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].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue growth of 29.28% year-on-year in 2024, reaching 5.621 billion RMB, and a net profit growth of 31.72% to 2.648 billion RMB, aligning with performance forecasts. However, in Q1 2025, revenue grew only 3.57% to 1.205 billion RMB, while net profit declined by 1.15% to 562 million RMB [1][2] - The company plans to expand its global supply chain to mitigate trade risks and is optimistic about leveraging its competitive advantages in products and channels to drive growth in conference products and business headsets, establishing a second growth curve [1][3] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 65.45% and a net margin of 47.10%, indicating stable profitability despite slight declines compared to the previous year [3] - The company distributed cash dividends totaling 2.399 billion RMB in 2024, with a payout ratio of 90.59% [1] Product Segments - Conference products generated 1.997 billion RMB in revenue, a year-on-year increase of 36.21%, while cloud office terminals saw a revenue increase of 62.98% to 537 million RMB, reflecting strong market acceptance of new business headset products [2] - The company aims to launch a new generation of AI+ products, including audio and video conference tablets and smart video integration machines, to enhance product competitiveness [2] Future Outlook - The company expects net profits for 2025 to reach 3.038 billion RMB, with projected growth rates of 14.72% for 2026 and 12.97% for 2027 [4] - The target price for the company's stock is set at 43.26 RMB per share, based on an adjusted PE ratio of 18x for 2025 [4]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company achieved a revenue of 56.21 billion yuan in 2024, representing a year-on-year growth of 29.28%, and a net profit of 26.48 billion yuan, up 31.72% year-on-year [1]. - In Q1 2025, the company reported a revenue of 12.05 billion yuan, a growth of 3.57% year-on-year, while the net profit attributable to shareholders decreased by 1.15% to 5.62 billion yuan [1][3]. - The company is actively responding to international trade disruptions by enhancing supply chain resilience through overseas warehousing and production capabilities in Southeast Asia [3]. Revenue Breakdown - Desktop communication products generated 30.82 billion yuan in revenue, a growth of 21.13%, accounting for 54.83% of total revenue [2]. - Conference products saw revenue of 19.97 billion yuan, up 36.21%, making up 35.52% of total revenue [2]. - Cloud office terminals achieved revenue of 5.27 billion yuan, a significant increase of 62.98%, representing 9.37% of total revenue [2]. Profitability Metrics - The company's gross margin for 2024 was 65.45%, a slight decrease of 0.27 percentage points year-on-year, while the net margin improved to 47.10%, an increase of 0.87 percentage points [2]. - In Q1 2025, the sales gross margin was 64.54%, down 0.09 percentage points year-on-year, and the net margin was 46.64%, a decrease of 2.23 percentage points [3]. Dividend Policy - The company proposed a cash dividend of 13.00 yuan per 10 shares for 2024, totaling 16.41 billion yuan, resulting in a dividend payout ratio of 90.59%, an increase from 87.90% in 2023 [4]. Financial Forecast - The company is projected to achieve net profits of 29 billion yuan, 33 billion yuan, and 38 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 15, 13, and 11 [4][5].

Group 1: Overall Performance in 2024 - The company achieved a revenue of 5.621 billion RMB, a year-on-year increase of 29.28% [3] - Net profit reached 2.648 billion RMB, growing by 31.72% year-on-year [3] - Overall net profit margin was 47.10%, an increase of 0.87 percentage points compared to the previous year [3] Group 2: Business Line Performance - Meeting products generated revenue of 1.997 billion RMB, up 36.21%, accounting for 35.52% of total revenue [4] - Cloud office terminals achieved revenue of 527 million RMB, a 62.98% increase, representing 9.37% of total revenue [4] - Desktop communication terminals brought in 3.082 billion RMB, a growth of 21.13%, making up 54.83% of total revenue [6] Group 3: Research and Development - R&D investment accounted for 9.95% of total revenue, with R&D personnel making up 51.50% of the workforce [7] - The company aims to empower digital transformation for enterprise clients through four core capabilities: professional meetings, voice communication, efficient collaboration, and smart office solutions [7] Group 4: Sales and Shareholder Returns - Sales investment represented 5.18% of total revenue, with sales personnel constituting 26.05% of the workforce [7] - The company plans to distribute a cash dividend of 13 RMB per 10 shares, totaling 1.641 billion RMB, with a dividend payout ratio of 61.98% [7] - Total cash dividends for 2024 are expected to be approximately 2.399 billion RMB, with a payout ratio increase to 90.59% [7] Group 5: 2025 Q1 Performance and Outlook - In Q1 2025, revenue grew by 3.57%, while net profit decreased by 1.15% due to external factors such as tariff adjustments [9] - The company is implementing strategies to stabilize order delivery in the U.S. market and is expanding production capacity in Southeast Asia [11] Group 6: Risk Management and Future Strategies - The main risk for 2025 is the uncertainty of U.S. tariff policies, which could impact global trade [10] - The company is developing a multi-dimensional response strategy, including establishing overseas warehouses and expanding production capacity in Southeast Asia [10] - The focus remains on maintaining product competitiveness and operational efficiency to navigate external fluctuations [11]

