亿联网络：被低估的统一通信赛道类核心资产

Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Hold" due to its undervaluation and strong growth prospects [6][8] Core Views - The company's business model focuses on selling scenarios rather than just products, which enhances customer stickiness and provides stable performance [5][6] - The company has a three-stage development model: product-focused (2012-2018), solution-focused (2019-2021), and full-scenario-focused (2022 onwards) [5][6] - The company's high profitability is driven by its world-class pricing, domestic supply chain advantages, and engineering talent红利 [6][10] - The company's overseas growth potential exceeds 30%, supported by strategic subsidiary布局 and the increasing demand for remote and hybrid办公 solutions [5][6] Financial Performance - The company's revenue for 2024E, 2025E, and 2026E is projected to be 5,318 million, 6,611 million, and 8,235 million respectively, with year-on-year growth rates of 22.3%, 24.3%, and 24.6% [4] - Net profit attributable to the parent company is expected to be 2,515 million, 3,130 million, and 3,880 million for 2024E, 2025E, and 2026E, with growth rates of 25.1%, 24.5%, and 24.0% respectively [4] - The company's gross margin remains stable at around 65%, with ROE projected to increase from 26.7% in 2024E to 29.7% in 2026E [4] - The company's PE ratio for 2024E, 2025E, and 2026E is 20x, 16x, and 13x, significantly lower than the industry average of 29x, 23x, and 19x, indicating undervaluation [6][8] Business Segments - The company's three product lines—desktop communication terminals, meeting products, and cloud office terminals—cater to different enterprise communication needs, including fixed desktop办公, meeting room办公, and remote/mobile办公 scenarios [6] - The desktop communication terminal business, which accounts for 37.5% of revenue in 2023, is expected to grow steadily, with revenue growth rates of 8.4%, 8.3%, and 3.4% for 2024-2026 [9] - The meeting products business is expected to grow rapidly, with revenue growth rates of 46.3%, 43.1%, and 44.8% for 2024-2026, driven by low penetration rates and increasing market share [9] - The cloud office terminal business is also expected to grow rapidly, with revenue growth rates of 23.3%, 34.2%, and 26.6% for 2024-2026, benefiting from the dual寡头格局变动 and the company's brand, channel, and technological advantages [6][9] Competitive Advantages - The company's BOM cost advantage is a key factor in its high profitability, with domestic supply chain benefits and engineering红利 contributing to lower costs compared to international competitors [6][10] - The company's channel strategy, which focuses on reducing reliance on high-cost sales teams, has been validated by the high营销费用 of对标 companies like Polycom [6][10] - The company's transition from product-focused to scenario-focused solutions has increased its market space and reduced同质化供给, leading to better financial performance [6][10] Valuation and Upside Potential - The company's 2025E PE of 16x is significantly lower than the industry average of 23x, indicating a potential upside [6][8] - The company's dividend yield and historical PB分位数 remain attractive, making it a compelling investment from a类固收 perspective [6][47]