Yealink(300628) 长江证券·2025-04-25 13:13Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 5.621 billion yuan in 2024, representing a year-on-year increase of 29.28%, and a net profit attributable to shareholders of 2.648 billion yuan, up 31.72% year-on-year. In Q1 2025, the revenue was 1.205 billion yuan, a year-on-year increase of 3.57%, while the net profit was 562 million yuan, down 1.15% year-on-year [4][10]. - The company plans to launch new products in 2025, including the T7 and T8 series desktop phones, a new generation of audio and video conference tablets, and AI-based tools such as RoomDesigner and SmartSpace. Additionally, the cloud office terminal will introduce the ANC BH78 Bluetooth headset and the UH4X wired headset series, further enriching the product line [2][10]. - The company is advancing its globalization strategy, with 2024 revenues from Europe at 2.369 billion yuan (up 34.98% year-on-year) and from the Americas at 2.184 billion yuan (up 26.42% year-on-year). The company is building a competitive global service network through local talent recruitment and service team development [10]. - The company has a strong focus on R&D, with 9.95% of revenue allocated to R&D in 2024 and 51.50% of employees in R&D roles. This investment supports innovation in audio and video processing, cloud architecture, and AI applications in enterprise communication [10]. - The company has shown a positive growth trend across its business lines, with cloud office terminals growing faster than video conferencing and desktop communication terminals, indicating enhanced management capabilities and a virtuous cycle in technology development and product creation [10]. - The company forecasts a net profit of 3.056 billion yuan in 2025, with a growth rate of no less than 15% based on 2024 figures, and expects to achieve net profits of 3.617 billion yuan and 4.313 billion yuan in 2026 and 2027, respectively, with corresponding growth rates of 18% and 19% [10][16].