Core Viewpoint - Yilian Network announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 13 yuan per 10 shares (including tax), totaling 1.641 billion yuan, which represents 61.98% of the net profit and a dividend yield of 3.70% based on the average trading price for the year [2]. Company Financial Performance - For the fiscal year 2024, Yilian Network reported a revenue of 5.621 billion yuan, reflecting a year-on-year growth of 29.28%. The net profit reached 2.648 billion yuan, up 31.72% year-on-year, with a basic earnings per share of 2.0951 yuan and a weighted average return on equity of 30.68% [2]. Dividend History - The company has a history of 11 cash distributions since its listing, with the latest being 10 shares for 13 yuan (including tax) [2]. - Previous distributions include: - 10 shares for 6 yuan (1.90% yield) in June 2024 - 10 shares for 9 yuan (1.84% yield) in December 2023 - 10 shares for 5 yuan (0.84% yield) in June 2023 [2]. Industry Comparison - In the telecommunications sector, Yilian Network's cash distribution ranks high, with the highest cash distribution being from China Mobile at 49.481 billion yuan, followed by China Telecom and ZTE with 8.483 billion yuan and 2.951 billion yuan, respectively [4][5]. - Yilian Network's dividend yield of 3.70% is notable compared to other companies in the sector [5]. Market Activity - Recent data indicates that the net outflow of main funds from Yilian Network over the past five days was 9.6825 million yuan, while the latest margin financing balance stood at 560 million yuan, showing an increase of 8.4972 million yuan (1.54% growth) over the same period [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. 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% [1]. - The business model is characterized by "incremental breakthroughs and stock optimization," with diversified and collaborative development across three main business lines: desktop communication terminals, conference products, and cloud office terminals [1]. - The company plans to distribute a cash dividend of 1.3 yuan per share, totaling 1.641 billion yuan, resulting in a nearly 91% dividend payout ratio for the year [1]. Summary by Sections Desktop Communication Terminals - In 2024, revenue reached 3.082 billion yuan, a growth of 21.13%, with a gross margin of 67.55% [2]. - The growth was driven by the normalization of hybrid work and a recovery in inventory levels after a de-stocking cycle in 2023 [2]. - New product launches, including the T7 and T8 series, are planned for 2025 [2]. Conference Products - Revenue for 2024 was 1.997 billion yuan, increasing by 36.21%, with a gross margin of 65.67% [2]. - The MeetingBoard product received positive market feedback, and new products with advanced features are set to launch in 2025 [2]. Cloud Office Terminals - Revenue in 2024 was 527 million yuan, a significant increase of 62.98%, contributing to 9.37% of total revenue [3]. - The company is enhancing its business headset product line and plans to introduce a complete range of products across various price segments in 2025 [3]. Financial Performance and Forecast - The company expects net profits for 2025, 2026, and 2027 to be 3.071 billion yuan, 3.528 billion yuan, and 4.051 billion yuan, respectively [4]. - The report highlights a strong commitment to R&D and continuous product innovation as key factors for maintaining market competitiveness [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4]. 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% [1]. - The business model is characterized by "incremental breakthroughs and stock optimization" across three main segments: desktop communication terminals, meeting products, and cloud office terminals [1]. - The company plans to distribute a cash dividend of 13.00 yuan per 10 shares, totaling 1.641 billion yuan, leading to a nearly 91% dividend payout ratio for the year [1]. Summary by Sections Desktop Communication Terminals - Revenue reached 3.082 billion yuan in 2024, a growth of 21.13%, with a gross margin of 67.55% [2]. - The growth was driven by the normalization of hybrid work and a replenishment demand from distributors following a de-inventory cycle in 2023 [2]. - New product launches, including the T7 and T8 series phones, are planned for 2025 [2]. Meeting Products - Revenue for this segment was 1.997 billion yuan in 2024, up 36.21%, with a gross margin of 65.67% [2]. - The MeetingBoard product received positive market feedback, and new products featuring advanced technology are set to launch in 2025 [2]. Cloud Office Terminals - This segment saw a revenue of 527 million yuan in 2024, marking a significant growth of 62.98% [3]. - The company is enhancing its business headset product line and plans to launch a series of new products in 2025 [3]. Financial Overview - Sales expenses were 291 million yuan, up 5.66%, while management expenses increased by 17.57% to 156 million yuan [3]. - R&D expenses reached 559 million yuan, a growth of 12.08% [3]. - The company is focusing on overseas market expansion and dynamic pricing mechanisms to mitigate cost pressures [3]. Profit Forecast - Projected net profits for 2025, 2026, and 2027 are 3.071 billion yuan, 3.528 billion yuan, and 4.051 billion yuan, respectively [4].

