厦门亿联网络技术股份有限公司（以下简称"公司"）于 2024 年 11 月 21 日在公司会议室以现场表决的方式召开了 2022 年事业合伙人持股计划（以下简 称"持股计划"）第三次持有人会议，会议由公司董事会秘书余菲菲召集和主持。 本次会议应出席持有人 9 人，实际出席持有人 9 人，代表持股计划份额 2,400 万 份。会议的召集、召开和表决程序符合相关规定。会议以记名投票方式表决，审 议通过了如下议案： 一、《关于 2022 年事业合伙人持股计划延期的议案》 基于对公司未来持续稳定发展的坚定信心及对公司股票长期投资价值的判 断，结合资本市场环境及公司股价情况，为维护公司事业合伙人持股计划持有人 的利益，切实有效发挥持股计划的激励作用，决定将 2022 年事业合伙人持股计 划的存续期延长 12 个月，即延长至 2025 年 12 月 16 日。 表决结果：同意 2,400 万份，占出席持有人会议的持有人所持份额总数的 100%；反对 0 份；弃权 0 份。 特此公告。 证券代码：300628 证券名称：亿联网络 公告编号：2024-062 厦门亿联网络技术股份有限公司 2022 年事业合伙人持股计划第三次 ...

证券代码：300628 证券名称：亿联网络 公告编号：2024-060 厦门亿联网络技术股份有限公司 关于公司 2023 年事业合伙人持股计划延期的公告 重要内容提示： 基于对公司未来持续稳定发展的坚定信心及对公司股票长期投资价值的判 断，结合资本市场环境及公司股价情况，为维护公司事业合伙人持股计划持有人 的利益，切实有效发挥持股计划的激励作用，公司决定将 2023 年事业合伙人持 股计划的存续期延长 12 个月，即延长至 2025 年 11 月 24 日。 厦门亿联网络技术股份有限公司（以下简称"公司"）于 2024 年 11 月 22 日 召开了第五届董事会第五次会议，审议通过了《关于公司 2023 年事业合伙人持 股计划延期的议案》，决定将 2023 年事业合伙人持股计划的存续期延长 12 个月， 具体说明如下： 一、2023 年事业合伙人持股计划基本情况 二、本次延期情况说明 根据公司《2023 年事业合伙人持股计划（草案）》的规定："本持股计划的 存续期为 18 个月，自公司公告最后一笔标的股票过户至持股计划名下之日起计 算。经管理委员会提请董事会审议通过后，存续期可以延长"。 本公司及董事会全体成 ...

证券代码：300628 证券简称：亿联网络 公告编号：2024-061 厦门亿联网络技术股份有限公司 第五届董事会第五次会议决议公告 根据 2022 年年度股东大会对董事会的授权，本次修订无需提交 股东大会审议。 厦门亿联网络技术股份有限公司（以下简称"公司"）第五届董 事会第五次会议于 2024 年 11 月 22 日以现场表决结合通讯表决的方 式召开，会议通知于 2024 年 11 月 18 日以电子邮件的方式发出，符 合《公司法》及《公司章程》的规定。本次会议由董事长陈智松先生 召集和主持，会议应参与表决董事 8 名，实参与表决董事 8 名。经与 会董事认真审议通过了以下决议： 特此公告。 一、会议以8票赞成，0票反对，0票弃权，审议通过了《关于公 司2022年事业合伙人持股计划延期的议案》，关联董事张联昌回避 表决 经审议，董事会认为，本次延期事项符合《公司法》《证券法》 《深圳证券交易所创业板股票上市规则》《关于上市公司实施员工持 股计划试点的指导意见》等有关法律、法规、规范性文件的规定，综 合考虑了 2022 年事业合伙人持股计划的实际情况，有利于维护 2022 年事业合伙人持股计划持有人的利益， ...

证券代码：300628 证券名称：亿联网络 公告编号：2024-063 特此公告。 厦门亿联网络技术股份有限公司 2024 年 11 月 22 日 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。 厦门亿联网络技术股份有限公司（以下简称"公司"）于 2024 年 11 月 21 日在公司会议室以现场表决的方式召开了 2023 年事业合伙人持股计划（以下简 称"持股计划"）第二次持有人会议，会议由公司董事会秘书余菲菲召集和主持。 本次会议应出席持有人 6 人，实际出席持有人 6 人，代表持股计划份额 5,100 万 份。会议的召集、召开和表决程序符合相关规定。会议以记名投票方式表决，审 议通过了如下议案： 一、《关于 2023 年事业合伙人持股计划延期的议案》 基于对公司未来持续稳定发展的坚定信心及对公司股票长期投资价值的判 断，结合资本市场环境及公司股价情况，为维护公司事业合伙人持股计划持有人 的利益，切实有效发挥持股计划的激励作用，决定将 2023 年事业合伙人持股计 划的存续期延长 12 个月，即延长至 2025 年 11 月 24 日。 表决结果：同意 5 ...

证券代码：300628 证券简称：亿联网络 公告编号：2024-058 二、投资基金的进展情况 厦门亿联网络技术股份有限公司 关于公司投资设立产业投资基金的进展公告 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。 一、对外投资设立基金概述 厦门亿联网络技术股份有限公司（以下简称"公司"或"亿 联网络"）于 2021 年 6 月 22 日召开的第四届董事会第二次会议 审议通过了《关于拟参与设立产业投资基金暨关联交易的议案》， 同意公司以自有资金出资不超过人民币 1.25 亿参与设立产业投 资基金——厦门亿联凯泰数字创业投资合伙企业（有限合伙）（以 下简称"亿联凯泰基金"）。基金拟注册于厦门市，基金总募集规 模不超过人民币 5 亿元。具体内容详见公司于 2021 年 6 月 23 日 在中国证监会指定信息披露媒体巨潮资讯网上披露的《关于拟参 与设立产业投资基金暨关联交易的公告》（公告编号:2021-050）。 2022 年 1 月，亿联凯泰基金首期募集资金人民币 1.04 亿元 已募集完毕。公司作为有限合伙人认缴出资人民币 12,500 万元， 认缴比例为 48. ...

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]