[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 亿联网络（300628）公司年报点评 2024年04月29日 [Table_InvestInfo] 投资评级 优于大市 维持 股权激励彰显信心，大额分红诚意满满 股票数据 [Table_Summary] 0[4Ta月b2le6_日S收to盘ck价（In元fo）] 36.90 投资要点： 52周股价波动（元） 22.45-65.78 总股本/流通A股（百万股） 1264/723 总市值/流通市值（百万元） 46635/26679  事件：亿联网络发布2023年年报及2024年一季报：23年公司实现营收43.48 相关研究 亿元（同比-9.61%），归母净利润20.10亿元（同比-7.69%），扣非归母净 [《Ta业b绩le短_R期e承po压rtI，nf期o]待 下半年新品放量》 利润17.88亿元（同比-12.99%），毛利率65.72%（同比+2.71pct），净利 率46.23%（同比+0.96pct）；24Q1公司实现营收11.64亿元（同比+30.95%）， 2023.09.11 《业绩短期承压不改长期向好趋势，实控人增 归母净 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 通信终端及配件 ＃investSuggestion＃ ＃ ＃d亿yCo联mpa网ny＃络 （ 300628 ） investSug 增持 ( 维ges持tionC）h 0000 经09 营明显改善，股＃ 权title＃ 激励强化增长信心 ange＃ ＃createTime1＃ 2024 年4月26 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2023年年报和2024年一季报。2023年公司实现营收43.48 日期 2024-04-25 亿元，同比-9.61%，归母净利润20.10元，同比-7.69%。2024Q1公司实现营 收盘价（元） 36.48 收11.64亿元，同比+30.95%；归母净利润5.69亿元，同比+34.45%。 总股本（百万股） 1,263.82 流通股本（百万股）  点评：1. 需求持续恢复，2024Q1营收及利润实现快速增长。2023年外部宏 723.00 观需求波动导致公司各业务条线出现波动，其中桌面通信终端收入同比下降 净资产（百万元） 8,125.73 总资产（百万元） 1 ...

证券研究报告 | 年报点评报告 2024年04月25日 亿联网络（300628.SZ） Q1 业绩高增长，股权激励夯实公司成长性 事件：公司发布2023年年报和2024年一季报，2023全年公司实现营收43.5 买入（维持） 亿元，同比下滑 10%，归母净利润 20.1亿元，同比下滑8%，扣非归母净 股票信息 利润17.9亿元，同比下滑13%；24Q1公司实现营收11.6亿元，同比增长 31%，归母净利润5.7亿元，同比增长34%，扣非归母净利润5.2亿元，同 行业 通信设备 比增长49%。 前次评级 买入 4月24日收盘价(元) 36.57 2023全年以维稳修复为主，会议产品率先恢复稳健增长，未来伴随库存和 总市值(百万元) 46,217.72 需求的逐步恢复，三大业务均有望迎来业绩拐点。全年分产品来看，桌面通 总股本(百万股) 1,263.82 信终端业务实现营收 25 亿元，同比下滑 19%，占营收比重降至 59%，毛 其中自由流通股(%) 57.21 利率 67%，同比提高 4 个百分点；会议产品实现营收 15 亿元，同比增长 30日日均成交量(百万股) 10.52 13%，占营收比重提升至34%， ...

证券研究报告 | 2024年04月24日 亿联网络（300628.SZ） 买入 下游库存与需求修复，股权激励彰显增长信心 核心观点 公司研究·财报点评 一季度公司下游库存与需求修复。公司发布2023年报及2024年一季报，2023 通信·通信设备 年公司实现营业收入43.5亿元，同比下降9.6%；实现归母净利润2.1亿元， 证券分析师：马成龙 联系人：钱嘉隆 同比下降7.7%。2024年一季度，公司实现营业收入11.6亿元，同比增长 021-60933150 021-60375445 machenglong@guosen.com.cn qianjialong@guosen.com.cn 31.0%；实现归母净利润5.7亿元，同比增长34.5%。一季度公司增长主要受 S0980518100002 益于经销商库存回归至健康、合理水平，同时下游需求恢复增长。盈利能力 基础数据 整体稳中有升，2023年公司毛利率约为65.7%，同比提升2.7pct；2024年 投资评级 买入(维持) 一季度毛利率约64.6%，同比略有增长。 合理估值 收盘价 36.91元 第二、第三增长曲线逐步发力。分产品来看，2023年公司桌面通 ...

[Table_Page] 年报点评|计算机 证券研究报告 [亿Table_联Title] 网络（300628.SZ） [公Tab司le_I评nves级t] 买入 当前价格 36.91元 24Q1 业绩超预期，经营拐点已现 合理价值 49.65元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-23 ⚫ 23 年业绩承压，24 年 Q1 业绩超预预期验证经营拐点。2023 年，公 [相Tab对le_P市icQ场uote表] 现 司实现营业收入43.5亿元，同比下降9.6%；归母净利20.1亿元，同 比下降7.7%，主要是因为受海外大环境影响行业需求有所下降，公司 2% 经销商进入去库存周期。2023年综合毛利率为65.72%，同比提高 2.7 -8%04/23 06/23 08/23 10/23 12/23 02/24 04/24 个百分点，主要是因为公司产品向高端化升级，同时叠加汇率变动所 -19% -29% 致。公司24Q1实现营收11.6亿元，同比增长31.0%，归母净利润5.7 -40% 亿元，同比增长34.5%，验证公司去库存结束，重回增长轨道。 -50% ...

