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']

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（以下简称"公司"）第五届监 事会第四次会议于 2024 年 10 月 22 日在公司会议室以现场表决结合 通讯表决的方式召开，会议通知于 2024 年 10 月 8 日以电子邮件的方 式发出，符合《公司法》及《公司章程》的规定。本次会议由监事会 主席魏志华先生召集和主持，会议应参与表决监事 3 名，实参与表决 监事 3 名，经与会监事认真审议通过了以下决议： 一、会议以3票同意，0票反对，0票弃权，审议通过了《2024年 第三季度报告》 经审议，监事会认为董事会编制和审议的公司《2024 年第三季度 报告》的程序符合法律、行政法规及中国证监会的规定，报告内容真 实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 特此公告。 证券代码：300628 证券简称：亿联网络 公告编号：2024-057 厦门亿联网络技术股份有限公司 第五届监事会第四次会议决议公告 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 二〇二四年十月二十二日 ...

Financial Performance - Revenue for Q3 2024 reached ¥1,442,740,340.51, an increase of 22.27% year-over-year, with year-to-date revenue of ¥4,109,744,219.82, up 27.49%[2] - Net profit attributable to shareholders for Q3 2024 was ¥704,368,362.70, a 20.47% increase compared to the same period last year, with a year-to-date net profit of ¥2,064,633,892.69, up 27.91%[2] - Basic earnings per share for Q3 2024 were ¥0.5573, representing a 20.47% increase year-over-year, with year-to-date earnings per share of ¥1.6337, up 27.91%[2] - Total operating revenue for the third quarter reached ¥4,109,744,219.82, an increase of 27.5% compared to ¥3,223,668,646.75 in the same period last year[13] - Net profit for Q3 2024 reached ¥2,064,633,892.69, a significant increase of 28% compared to ¥1,614,175,090.22 in Q3 2023[14] - Operating profit for Q3 2024 was ¥2,260,697,963.35, up from ¥1,758,933,202.47 in the same period last year, reflecting a growth of approximately 28.5%[14] - Total comprehensive income for Q3 2024 was ¥2,064,530,888.57, compared to ¥1,614,230,522.49 in Q3 2023, reflecting a growth of approximately 28%[14] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was ¥1,970,694,086.89, reflecting a significant increase of 64.23%[2] - Cash flow from operating activities increased to ¥4,379,700,916.64 in Q3 2024, compared to ¥3,346,534,131.06 in Q3 2023, marking a rise of about 30.8%[15] - Cash and cash equivalents increased to ¥564,537,031.67 from ¥403,271,695.69, representing a rise of 40%[10] - Cash and cash equivalents at the end of Q3 2024 totaled ¥564,537,031.67, up from ¥310,595,991.25 at the end of Q3 2023, indicating a growth of approximately 81.7%[16] - The company reported a significant increase in cash and cash equivalents, with a net increase of ¥164,648,212.69 for the year-to-date period[7] - Total assets as of September 30, 2024, amounted to ¥9,116,509,706.39, a 2.60% increase from the end of the previous year[2] - Total assets increased to ¥9,116,509,706.39, compared to ¥8,885,225,066.60 at the beginning of the period, marking a growth of 2.6%[12] Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,688[8] - The largest shareholder, Chen Zhismong, holds 17.41% of the shares, totaling 220,010,520 shares[8] - The second-largest shareholder, Wu Zhongyi, owns 16.65% of the shares, amounting to 210,448,100 shares[8] - The total number of restricted shares at the beginning of the period was 540,814,587, with a decrease of 62,888 shares during the period[9] - The total number of unrestricted shares at the end of the period is 540,951,699[9] - The company has a high-level lock-up policy, allowing executives to transfer no more than 25% of their shares annually[9] - The company continues to maintain a strong shareholder base with significant ownership concentration among the top shareholders[8] Expenses and Liabilities - Total operating costs amounted to ¥2,008,821,134.96, up 20.9% from ¥1,658,578,341.55 year-over-year[13] - The company experienced a 58.21% increase in taxes and surcharges, totaling ¥45,232,451.11 for the year-to-date period[6] - The total liabilities amounted to ¥820,100,859.06, an increase from ¥759,494,345.16, reflecting a rise of 8.4%[11] - The income tax expense for Q3 2024 was ¥196,816,350.32, up from ¥145,487,125.95 in Q3 2023, indicating an increase of approximately 35.3%[14] Research and Development - The company reported R&D expenses of ¥308,013,439.61, slightly up from ¥300,685,100.38, indicating a focus on innovation[13] Other Information - Non-operating income for Q3 2024 totaled ¥39,831,706.01, with government subsidies contributing ¥9,943,024.32[3] - The company plans to expand its product promotion and experience points, leading to increased leasing liabilities and related expenses[6] - The company has not reported any new strategies or market expansions in this quarter[9] - The company has no changes in the number of shares held by the top ten shareholders due to margin trading[8] - The company has no new developments in preferred shareholders or restricted shares during this reporting period[9]

第五届董事会第四次会议决议公告 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。 厦门亿联网络技术股份有限公司（以下简称"公司"）第五届董 事会第四次会议于 2024 年 10 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 10 月 8 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 9 名，实参与表决董事 9 名。经与会 董事认真审议通过了以下决议： 证券代码：300628 证券简称：亿联网络 公告编号：2024-056 厦门亿联网络技术股份有限公司 本议案已经公司审计委员会审议通过。公司监事会对该事项发表 了同意的意见. 特此公告。 厦门亿联网络技术股份有限公司 二○二四年十月二十二日 一、会议以9票赞成，0票反对，0票弃权，审议通过了《2024年 第三季度报告》 公司《2024 年第三季度报告》刊登于中国证监会指定创业板信息 披露网站巨潮资讯网上供投资者查阅。 ...

Investment Rating - The report maintains a "Buy" rating for Yealink Network Technology with a target price raised to Rmb50, implying an expected share price return of approximately 25.4% [4][24]. Core Insights - Yealink's 3Q24 preliminary results slightly exceeded forecasts, leading to an upgrade in EPS forecasts by 7%, 6%, and 3% for 2024, 2025, and 2026 respectively [3][24]. - The company achieved a net profit growth of 27.5% year-on-year for the first nine months of 2024, surpassing the management's target of over 20% for the year [3][4]. - The report highlights the anticipated increase in corporate capital expenditures in the US and EU due to rate reductions, which is expected to drive demand for Yealink's communication systems [5][24]. Summary by Sections Financial Performance - For 2024, the expected net profit is projected at Rmb2,511 million, reflecting a growth of 40.4% year-on-year, with a diluted EPS of Rmb1.987 [6][11]. - The revenue split for the first half of 2024 shows SIP phone systems contributing 57%, video conferencing systems 36%, and cloud office systems 7%, with respective year-on-year growth rates of 20.3%, 51.3%, and 29.3% [14][24]. Market Position and Strategy - Yealink is positioned as a leading provider of unified communication solutions, holding over 30% of the global SIP phone market share in 2023 [25]. - The company is expected to benefit from the ongoing trend towards hybrid workplaces, which is anticipated to enhance its market share in enterprise communication [24][25]. Valuation Metrics - The target price of Rmb50 is based on a discounted cash flow (DCF) model, assuming a discount rate of 9.1% and a terminal growth rate of 1.0%, which aligns with the stock's historical mean PE ratio of 25-26x [24][26].