Yealink(300628) 民生证券·2024-04-23 04:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company has shown signs of a business turning point, with Q1 2024 performance exceeding expectations due to inventory replenishment and strong downstream demand [2]. - The company has a significant competitive advantage, with ongoing product upgrades and the development of new product lines, particularly in the conference and cloud office sectors [2]. - The company is committed to returning value to shareholders, with a proposed cash dividend of 11.4 billion yuan for 2023, resulting in a dividend payout ratio of 56.5% [2]. Financial Performance Summary - In 2023, the company reported revenue of 4.35 billion yuan, a year-on-year decrease of 9.6%, and a net profit of 2.01 billion yuan, down 7.7% [2][3]. - For Q1 2024, the company achieved revenue of 1.16 billion yuan, a year-on-year increase of 31%, and a net profit of 569 million yuan, up 34.5% [2]. - The company’s gross margin for 2023 was 65.7%, and the net profit margin was 46.2%, both showing improvements compared to the previous year [2]. Product Development and Market Strategy - The company has focused on product upgrades, with conference product revenue increasing by 13% in 2023, while traditional phone revenue decreased by 19% [2]. - The company has invested heavily in R&D, with expenditures reaching 499 million yuan in 2023, representing 11.48% of revenue [2]. - New product launches planned for 2024 include professional audio and video conference tablets and a series of smart conference terminal products [2]. Shareholder Returns and Incentives - The company has increased its dividend payout ratio over the years, with a total cash dividend of approximately 17.7 billion yuan for 2023, resulting in a dividend yield of 4.1% [2]. - A new stock option plan has been introduced for 270 key employees, aiming for a 20% revenue and net profit growth target for 2024 and a 40% target for 2025 [2].