亿联网络：类核心资产需求修复，第二曲线持续高增

Investment Rating - Maintain "Buy" rating [7] Core Views - The company is a core player in the communication export sector with strong profitability, and its performance is expected to continue high growth driven by demand improvement [7] - The company's high growth is in line with expectations, with Q3 revenue reaching 1,443 million yuan, a year-on-year increase of 22.3%, and net profit attributable to the parent company reaching 704 million yuan, a year-on-year increase of 20.5% [8] - The growth is mainly due to improved downstream demand and increased net profit margin, with the net profit margin for the first three quarters of 2024 reaching 50.24%, up from 46.23% in 2023 [8] - The company's new business, including conference products and cloud office terminals, has shown significant growth, with conference product revenue increasing by 51% year-on-year in the first half of 2024 and cloud office terminal revenue increasing by 29% [9] - The company has a clear product matrix plan, covering all scenarios, with new products such as the MeetingEye 900 and UVC40 E2 being launched in Q3 2024 [9] - The company has a dividend yield of 3.4% and a PE percentile of 12% since the beginning of 2018, indicating significant valuation repair potential [10] Financial Summary - The company's operating income for 2024 is expected to reach 5,318 million yuan, with a year-on-year growth rate of 22.3% [6] - Net profit attributable to the parent company is expected to reach 2,515 million yuan in 2024, with a year-on-year growth rate of 25.1% [6] - The company's gross profit margin is expected to remain stable at around 65% from 2024 to 2026 [6] - ROE is expected to increase from 24.7% in 2023 to 29.7% in 2026 [6] - The company's PE ratio is expected to decrease from 26 in 2023 to 13 in 2026 [6] Market Data - The company's closing price on November 8, 2024, was 41.07 yuan, with a price-to-book ratio of 6.3 and a dividend yield of 3.65% [2] - The company's circulating A-share market value is 29,696 million yuan [2] - The company's net asset per share as of September 30, 2024, is 6.56 yuan, with an asset-liability ratio of 9.00% [3]