Yealink(300628) 海通证券·2024-10-23 08:14Investment 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]