亿联网络：云办公终端保持高增，AI导入有望打开新增长点-20250528

Investment Rating - The report assigns an "Accumulate-B" rating to the company for the first time [1][8]. Core Views - The company is experiencing high growth in cloud office terminals, and the introduction of AI is expected to open new growth opportunities [1][8]. - The company has a stable long-term performance, with a revenue increase of 29.3% year-on-year in 2024, reaching 56.21 billion yuan, and a net profit increase of 31.7%, totaling 26.48 billion yuan [4][24]. - The company is focusing on enhancing product quality and expanding sales channels, particularly in the business headset segment, which saw a revenue increase of 62.98% year-on-year in 2024 [6][24]. Financial Performance - In 2024, the company achieved a revenue of 56.21 billion yuan, with a net profit of 26.48 billion yuan, reflecting a year-on-year growth of 29.3% and 31.7% respectively [4][24]. - For Q1 2025, the company reported a revenue of 12.05 billion yuan, a year-on-year increase of 3.57%, while the net profit slightly decreased by 1.15% to 5.62 billion yuan [4][8]. - The company expects net profits for 2025-2027 to be 30.53 billion yuan, 35.87 billion yuan, and 41.78 billion yuan, representing growth rates of 15.3%, 17.5%, and 16.5% respectively [8][9]. Product Development and Market Position - The company is actively developing intelligent and efficient product solutions, with a focus on meeting market demands for high-end conference products and cloud office terminals [5][6]. - The conference product line is expected to maintain strong market penetration, with plans to launch new products featuring advanced AI capabilities [5][33]. - The desktop communication terminal segment achieved a revenue of 30.82 billion yuan in 2024, with a year-on-year growth of 21.13%, despite a slight decline in revenue share [7][8]. Strategic Direction - The company aims to leverage AI technology to enhance its product offerings and expand market share, focusing on creating a comprehensive communication solution that integrates cloud, terminal, and platform services [16][33]. - The company is committed to maintaining a strong R&D focus, with a budget of 5.59 billion yuan for 2024, representing a year-on-year increase of 12.08% [29][30].