Yealink(SZ:300628) Tianfeng Securities·2025-09-22 09:11Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company's performance is under short-term pressure, but its market competitiveness remains solid. The international trade environment has introduced uncertainties affecting short-term business progress, particularly during the transition period of overseas capacity construction [2][4] - Despite challenges, the company has shown a positive trend in its three product lines, with sequential improvements observed in Q2 [2] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 2.65 billion yuan, a year-on-year decrease of 0.64%. The net profit attributable to the parent company was 1.24 billion yuan, down 8.84% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.16 billion yuan, a decrease of 7.75% year-on-year. The net cash flow from operating activities was 954 million yuan, down 14.29% year-on-year [1][5] - The company has adjusted its revenue growth assumptions for its three main product lines for the year, forecasting net profits attributable to the parent company of 2.58 billion yuan, 3.01 billion yuan, and 3.47 billion yuan for 2025, 2026, and 2027 respectively [5][6] Product Line Performance - The conference products generated revenue of 1.08 billion yuan, a year-on-year increase of 13.17%. The company focuses on user needs and product innovation, continuously developing comprehensive meeting room solutions [3] - The cloud office terminals achieved revenue of 262 million yuan, a year-on-year increase of 30.55%, with a compound annual growth rate of nearly 45% from 2020 to 2024, significantly higher than the industry average [3] - The desktop communication terminals reported revenue of 1.30 billion yuan, a year-on-year decrease of 13.63%, primarily due to shipment rhythm impacts, although actual downstream sales remained slightly positive [3] Global Supply Chain Strategy - The company has initiated an overseas capacity transfer project due to uncertainties in U.S. tariff policies, with significant progress expected in the second half of the year. This global supply chain strategy aims to leverage overseas capacity advantages to expand into global markets [4]