Yealink(SZ:300628) Shenwan Hongyuan Securities·2025-09-08 12:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight decline in revenue for H1 2025, achieving 2.65 billion yuan, down 0.64% year-on-year, with a net profit of 1.24 billion yuan, a decrease of 8.84% year-on-year, primarily due to transitional impacts from overseas capacity construction [4][6] - The second quarter showed improvement with a revenue of 1.445 billion yuan, a quarter-on-quarter increase of 20%, and a net profit of 678 million yuan, up 21% quarter-on-quarter, indicating a positive trend across all product lines [6] - The company is focusing on expanding its product matrix, particularly in conference products and cloud office terminals, which have become key growth drivers, with conference products growing 13% year-on-year and cloud office terminals growing 31% year-on-year in H1 2025 [6] - The company has established a subsidiary in Singapore to mitigate trade risks and is gradually relocating its supply chain, which is expected to control the impact of tariffs on profit margins [6] - The company offers a dividend yield of 5.0% and has a historical valuation advantage, being considered a core asset that the market has overlooked [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 6.538 billion yuan, with a year-on-year growth rate of 16.3%, and a net profit forecast of 2.902 billion yuan, reflecting a growth rate of 9.6% [5][8] - The projected earnings per share for 2025 is 2.29 yuan, with a price-to-earnings ratio of 17 [5] - The company’s return on equity (ROE) is expected to be 30.5% in 2025, indicating strong profitability [5]