公司报告 | 年报点评报告 亿联网络（300628） 证券研究报告 2024年04月 23日 投资评级 24Q1 三条产品线均得到较好恢复，低估值+高分红 行业 通信/通信设备 6个月评级 买入（维持评级） 当前价格 36.91元 事件 目标价格 元 公司发布 2023 年年报及 2024 年一季报，并推出《2024 年限制性股票激 励计划实施考核管理办法》。 基本数据 23年公司三条业务线增速呈现不同程度放缓，24Q1有所恢复 A股总股本(百万股) 1,263.82 流通A股股本(百万股) 723.00 2023年，桌面通信终端业务实现收入25.44亿元，同比下降19.11%，毛利 A股总市值(百万元) 46,647.42 率为67.40%，同比提高3.64 个百分点。2023 年，桌面通信终端相对下滑 流通A股市值(百万元) 26,686.00 较多，主要系去库存周期叠加部分行业需求受混合办公趋势影响有所转移 所致。 每股净资产(元) 6.88 资产负债率(%) 5.86 2023年，会议产品业务实现收入14.66亿元，同比增长12.81%，占整体收 一年内最高/最低(元) 67.44/22.45 入比进 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company has shown signs of a business turning point, with Q1 2024 performance exceeding expectations due to inventory replenishment and strong downstream demand [2]. - The company has a significant competitive advantage, with ongoing product upgrades and the development of new product lines, particularly in the conference and cloud office sectors [2]. - The company is committed to returning value to shareholders, with a proposed cash dividend of 11.4 billion yuan for 2023, resulting in a dividend payout ratio of 56.5% [2]. Financial Performance Summary - In 2023, the company reported revenue of 4.35 billion yuan, a year-on-year decrease of 9.6%, and a net profit of 2.01 billion yuan, down 7.7% [2][3]. - For Q1 2024, the company achieved revenue of 1.16 billion yuan, a year-on-year increase of 31%, and a net profit of 569 million yuan, up 34.5% [2]. - The company’s gross margin for 2023 was 65.7%, and the net profit margin was 46.2%, both showing improvements compared to the previous year [2]. Product Development and Market Strategy - The company has focused on product upgrades, with conference product revenue increasing by 13% in 2023, while traditional phone revenue decreased by 19% [2]. - The company has invested heavily in R&D, with expenditures reaching 499 million yuan in 2023, representing 11.48% of revenue [2]. - New product launches planned for 2024 include professional audio and video conference tablets and a series of smart conference terminal products [2]. Shareholder Returns and Incentives - The company has increased its dividend payout ratio over the years, with a total cash dividend of approximately 17.7 billion yuan for 2023, resulting in a dividend yield of 4.1% [2]. - A new stock option plan has been introduced for 270 key employees, aiming for a 20% revenue and net profit growth target for 2024 and a 40% target for 2025 [2].

