Yealink(SZ:300628) Xin Lang Cai Jing·2025-11-20 04:43Core Viewpoint - The company focuses on the enterprise communication sector, developing a one-stop communication and collaboration solution based on three core businesses, while actively applying cutting-edge technologies like artificial intelligence to its solutions [1][4] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 4.298 billion yuan, a year-on-year increase of 4.59%, and a net profit attributable to shareholders of 1.958 billion yuan, a year-on-year decrease of 5.16% [2] - In Q3 2025, the company reported operating revenue of 1.648 billion yuan, a year-on-year increase of 14.26%, and a net profit of 718 million yuan, a year-on-year increase of 1.95% [2] Product Line Performance - The three product lines maintained stability, showing a trend of "quarterly improvement and gradual upward movement," with confidence in the long-term market outlook for enterprise communication [3] - The meeting product line has shown a recovery in growth momentum, while cloud office terminals continue to demonstrate sustainable growth potential [3] Response to Tariff Risks - The company has made orderly progress in overseas capacity construction, aiming to meet 70% of U.S. demand in the second half of the year [4] - A dynamic adjustment mechanism for production and shipping has been implemented to ensure stable delivery capabilities in overseas markets [4] Future Outlook - The company expects stable growth in its meeting product business, rapid growth in new business headset products, and is actively addressing short-term growth pressures in desktop communication terminals due to trade policies [4] - Profit forecasts for 2025 to 2027 are 2.727 billion yuan, 3.149 billion yuan, and 3.625 billion yuan, with corresponding PE ratios of 16X, 14X, and 12X, maintaining a "buy" rating [4]