亿联网络：业绩稳定增长，需求持续修复

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved stable growth in Q1-Q3 2024, with revenue of 4.11 billion yuan, up 27.5% YoY, and net profit attributable to shareholders of 2.06 billion yuan, up 27.9% YoY [1] - Q3 2024 revenue reached 1.44 billion yuan, up 22.3% YoY, with net profit attributable to shareholders of 700 million yuan, up 20.5% YoY [1] - Downstream demand is improving, and performance continues to recover positively, driven by healthy inventory levels and recovery in European and American demand [1] - The company focuses on three strategic directions in 2024: "full-scenario coverage, all-in-one terminals, and intelligent transformation," with plans to launch high-quality new products [1] - The company announced a 2024 restricted stock incentive plan, demonstrating confidence in future growth, with revenue and net profit growth targets of at least 20% and 40% for 2024 and 2025, respectively [2] Financial Performance - Revenue for 2024E is projected at 5.218 billion yuan, with a YoY growth of 20.0%, and net profit attributable to shareholders of 2.414 billion yuan, up 20.1% YoY [5] - Gross margin is expected to remain stable at around 65.4%-65.6% from 2024E to 2026E [6] - ROE is forecasted at 24.6% for 2024E, gradually declining to 22.1% by 2026E [6] - EPS is projected to grow from 1.91 yuan in 2024E to 2.85 yuan in 2026E [6] Product and Market Strategy - The company launched multiple video conferencing products in Q3 2024, including the MeetingEye900, UVC85 camera, and BH74 advanced Bluetooth wireless headset [1] - Plans to release new products in Q4 2024, such as the MeetingBoard 65/75/86 Pro, ceiling microphone CM50, and A40 conference room all-in-one machine [1] Valuation and Investment Recommendation - The company's PE ratio is estimated at 20.83x for 2024E, declining to 13.93x by 2026E [3] - The target price is set at 50.27 yuan, with a total market capitalization of 50.275 billion yuan [1] - The company is positioned as a global leader in communication and collaboration solutions, with recovering downstream demand and improving performance [3]