Dividend Distribution - The company plans to distribute a cash dividend of 9 RMB per 10 shares to all shareholders, based on a total of 1,262,460,640 shares[1] - The company plans to distribute a cash dividend of RMB 9.00 per 10 shares, totaling RMB 1.136 billion, which represents approximately 56.52% of the net profit attributable to ordinary shareholders in the consolidated financial statements for 2023[108] - The company approved a cash dividend of RMB 13.00 per 10 shares, totaling RMB 1,172,110,072.90 (including tax) for the 2022 fiscal year[139] Financial Performance - The company reported significant growth in user data, with a year-over-year increase of 15% in active users[2] - The management highlighted a 25% increase in overall sales revenue compared to the previous year, reaching 1.5 billion RMB[7] - The company's operating revenue for 2023 was ¥4,348,037,150.20, a decrease of 9.61% compared to ¥4,810,554,102.96 in 2022[13] - Net profit attributable to shareholders for 2023 was ¥2,010,224,545.51, down 7.69% from ¥2,177,660,031.25 in 2022[13] - The overall net profit margin for 2023 was 46.23%, an increase of 0.96 percentage points year-on-year[60] - The company reported a total revenue for 2023 of approximately ¥4.35 billion, a decrease of 9.61% compared to ¥4.81 billion in 2022[65] - The gross margin for meeting products improved to 65.76%, an increase of 1.07 percentage points year-on-year[67] Research and Development - The company is investing in R&D for new technologies, with an allocated budget of 50 million RMB for the development of next-generation communication devices[4] - Research and development expenses increased by 0.69% year-on-year, accounting for 11.48% of operating revenue, with R&D personnel growing by 6.13% to represent 51.77% of total staff[54] - The company has established R&D centers in Xiamen and Hangzhou, focusing on cloud computing, AI applications, and audio-video technologies, enhancing its competitive advantage[54] - The company plans to continue increasing R&D investment to enhance its product matrix and competitiveness in the enterprise communication market[41] - The company plans to increase R&D investment to enhance audio and video technology capabilities, focusing on enterprise office and smart meeting room solutions[104] Market Expansion - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[3] - Market expansion efforts include entering three new international markets, aiming for a 10% increase in global market share[5] - The company aims to expand its market presence by strengthening channel construction and enhancing sales capabilities for large projects and overall solutions[97] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[182] Product Development - A new product line targeting remote work solutions is set to launch in Q2 2024, expected to contribute an additional 100 million RMB in revenue[9] - In 2023, the company launched new products including MeetingEye 500 for large conference rooms, MeetingBar A10 for medium rooms, and DeskVision A24 for small rooms, expanding its meeting collaboration capabilities[39] - The company aims to leverage AI technology to enhance smart office capabilities and improve user experience in future product developments[39] - New product launches are expected to contribute an additional 200 million yuan in revenue in 2024[181] Strategic Partnerships and Acquisitions - The company has completed a strategic acquisition of a smaller tech firm, enhancing its product offerings and technological capabilities[6] - The company has established strategic partnerships with major players like Microsoft, Tencent, and Zoom to enhance its product offerings and market reach[28] - A strategic partnership with a leading tech firm is anticipated to enhance product offerings and drive innovation[182] - The company is exploring potential acquisitions to bolster its technology capabilities and market reach[181] Risk Management - The company has identified potential risks including market competition and technological advancements, which will be monitored closely[10] - The company faces risks from market competition, particularly from international competitors with strong brand and system support[100] - The company is exposed to risks related to new product development, including high R&D costs and the potential for market rejection[101] Governance and Compliance - The company has implemented a transparent performance evaluation and incentive mechanism for its senior management, aligning with its development needs[111] - The company has established specialized committees, including an audit committee and a remuneration and assessment committee, with independent directors holding a majority in most committees[111] - The company has consistently adhered to legal and regulatory requirements since its establishment, ensuring the protection of minority shareholders' interests[112] Employee Management - The total number of employees at the end of the reporting period is 2,173, with 1,125 in technical roles and 578 in sales[136] - The company has implemented a comprehensive internal management system for qualifications, compensation, and performance to ensure employee growth and benefits[137] - The company has established a multi-level long-term incentive mechanism, including stock ownership plans and stock option plans, to motivate and retain key employees[109] Financial Strategy - The company has a diversified investment strategy, engaging with multiple banks and securities firms for financial management[192] - The company has maintained a strong capital structure with a significant portion of shares held by domestic natural persons[195] - The company has no outstanding entrusted loans during the reporting period, indicating a conservative financial strategy[194]

厦门亿联网络技术股份有限公司 董事会关于独立董事独立性自查情况的专项报告 根据证监会《上市公司独立董事管理办法》《深圳证券交易所股 票上市规则》《深圳证券交易所上市公司自律监管指引第2号——创业 板上市公司规范运作》等要求，厦门亿联网络技术股份有限公司（以 下简称"公司"）董事会，就公司在任独立董事魏志华先生、杨槐先 生、叶丽荣先生、吴翀先生的独立性情况进行评估并出具如下专项意 见： 二〇二四年四月二十二日 经核查独立董事魏志华先生、杨槐先生、叶丽荣先生、吴翀先生 的任职经历以及签署的相关自查文件，上述人员未在公司担任除独立 董事以外的任何职务，也未在公司主要股东公司担任任何职务，与公 司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客 观判断的关系，因此，公司独立董事符合《上市公司独立董事管理办 法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律 监管指引第2号——创业板上市公司规范运作》中对独立董事独立性 的相关要求。 厦门亿联网络技术股份有限公司董事会 ...

关于厦门亿联网络技术股份有限公司 作废 2022 年限制性股票激励计划 部分已授予尚未归属的限制性股票事项的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（86 591）8806 5558 网址：http://www.zenithlawyer.com 福建至理律师事务所 关于厦门亿联网络技术股份有限公司作废 2022 年限制性股票 激励计划部分已授予尚未归属的限制性股票事项的 法律意见书 闽理非诉字〔2024〕第 2022089-03 号 致：厦门亿联网络技术股份有限公司 福建至理律师事务所（以下简称"本所"）依法接受厦门亿联网络技术股份 有限公司（以下简称"亿联网络"或"公司"）的委托，根据《中华人民共和国 证券法》（以下简称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、 中国证券监督管理委员会（以下简称"中国证监会"）发布的《上市公司股权激 励管理办法》（中国证监会令第 148 号，以下简称《管理办法》）、《深圳证券交易 所创业板股票上市规则》《深圳证券交易所创业板上市公司自律监管指南第 1 号 — ...