Core Viewpoint - The company is a leading provider of communication and collaboration solutions, focusing on the integration of traditional communication technologies with advanced digital tools, particularly in the context of digital transformation and the rise of artificial intelligence in enterprise communication [5][6][7]. Company Overview - The company, established in 2001, specializes in unified communication solutions, leveraging advancements in AI and digital technologies to enhance workplace collaboration and efficiency [5][6]. - The company has a comprehensive product offering that includes desktop communication terminals, meeting products, and cloud office terminals, catering to various enterprise communication needs [16][19][20]. Industry Trends - The demand for unified communication solutions is driven by the digital transformation of enterprises, with technologies like big data, AI, cloud computing, and 5G playing a significant role [6][7]. - The integration of AI technologies is enhancing the capabilities of communication tools, leading to innovative applications in enterprise settings [7][8]. - The evolution of communication products is moving towards more intelligent and versatile solutions, breaking down barriers between different communication scenarios [8][9]. Business Development - The company has seen significant growth in its meeting products, with revenue reaching 19.97 billion yuan, a 36.21% increase year-on-year, indicating strong market demand [40]. - The cloud office terminal segment has also experienced substantial growth, with a revenue increase of 62.98%, reflecting the rising trend of remote and flexible working arrangements [41]. - The desktop communication terminal remains the largest revenue contributor, achieving 30.82 billion yuan in revenue, a 21.13% increase, driven by the normalization of hybrid work models [42]. Financial Performance - In 2024, the company reported a revenue of 56.21 billion yuan, a year-on-year increase of 29.28%, and a net profit of 26.48 billion yuan, up 31.72%, with a net profit margin of 47.10% [38]. - The company's focus on continuous product innovation and market responsiveness has positioned it well to capitalize on the growing demand for digital communication solutions [38][39]. Competitive Advantages - The company emphasizes high R&D investment, with R&D expenses accounting for 9.95% of revenue and R&D personnel making up 51.50% of the workforce, ensuring a strong technological foundation [32][43]. - A robust channel management system supports the company's sales strategy, leveraging a network of authorized distributors to enhance market reach and brand influence [33][34]. - The company maintains a flexible supply chain model, outsourcing production while ensuring quality control and cost management, which supports its long-term growth strategy [25][35]. Future Outlook - The company plans to continue enhancing its product offerings and expanding its market presence, particularly in the areas of AI-driven communication solutions and smart office environments [44]. - Ongoing investments in R&D and strategic partnerships are expected to further strengthen the company's competitive position in the evolving communication landscape [29][30].

Financial Data and Indicators - The basic earnings per share for Q1 2025 is 0.4447 yuan, a decrease of 1.16% compared to Q1 2024, which was 0.4499 yuan [1] - The net asset per share increased by 9.3% to 7.52 yuan in Q1 2025 from 6.88 yuan in Q1 2024 [1] - The retained earnings per share rose by 12.29% to 5.39 yuan in Q1 2025 from 4.80 yuan in Q1 2024 [1] - The operating revenue for Q1 2025 reached 12.05 billion yuan, reflecting a 3.52% increase from 11.64 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was 5.62 billion yuan, a slight decrease of 1.23% from 5.69 billion yuan in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 was 6.09%, down 9.91% from 6.76% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 28,007.84 million shares, accounting for 38.74% of the circulating shares, with an increase of 1,080.26 million shares compared to the previous period [1] - Hong Kong Central Clearing Limited holds 6,592.76 million shares, representing 9.12% of total share capital, with an increase of 2,351.12 million shares [2] - Xiamen Yiwanlian Information Technology Service Co., Ltd. holds 6,259.83 million shares, maintaining its position [2] - Hu Jidan holds 4,900 million shares, unchanged from the previous period [2] - Chen Jianrong holds 4,108.50 million shares, with a decrease of 1,250 million shares [2] - The National Social Security Fund 103 Portfolio holds 2,430.99 million shares, with an increase of 260 million shares [2] Dividend Distribution - The company will not distribute dividends or transfer shares in this period [2]

证券代码：300628 证券名称：亿联网络 公告编号：2025-018 关于作废 2024 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的公告 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"）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《关于作废 2024 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的议案》，因公司 2024 年限制性激励计划中 部分激励对象存在离职以及个人业绩考核结果未能达到 100%归属标 准，其已获授未能归属的 539,385 股限制性股票由公司作废。现将相 关内容公告如下: 一、本激励计划已履行的相关审批程序 1、公司于 2024 年 4 月 22 日召开第四届董事会第十四次会议及 第四届监事会第十三次会议，审议通过了《关于公司<2024 年限制性 股票激励计划(草案)>及其摘要的议案》等相关议案。 2、公司自 2024 年 4 月 23 日起至 2024 年 5 月 2 日止，已在公司 内部对激励对象名单进行了公示 ...