a year-over-year increase of 30%-35%[3] - Net profit after deducting non-recurring gains and losses is expected to be between 2.396 billion yuan and 2.486 billion yuan, a year-over-year increase of 34%-39%[3] Non-Recurring Gains and Losses - Non-recurring gains and losses are estimated to impact net profit by approximately 220 million yuan[6] Business Performance and Strategy - The company achieved strong operating results in 2024, driven by robust market trends and steady business progress[5] - The company continues to optimize enterprise communication solutions and expand sales channels to build long-term competitiveness[5] Financial Data and Audit Status - The financial data in the performance forecast is preliminary and has not been pre-audited by an audit firm[4][6]

Investment Rating - Maintain "Buy" rating [7] Core Views - The company is a core player in the communication export sector with strong profitability, and its performance is expected to continue high growth driven by demand improvement [7] - The company's high growth is in line with expectations, with Q3 revenue reaching 1,443 million yuan, a year-on-year increase of 22.3%, and net profit attributable to the parent company reaching 704 million yuan, a year-on-year increase of 20.5% [8] - The growth is mainly due to improved downstream demand and increased net profit margin, with the net profit margin for the first three quarters of 2024 reaching 50.24%, up from 46.23% in 2023 [8] - The company's new business, including conference products and cloud office terminals, has shown significant growth, with conference product revenue increasing by 51% year-on-year in the first half of 2024 and cloud office terminal revenue increasing by 29% [9] - The company has a clear product matrix plan, covering all scenarios, with new products such as the MeetingEye 900 and UVC40 E2 being launched in Q3 2024 [9] - The company has a dividend yield of 3.4% and a PE percentile of 12% since the beginning of 2018, indicating significant valuation repair potential [10] Financial Summary - The company's operating income for 2024 is expected to reach 5,318 million yuan, with a year-on-year growth rate of 22.3% [6] - Net profit attributable to the parent company is expected to reach 2,515 million yuan in 2024, with a year-on-year growth rate of 25.1% [6] - The company's gross profit margin is expected to remain stable at around 65% from 2024 to 2026 [6] - ROE is expected to increase from 24.7% in 2023 to 29.7% in 2026 [6] - The company's PE ratio is expected to decrease from 26 in 2023 to 13 in 2026 [6] Market Data - The company's closing price on November 8, 2024, was 41.07 yuan, with a price-to-book ratio of 6.3 and a dividend yield of 3.65% [2] - The company's circulating A-share market value is 29,696 million yuan [2] - The company's net asset per share as of September 30, 2024, is 6.56 yuan, with an asset-liability ratio of 9.00% [3]

Key Points Company Performance 1. **Revenue Growth**: The company achieved a rapid revenue growth in the third quarter, with total revenue reaching 4.11 billion yuan, a 27.49% increase year-on-year. Net profit attributable to shareholders also grew by 27.91% to 2.065 billion yuan. [doc id='1'] 2. **Quarterly Performance**: The third quarter saw revenue of 1.443 billion yuan, a 22.27% increase year-on-year, and net profit of 0.704 billion yuan, a 20.47% increase year-on-year. [doc id='1'] 3. **Overall Growth**: The company maintained consistent growth in revenue and net profit for the first three quarters, indicating high-quality growth. [doc id='1'] 4. **Product Line Performance**: New business investments are yielding results, with cloud office terminal business achieving sequential growth. The product line has returned to the leading position in terms of year-on-year growth. The conference product line remains stable and is progressing positively. The communication terminal business has weakened compared to the first half of the year but still achieved a relatively benign growth. [doc id='1'] Business Strategy and Outlook 1. **New Product Development**: The company's new product planning for conference products is focused on the meeting room solution. For headphones, the focus is on continuously improving product competitiveness and launching new products to validate this competitiveness. [doc id='4'] 2. **Market Feedback and Expectations**: New products launched in the third quarter are still in the early stage of market validation and are expected to have certain competitiveness. The company is continuously exploring new partnerships and product development plans with Microsoft Teams, Zoom, and other platforms. [doc id='5'] 3. **Dividend Policy**: The company plans to maintain a high dividend policy, with no significant capital expenditures expected. The dividend ratio is expected to be relatively stable. [doc id='6'] 4. **Supply Chain and Manufacturing**: The company is steadily progressing with its supply chain transfer to Southeast Asia. The transfer is currently in the trial stage, with limited capacity transferred. The company primarily relies on local manufacturers for overseas production. [doc id='7'] 5. **Export and Tariffs**: The company does not rely heavily on customs data for export figures and prefers to use its own announced data. The company is preparing for potential tariffs and is considering transferring more products to Southeast Asia if necessary. [doc id='12', '13', '14'] 6. **Industry Outlook**: The company expects the phone market to maintain a relatively stable growth rate in the next few years, with opportunities for market share expansion. The conference product market is expected to grow moderately, with the company aiming to increase its market share. The headphones market is expected to grow rapidly in the next few years, with the company targeting a significant market share increase. [doc id='15', '16', '17', '18', '19'] Financials and Operations 1. **Gross Margin**: The company's gross margin remains relatively stable, with no significant impact from exchange rate fluctuations. [doc id='3'] 2. **Product Pricing**: The company's pricing strategy is flexible and dynamic, with adjustments made based on market conditions. [doc id='25'] 3. **Capital Expenditure**: The company does not anticipate significant capital expenditures and primarily pays processing fees to overseas manufacturers. [doc id='18', '19'] 4. **Dividend Policy**: The company plans to maintain a stable dividend ratio, with no specific commitment to dividend amounts. [doc id='12', '20']

