Yealink(SZ:300628) Haitong Securities International·2025-11-26 05:52Investment Rating - The report maintains an "Outperform" rating for the company [4][10]. Core Insights - The company is projected to achieve revenues of 6.05 billion RMB, 6.66 billion RMB, and 7.34 billion RMB for the years 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of 2.73 billion RMB, 3.05 billion RMB, and 3.39 billion RMB during the same period [4][10]. - The company has shown steady growth in Q3 2025, with revenues of 1.65 billion RMB, a year-on-year increase of 14.26%, and a quarter-on-quarter increase of 14.11% [11][12]. - The company continues to focus on user needs and product innovation, enhancing smart meeting experiences and developing comprehensive meeting room solutions [12]. Financial Summary - For the first three quarters of 2025, total revenue was 4.30 billion RMB, representing a year-on-year increase of 4.59%, while net profit attributable to shareholders was 1.96 billion RMB, down 5.16% year-on-year [11]. - The gross profit margin for Q3 2025 was reported at 61.96%, a decrease of 3.76 percentage points from the previous quarter [11]. - The company has introduced several new products, including next-generation audio-video conference panels and a new series of business headsets, aimed at enhancing performance across diverse business needs [12].