Yealink(SZ:300628) HTSC·2024-07-15 02:02Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 49.51 per share [7][9]. Core Views - The company is expected to continue its high growth trajectory in Q2 2024, with projected revenue growth of 28% to 33% year-on-year, reaching RMB 26.2 billion to RMB 27.2 billion, and net profit growth of 30% to 35%, amounting to RMB 13.4 billion to RMB 13.9 billion [2][5]. - The recovery in demand from the European and American markets for cloud office solutions is anticipated to persist, reinforcing the positive outlook for the company's product lines [3][4]. - The company has focused on developing new products such as VCS and business headsets, which are expected to enhance its competitive advantage and market share [4][5]. Summary by Sections Performance Forecasts and Valuation - The company forecasts a significant increase in revenue and net profit for the first half of 2024, with Q2 2024 expected to show a 30% increase in revenue and a 31% increase in net profit compared to the previous year [2][5]. - The projected net profits for 2024 to 2026 are RMB 25.03 billion, RMB 29.63 billion, and RMB 34.50 billion respectively, reflecting an upward revision from previous estimates [5][6]. Market Trends - The report highlights a continued recovery in the demand for enterprise communication solutions in the European and American markets, with notable growth in related sectors such as video conferencing and business headsets [3][4]. - The trend towards hybrid work and digital transformation in enterprises is expected to drive demand for the company's products [3]. Product Development - The company has intensified its R&D efforts in new product lines, including professional audio-visual conference solutions, which are anticipated to contribute to revenue growth in the first half of 2024 [4][5]. - Upcoming product launches include MeetingBoard 75 Pro and various business headsets, which are expected to enhance the company's market presence [4].