Yealink(SZ:300628) ZHESHANG SECURITIES·2025-09-12 11:23Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company experienced a transitional period in overseas capacity construction, which impacted short-term performance. In H1 2025, the company reported revenue of 2.65 billion yuan, a year-on-year decrease of 0.64%, and a net profit attributable to shareholders of 1.24 billion yuan, down 8.84% year-on-year [1][4] - The revenue from conference products in H1 2025 was 1.08 billion yuan, an increase of 13.17% year-on-year, indicating a strong market share despite lower-than-expected growth [2] - The company is actively addressing tariff fluctuations and capacity transfer issues, which are expected to have a controllable impact on profit margins in the next 1-2 years, enhancing the company's ability to navigate international trade complexities [3] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 2.65 billion yuan, with a net profit of 1.24 billion yuan, reflecting a decline in both metrics due to transitional impacts from overseas capacity adjustments [1] - The second quarter of 2025 saw revenue of 1.44 billion yuan, down 3.90% year-on-year, and a net profit of 678 million yuan, down 14.36% year-on-year [1] Business Structure - The revenue from desktop communication terminals in H1 2025 was 1.30 billion yuan, a decrease of 13.63% year-on-year, while conference products and cloud office terminals showed growth, with revenues of 1.08 billion yuan and 262 million yuan, respectively [2] - The cloud office terminal segment has seen a compound annual growth rate of nearly 45% from 2020 to 2024, significantly outpacing industry averages [2] Profit Forecast - The company is projected to achieve net profits of 2.73 billion yuan, 3.04 billion yuan, and 3.40 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 2.9%, 11.7%, and 11.9% [4]