Yealink(300628) 海通国际证券·2025-05-12 07:12Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 45.91, reflecting a slight decrease of 2% from previous estimates [4][9]. Core Insights - The company's revenue for 2024 is projected at RMB 5.62 billion, representing a year-on-year increase of 29.28%. The net profit attributable to shareholders is expected to reach RMB 2.65 billion, up 31.72% year-on-year [9]. - In Q1 2025, the company reported revenue of RMB 1.21 billion, a 3.57% increase year-on-year but a 20.27% decrease quarter-on-quarter. The net profit attributable to shareholders was RMB 0.56 billion, down 1.15% year-on-year and 3.63% quarter-on-quarter [9]. - The revenue growth in Q1 2025 fell short of expectations due to tariff adjustments and increased overseas warehouse shipments affecting delivery timelines [9]. Financial Summary - Revenue and profit forecasts for 2025-2027 are updated to RMB 2.90 billion, RMB 3.24 billion, and RMB 3.58 billion for net profit, with corresponding EPS of RMB 2.30, RMB 2.56, and RMB 2.83 [9]. - The company’s revenue from desktop communication terminals is RMB 3.08 billion, with a gross profit margin of 67.55%. Conference products generated RMB 1.99 billion in revenue, with a gross profit margin of 65.67% [9]. - The total cash dividends for 2024 are projected at RMB 2.40 billion, with a payout ratio of 90.59% [9].