浙商证券研报指出，亿联网络25Q3实现营收16.48亿元，符合我们此前预期的15-17亿元，同比 +14.26%，环比+14.11%；归母净利润7.18亿元，略超我们此前预期的6.5-7亿元，同比+1.95%，环比 +5.91%。公司三季度收入利润均实现环比和同比双回升，经营显著回暖。针对上半年对公司业务造成 较大影响的关税及海外产能问题，目前均在逐渐向好方向发展。认为关税调整+产能转移对公司未来1-2 年的利润率影响可控，随着后续海外产能成熟度进一步提升，有望进一步弱化负面影响。同时，全球化 的产能布局更有利于公司应对日益复杂的国际贸易竞争，进一步提升公司的市场份额。公司将于Q4继 续推出MeetingBarA25、智能办公大模型一体机及中高端话机T7、T8系列等新产品，细分市场竞争力有 望提升。维持"买入"评级。 ...

投资要点 海外产能影响边际减弱，Q3 经营表现改善 25Q3公司实现营收16.48亿元，符合我们此前预期的15-17亿元，同比+14.26%，环比+14.11%；归母净 利润7.18 亿元，略超我们此前预期的6.5-7 亿元，同比+1.95%， 环比+5.91%； 扣非后归母净利润6.88 亿元， 同比+3.46%， 环比+10.07%。公司三季度收入利润均实现环比和同比双回升，经营显著回暖， 主要系上半年受国际贸易环境波动及海外产能转移节奏带来的影响已有所改善，出货节奏恢复平稳；利 润端增速低于收入，主要系毛利率受前期关税政策及海外产能爬坡等影响，Q3 公司毛利率61.69%，同 比-4.88pct，环比-3.76pct。 预计公司25-27 年归母净利润分别为26.8/30.4/34.0 亿元，分别同比+1.1%/13.6%/11.9%，对应25-27 年PE 分别为18/16/14 倍，维持"买入"评级。 风险提示 2025 年前三季度，公司实现收入42.98 亿元，同比+4.59%；归母净利润19.58 亿元，同比-5.16%；扣非 后归母净利润18.43 亿元，同比-3.86%。 产能转移有序推进， ...

Group 1: Overall Performance - In the first three quarters of 2025, the company achieved a revenue of 4.298 billion CNY, a year-on-year increase of 4.59% [3] - The net profit attributable to shareholders was 1.958 billion CNY, a year-on-year decrease of 5.16% [3] - In Q3 2025, revenue reached 1.648 billion CNY, up 14.26% year-on-year, while net profit was 718 million CNY, an increase of 1.95% year-on-year [3] Group 2: Product Line Performance - The company maintained steady performance across three product lines, showing a trend of "quarterly improvement" [4] - Meeting products showed a recovery in growth, while cloud office terminals continued to exhibit sustainable growth potential [4] - Desktop communication terminals faced short-term pressure but are gradually stabilizing, with resilient downstream demand [4] Group 3: Overseas Capacity and Profitability - The impact of tariffs and overseas capacity issues is gradually improving, with the U.S. tariff distribution largely stabilized [6] - The company aims to meet 70% of U.S. demand through overseas capacity by the second half of the year [6] - A dynamic adjustment mechanism for production and delivery has been implemented to ensure stable overseas market deliveries [6] Group 4: Q&A Insights - The decline in Q3 gross margin was primarily due to previous tariff policies and the ramp-up of overseas capacity, but the long-term impact is manageable [7] - Orders that were not delivered in the first half of the year have largely been fulfilled by the end of Q3, with healthy downstream market demand [8] - Current inventory increases are related to overseas capacity construction, ensuring production continuity and flexibility [9] - Tariff fluctuations had a disruptive effect on business in the first half, but the situation has stabilized, allowing for improved overseas capacity [10] - The hearing aid business is in its early stages, with a focus on product quality and reliability for future growth [11] - Dividend considerations will balance shareholder returns with long-term development needs, with a stable cash position expected [12]