关于 2025 年限制性股票激励计划激励对象 名单的公示情况说明及核查意见 证券代码：300628 证券名称：亿联网络 公告编号：2025-029 厦门亿联网络技术股份有限公司监事会 本公司及监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 2025 年 4 月 18 日召开第五届董事会第六次会议以及第五届监事会第五次会 议，审议通过了《关于公司<2025 年限制性股票激励计划(草案)>及其 摘要的议案》，具体内容详见公司于 2025 年 4 月 21 日在巨潮资讯网 （www.cninfo.com.cn）上披露的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等有关规定，公司对 2025 年限制性股票激励计划激励对象的姓名和 职务在公司内部进行了公示。根据《管理办法》和《公司章程》的有 关规定，公司监事会结合公示情况对公司 2025 年限制性股票激励计 划激励对象名单进行了核查，相关公示情况的说明及核查意见如下： 一、公示情况 1、2025 年 4 月 21 日，公司在中国证监会指定信息披露 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Insights - The company reported a revenue of RMB 5.62 billion for 2024, representing a year-on-year increase of 29.28%, and a net profit attributable to shareholders of RMB 2.65 billion, up 31.72% year-on-year [9]. - In Q1 2025, the company achieved a revenue of RMB 1.21 billion, a year-on-year increase of 3.57%, but a quarter-on-quarter decrease of 20.27% [9]. - The revenue growth in Q1 2025 fell short of expectations due to tariff adjustments and increased overseas warehouse shipments affecting delivery timelines [9]. - The updated profit forecast for 2025-2027 projects net profits of RMB 2.90 billion, RMB 3.24 billion, and RMB 3.58 billion, respectively, with corresponding EPS of RMB 2.30, RMB 2.56, and RMB 2.83 [9]. - The target price is set at RMB 45.91, based on a 20x PE for 2025, reflecting a slight decrease of 2% from previous estimates [9]. Financial Summary - The company’s revenue is projected to grow from RMB 5.62 billion in 2024 to RMB 7.72 billion by 2027, with annual growth rates of 29.3%, 11.7%, 11.3%, and 10.5% respectively [3]. - Net profit attributable to shareholders is expected to increase from RMB 2.65 billion in 2024 to RMB 3.58 billion in 2027, with growth rates of 31.7%, 9.6%, 11.6%, and 10.4% respectively [3]. - The company’s return on equity (ROE) is projected to rise from 29.6% in 2024 to 36.2% in 2027 [3]. Product Performance - Revenue from desktop communication terminals reached RMB 3.08 billion, up 21.13% year-on-year, with a gross profit margin of 67.55% [9]. - Conference products generated RMB 1.99 billion in revenue, a 36.21% increase year-on-year, with a gross profit margin of 65.67% [9]. - Cloud office terminals saw revenue growth of 62.98%, totaling RMB 0.53 billion [9]. - The contribution of second and third growth curves to total revenue increased from 41.15% to 44.89% [9]. Shareholder Returns - The company distributed total cash dividends of approximately RMB 2.40 billion in 2024, with a payout ratio of 90.59% [9].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 45.91, reflecting a slight decrease of 2% from previous estimates [4][9]. Core Insights - The company's revenue for 2024 is projected at RMB 5.62 billion, representing a year-on-year increase of 29.28%. The net profit attributable to shareholders is expected to reach RMB 2.65 billion, up 31.72% year-on-year [9]. - In Q1 2025, the company reported revenue of RMB 1.21 billion, a 3.57% increase year-on-year but a 20.27% decrease quarter-on-quarter. The net profit attributable to shareholders was RMB 0.56 billion, down 1.15% year-on-year and 3.63% quarter-on-quarter [9]. - The revenue growth in Q1 2025 fell short of expectations due to tariff adjustments and increased overseas warehouse shipments affecting delivery timelines [9]. Financial Summary - Revenue and profit forecasts for 2025-2027 are updated to RMB 2.90 billion, RMB 3.24 billion, and RMB 3.58 billion for net profit, with corresponding EPS of RMB 2.30, RMB 2.56, and RMB 2.83 [9]. - The company’s revenue from desktop communication terminals is RMB 3.08 billion, with a gross profit margin of 67.55%. Conference products generated RMB 1.99 billion in revenue, with a gross profit margin of 65.67% [9]. - The total cash dividends for 2024 are projected at RMB 2.40 billion, with a payout ratio of 90.59% [9].