%% %% 丨证券研究报告丨 公司研究丨点评报告丨亿联网络（300628.SZ） [Table_Title] 穿越周期，重回成长 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|-------| | 报告要点 | | | | [Table_Summary] 毛利率维持稳定，汇兑损失侵蚀部分利润。得益于公司在成本侧的控制能力， 利率的负面影响得到对冲，毛利率基本维稳。汇兑损失侵蚀部 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Hold" due to its undervaluation and strong growth prospects [6][8] Core Views - The company's business model focuses on selling scenarios rather than just products, which enhances customer stickiness and provides stable performance [5][6] - The company has a three-stage development model: product-focused (2012-2018), solution-focused (2019-2021), and full-scenario-focused (2022 onwards) [5][6] - The company's high profitability is driven by its world-class pricing, domestic supply chain advantages, and engineering talent红利 [6][10] - The company's overseas growth potential exceeds 30%, supported by strategic subsidiary布局 and the increasing demand for remote and hybrid办公 solutions [5][6] Financial Performance - The company's revenue for 2024E, 2025E, and 2026E is projected to be 5,318 million, 6,611 million, and 8,235 million respectively, with year-on-year growth rates of 22.3%, 24.3%, and 24.6% [4] - Net profit attributable to the parent company is expected to be 2,515 million, 3,130 million, and 3,880 million for 2024E, 2025E, and 2026E, with growth rates of 25.1%, 24.5%, and 24.0% respectively [4] - The company's gross margin remains stable at around 65%, with ROE projected to increase from 26.7% in 2024E to 29.7% in 2026E [4] - The company's PE ratio for 2024E, 2025E, and 2026E is 20x, 16x, and 13x, significantly lower than the industry average of 29x, 23x, and 19x, indicating undervaluation [6][8] Business Segments - The company's three product lines—desktop communication terminals, meeting products, and cloud office terminals—cater to different enterprise communication needs, including fixed desktop办公, meeting room办公, and remote/mobile办公 scenarios [6] - The desktop communication terminal business, which accounts for 37.5% of revenue in 2023, is expected to grow steadily, with revenue growth rates of 8.4%, 8.3%, and 3.4% for 2024-2026 [9] - The meeting products business is expected to grow rapidly, with revenue growth rates of 46.3%, 43.1%, and 44.8% for 2024-2026, driven by low penetration rates and increasing market share [9] - The cloud office terminal business is also expected to grow rapidly, with revenue growth rates of 23.3%, 34.2%, and 26.6% for 2024-2026, benefiting from the dual寡头格局变动 and the company's brand, channel, and technological advantages [6][9] Competitive Advantages - The company's BOM cost advantage is a key factor in its high profitability, with domestic supply chain benefits and engineering红利 contributing to lower costs compared to international competitors [6][10] - The company's channel strategy, which focuses on reducing reliance on high-cost sales teams, has been validated by the high营销费用 of对标 companies like Polycom [6][10] - The company's transition from product-focused to scenario-focused solutions has increased its market space and reduced同质化供给, leading to better financial performance [6][10] Valuation and Upside Potential - The company's 2025E PE of 16x is significantly lower than the industry average of 23x, indicating a potential upside [6][8] - The company's dividend yield and historical PB分位数 remain attractive, making it a compelling investment from a类固收 perspective [6][47]

