Yealink(SZ:300628) East Money Securities·2024-05-16 08:00Investment Rating - The report maintains a rating of "Add" for the company [5][6]. Core Views - The company reported a revenue of 1.164 billion yuan in Q1 2024, representing a year-on-year increase of 30.95%, and a net profit of 569 million yuan, up 34.45% year-on-year. The recovery in downstream demand and healthy inventory levels among distributors contributed to this growth [3]. - The company aims to enhance shareholder returns, proposing a cash dividend of 9.00 yuan per 10 shares for 2023, totaling approximately 1.136 billion yuan, with a dividend payout ratio of 56.52% [3]. - The company is focusing on the development of new products, particularly in the conference and cloud office terminal segments, with plans to launch several new intelligent meeting terminal products and upgrades to its headset product line [3][6]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 4.348 billion yuan, a decrease of 9.61% year-on-year, and a net profit of 2.010 billion yuan, down 7.69% year-on-year. The overall gross margin improved to 65.72%, an increase of 2.71 percentage points [3][7]. - The revenue from conference products in 2023 was 1.466 billion yuan, up 12.81% year-on-year, while cloud office terminals generated 323 million yuan, down 10.33% year-on-year [3][7]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 5.408 billion yuan, 6.471 billion yuan, and 7.566 billion yuan, respectively, with corresponding net profits of 2.434 billion yuan, 2.973 billion yuan, and 3.548 billion yuan [6][7]. - The expected EPS for 2024, 2025, and 2026 are 1.93 yuan, 2.35 yuan, and 2.81 yuan, with P/E ratios of 19.17, 15.69, and 13.15, respectively [6][7]. Strategic Focus - The company is positioned as a leading provider of communication and collaboration solutions, leveraging advancements in artificial intelligence to enhance its product offerings. It aims to empower enterprises through smart digital transformation [6]. - The company has established strategic partnerships with major players like Microsoft, Tencent, and Zoom, enhancing its product solutions across various communication scenarios [6].