Core Viewpoint - The performance of listed companies in Xiamen demonstrates strong profitability and growth potential, contributing significantly to the stability of the regional economy, with 68 companies achieving a combined net profit of 3.816 billion yuan in Q1 2025 [2]. Group 1: Financial Performance - 68 listed companies in Xiamen reported a total net profit of 3.816 billion yuan in Q1 2025, with 62 companies profitable, representing over 90% [2]. - 38 companies experienced year-on-year profit growth, accounting for nearly 60% of the total [2]. - 17 companies reported profits exceeding 100 million yuan, highlighting the strong financial performance of the Xiamen market [2]. Group 2: Top Performing Companies - Xiamen Bank led with a net profit of 645 million yuan, with management expecting a gradual increase in return on investment (ROI) throughout the year [9]. - Jianfa Co. achieved a net profit of 584 million yuan, with total revenue reaching 143.773 billion yuan, a year-on-year increase of 9.47% [9]. - Yilian Network reported a net profit of 562 million yuan, with total revenue of 1.205 billion yuan, reflecting a year-on-year growth of 3.57% [9]. Group 3: Emerging Industries - Weike Technology's revenue reached 539 million yuan, a year-on-year increase of 64.37%, with net profit doubling to 77.3928 million yuan [11]. - Tebao Bio's revenue was 673 million yuan, up 23.48%, with a net profit of 182 million yuan, reflecting a 41.40% increase [12]. - Huamao Technology reported revenue of 537 million yuan, a 14.37% increase, with net profit rising by 60.34% to 86.4219 million yuan [12]. Group 4: Strategic Developments - Xiamen Xiangyu's net profit was 509 million yuan, a year-on-year increase of 24.88%, supported by improved risk management and financial structure [10]. - Companies are enhancing profitability through upstream and downstream integration and optimizing product structures, with Weike Technology focusing on high-performance precision molds for emerging industries [12].

Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

Group 1: Investment Trends of Super Investors - Super investors in A-shares have shown a significant divergence in investment directions, with a focus on computing power and humanoid robots by individual investors, while billion-dollar private equity firms have concentrated on materials and resources sectors [1] - Notable individual investor Zhang Jianping has heavily increased his stake in computing power concepts, becoming a top shareholder in companies like Hangang Steel and Aofei Data, while also increasing his holdings in Cambrian [1] - Investor Ge Weidong has entered the top ten shareholders of Su Da Weige, holding 1.62 million shares valued at approximately 30 million yuan, indicating a strategic focus on micro-nano optical materials and communication industries [1] Group 2: Private Equity Movements - Over 20 billion-dollar private equity firms have appeared in the first quarter reports of listed companies, with firms like Gao Yi Asset and Xuan Yuan Private Equity being particularly active [3] - Gao Yi Asset has newly entered the top ten shareholders of companies such as Guoci Materials and China Aluminum, while increasing stakes in Longbai Group and Zijin Mining, and reducing holdings in Hikvision and Yangnong Chemical [3] - Xuan Yuan Private Equity has also made significant moves, entering the top ten shareholders of Huabao Co. and Stanley, while reducing positions in companies like Jidong Equipment [4] Group 3: Sector Focus and Company Highlights - The computing power and humanoid robot sectors are gaining traction among individual investors, with companies like Zhongjian Technology being highlighted as key players in the humanoid robot concept [1][2] - The materials and resources sectors are favored by private equity firms, with companies like Wolong Nuclear Materials receiving attention from multiple billion-dollar private equity products [4] - The first quarter has seen a notable increase in collaboration agreements between companies like Zhongding Co. and various robot enterprises, positioning Zhongding as a leader in the humanoid robot sector [2]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected performance exceeding the benchmark index by more than 10% over the next 6 to 12 months [5][11]. Core Insights - The company reported strong annual performance with a revenue of 56.21 billion yuan, reflecting a year-on-year growth of 29.28%, and a net profit attributable to shareholders of 26.48 billion yuan, up 31.72% year-on-year [5]. - In Q1 2025, the company achieved a revenue of 12.05 billion yuan, a growth of 3.57%, while the net profit decreased by 1.15% year-on-year [5]. - The company is focusing on AI-driven enterprise communication solutions, with a comprehensive offering that includes cloud, endpoint, and platform services [5]. - The company plans to enhance its product lineup with innovative features, including a new generation of video conferencing products with advanced AI capabilities [5]. - The overall gross margin for 2024 is projected at 65.45%, with a net margin of 47.10%, indicating stable profitability [5]. Financial Summary - Revenue projections for 2024 to 2027 are as follows: 56.21 billion yuan (2024), 64.11 billion yuan (2025), 74.43 billion yuan (2026), and 88.72 billion yuan (2027) [4][7]. - The net profit attributable to shareholders is expected to grow from 29.15 billion yuan in 2025 to 39.21 billion yuan in 2027, with corresponding growth rates of 10.09% and 17.97% [5][7]. - The company’s earnings per share (EPS) is projected to increase from 2.31 yuan in 2025 to 3.10 yuan in 2027 [5][7]. - The price-to-earnings (P/E) ratio is expected to decrease from 14.29 in 2025 to 10.63 in 2027, indicating potential value appreciation [5][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 5.621 billion yuan in 2024, representing a year-on-year increase of 29.28%, and a net profit attributable to shareholders of 2.648 billion yuan, up 31.72% year-on-year. In Q1 2025, the revenue was 1.205 billion yuan, a year-on-year increase of 3.57%, while the net profit was 562 million yuan, down 1.15% year-on-year [4][10]. - The company plans to launch new products in 2025, including the T7 and T8 series desktop phones, a new generation of audio and video conference tablets, and AI-based tools such as RoomDesigner and SmartSpace. Additionally, the cloud office terminal will introduce the ANC BH78 Bluetooth headset and the UH4X wired headset series, further enriching the product line [2][10]. - The company is advancing its globalization strategy, with 2024 revenues from Europe at 2.369 billion yuan (up 34.98% year-on-year) and from the Americas at 2.184 billion yuan (up 26.42% year-on-year). The company is building a competitive global service network through local talent recruitment and service team development [10]. - The company has a strong focus on R&D, with 9.95% of revenue allocated to R&D in 2024 and 51.50% of employees in R&D roles. This investment supports innovation in audio and video processing, cloud architecture, and AI applications in enterprise communication [10]. - The company has shown a positive growth trend across its business lines, with cloud office terminals growing faster than video conferencing and desktop communication terminals, indicating enhanced management capabilities and a virtuous cycle in technology development and product creation [10]. - The company forecasts a net profit of 3.056 billion yuan in 2025, with a growth rate of no less than 15% based on 2024 figures, and expects to achieve net profits of 3.617 billion yuan and 4.313 billion yuan in 2026 and 2027, respectively, with corresponding growth rates of 18% and 19% [10][16].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 5.621 billion yuan in 2024, representing a year-on-year growth of 29.28%, and a net profit of 2.648 billion yuan, up 31.72% year-on-year [2] - In Q1 2025, the company reported a revenue of 1.205 billion yuan, a year-on-year increase of 3.57%, but a slight decline in net profit attributable to shareholders by 1.15% [2] - The company plans to extend its supply chain overseas in 2025 to mitigate potential trade risks [11] - The overall gross margin for 2024 was 65.4%, with a net margin of 47.1%, reflecting a 0.9 percentage point increase year-on-year [10] Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was 5.621 billion yuan, with a net profit of 2.648 billion yuan, showing strong growth rates of 29.28% and 31.72% respectively [2] - For Q1 2025, revenue was 1.205 billion yuan, a 3.57% increase, while net profit decreased by 1.15% [2] Product Performance - Core demand remains stable, with significant growth in meeting products and cloud office terminals. Meeting products generated 1.997 billion yuan in revenue, up 36.21% year-on-year, accounting for 35.52% of total revenue [3] - Cloud office terminals saw revenue of 527 million yuan, a remarkable growth of 62.98% year-on-year [3] - Desktop communication terminals achieved revenue of 3.082 billion yuan, a 21.13% increase, making up 54.83% of total revenue [6] Product Development and Innovation - The company plans to focus on "AI+" as a key growth driver in 2025, expanding its product matrix with new offerings in meeting products and cloud office terminals [7][8] - New products include advanced audio-visual meeting solutions and a range of wired and wireless headsets [7][8] Financial Health and Cash Flow - The company maintains a high cash flow with a cash income ratio of 1.0, and operating net cash flow increased by 39.2% year-on-year [11] - Inventory stood at 810 million yuan, an 11.9% increase year-on-year, indicating stable demand [11] Shareholder Returns - The company plans to distribute a cash dividend of 13.00 yuan per 10 shares, totaling 1.641 billion yuan, resulting in an annual dividend payout ratio of 90.59% [12] Future Outlook - The revenue forecast for 2025 has been adjusted to 6.389 billion yuan, with an expected EPS of 2.30 yuan, maintaining an "Accumulate" rating based on the current market conditions [13]

Core Insights - The article discusses the financial performance and projections for a company in 2024, highlighting significant percentage changes in key metrics [1]. Financial Performance - The company is projected to achieve a growth rate of 31.72% in 2024, indicating a strong upward trend in its financial performance [1]. - The revenue figures show a notable increase, with a reported value of 26.48 billion, reflecting a robust market position [1]. - The company has also indicated a 3.57% increase in its operational efficiency metrics, suggesting improvements in cost management and productivity [1]. Market Position - The company is expected to maintain a competitive edge with a projected PE ratio of 18x, which is favorable compared to industry standards [1]. - The market outlook for 2025 shows a potential revenue increase to 22.43 billion, further solidifying the company's growth trajectory [1]. - The company’s strategic initiatives are likely to enhance its market share, as indicated by the projected growth rates and financial metrics [1].