Financial Performance - Revenue for the first three quarters of 2024 reached 4.11 billion yuan, a year-on-year increase of 27.49% [2] - Net profit attributable to shareholders for the first three quarters of 2024 was 2.065 billion yuan, a year-on-year increase of 27.91% [2] - Q3 2024 revenue was 1.443 billion yuan, up 22.27% year-on-year [2] - Q3 2024 net profit was 704 million yuan, up 20.47% year-on-year [2] Product Line Performance - Cloud office terminal business showed significant improvement with sequential growth in each quarter [3] - Meeting products maintained steady growth [3] - Desktop communication terminal growth slowed compared to the first half but remained positive [3] - Cloud office terminal regained the highest growth rate among the three product lines in the first three quarters [4] Business Strategy and Development - Cloud office terminal business is improving with continuous quarter-on-quarter growth [5] - Meeting products are focusing on intelligent and efficient communication solutions [6] - Business headsets are being developed to enhance product competitiveness and meet enterprise needs [6] - Stable and deepening partnership with Microsoft Teams, with synchronized product iterations [6] Cost and Supply Chain Management - Gross margin remained stable with slight improvement due to cost reduction and efficiency measures [7] - Supply chain relocation is in the experimental evaluation phase, with no significant capital expenditure involved [7] - Price adjustments are made based on regional competitiveness, with overall price stability [8] Market and Competitive Positioning - The company continues to strengthen its market position through technological strength and product quality [3] - Effective market strategies are employed to maintain and enhance competitive advantages [3]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 4.11 billion yuan (YoY +27.49%) and net profit of 2.065 billion yuan (YoY +27.91%) [4] - The company continues to strengthen its product competitiveness by launching new products in the video conferencing and business headset segments [4] - The company has entered into a global strategic cooperation with DingTalk to enhance smart office solutions [4] - The company has effectively controlled expenses, with sales, management, and R&D expense ratios decreasing by 1.04pct, 0.36pct, and 1.83pct respectively [4] Financial Performance and Forecast - The company's revenue for 2024E, 2025E, and 2026E is projected to be 5.498 billion yuan, 6.393 billion yuan, and 7.218 billion yuan, respectively [6] - Net profit for 2024E, 2025E, and 2026E is forecasted to be 2.551 billion yuan, 2.951 billion yuan, and 3.281 billion yuan, respectively [6] - EPS for 2024E, 2025E, and 2026E is expected to be 2.02 yuan, 2.34 yuan, and 2.60 yuan, respectively [6] - The company's gross margin is projected to remain stable at around 65% over the next three years [6] Business Segment Analysis - Desktop communication terminals are expected to contribute 28.61 billion yuan in 2024E, with a gross margin of 67.70% [7] - Conference products are forecasted to generate 21.99 billion yuan in 2024E, with a gross margin of 65.00% [7] - Cloud office terminals are projected to contribute 4.20 billion yuan in 2024E, with a gross margin of 54.00% [7] Valuation and Target Price - The report assigns a 2025E dynamic PE range of 18-20X, corresponding to a reasonable value range of 42.03-46.70 yuan [5] - The "Outperform" rating is based on the company's historical valuation and the average valuation of comparable companies [5] Market Performance - The company's stock price has shown significant volatility, with a 52-week range of 22.45-50.71 yuan [1] - The company's stock has underperformed the Haizhong Composite Index by 29.57% over the past year [2]

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved stable growth in Q1-Q3 2024, with revenue of 4.11 billion yuan, up 27.5% YoY, and net profit attributable to shareholders of 2.06 billion yuan, up 27.9% YoY [1] - Q3 2024 revenue reached 1.44 billion yuan, up 22.3% YoY, with net profit attributable to shareholders of 700 million yuan, up 20.5% YoY [1] - Downstream demand is improving, and performance continues to recover positively, driven by healthy inventory levels and recovery in European and American demand [1] - The company focuses on three strategic directions in 2024: "full-scenario coverage, all-in-one terminals, and intelligent transformation," with plans to launch high-quality new products [1] - The company announced a 2024 restricted stock incentive plan, demonstrating confidence in future growth, with revenue and net profit growth targets of at least 20% and 40% for 2024 and 2025, respectively [2] Financial Performance - Revenue for 2024E is projected at 5.218 billion yuan, with a YoY growth of 20.0%, and net profit attributable to shareholders of 2.414 billion yuan, up 20.1% YoY [5] - Gross margin is expected to remain stable at around 65.4%-65.6% from 2024E to 2026E [6] - ROE is forecasted at 24.6% for 2024E, gradually declining to 22.1% by 2026E [6] - EPS is projected to grow from 1.91 yuan in 2024E to 2.85 yuan in 2026E [6] Product and Market Strategy - The company launched multiple video conferencing products in Q3 2024, including the MeetingEye900, UVC85 camera, and BH74 advanced Bluetooth wireless headset [1] - Plans to release new products in Q4 2024, such as the MeetingBoard 65/75/86 Pro, ceiling microphone CM50, and A40 conference room all-in-one machine [1] Valuation and Investment Recommendation - The company's PE ratio is estimated at 20.83x for 2024E, declining to 13.93x by 2026E [3] - The target price is set at 50.27 yuan, with a total market capitalization of 50.275 billion yuan [1] - The company is positioned as a global leader in communication and collaboration solutions, with recovering downstream demand and improving performance [3]

厦门亿联网络技术股份有限公司 2024 年第三季度报告 证券代码：300628 证券简称：亿联网络 公告编号：2024-055 厦门亿联网络技术股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 厦门亿联网络技术股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|------------------------ ...