Yealink(SZ:300628) HUAXI Securities·2024-07-15 07:07Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is experiencing a recovery in demand, leading to a positive performance outlook. The second quarter of 2024 is expected to continue this high growth trend, with revenue projected to be between 14.5 billion and 15.5 billion yuan, representing a year-on-year increase of 26% to 35% [2] - The company is focusing on three strategic directions for 2024: "full scene coverage, all-in-one terminals, and intelligent transformation," with plans to launch high-quality new products [2] - A stock incentive plan for 2024 has been announced, reflecting the company's confidence in its performance recovery [3] Summary by Sections Financial Performance - The company forecasts a first-half 2024 revenue of 26.2 to 27.2 billion yuan, a year-on-year increase of 28% to 33%, and a net profit attributable to shareholders of 13.4 to 13.9 billion yuan, a year-on-year increase of 30% to 35% [2] - For 2024, the company expects revenues of 52.2 billion, 63.3 billion, and 77.9 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.91, 2.31, and 2.86 yuan [4] Strategic Initiatives - The company plans to introduce new products including professional audio-visual conference tablets and a series of conference room products, enhancing its product matrix [2] - The stock incentive plan aims for a revenue and net profit growth rate of no less than 20% and 40% respectively for the years 2024 and 2025, based on 2023 figures [3] Market Position - The company is positioned as a leading provider of communication and collaboration solutions globally, with a focus on recovering demand and performance post-inventory destocking [4]