亿联网络 2025 年三季报点评 电信运营 [Table_Industry] /信息技术 [Table_Invest] 本报告导读： 2025Q3 营收、归母净利润同环比均实现增长，核心业务领域市场竞争力稳固。 投资要点： Q3 业绩稳健增长，业务开拓节奏有序 亿联网络(300628) 票 研 究 公 司 季 报 点 评 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 股票研究 /[Table_Date] 2025.11.25 [Table_Target] [Table_CurPrice] [table_Authors] 2025-11-26 风险提示：海外宏观经济波动，汇率波动风险，新品拓展不及预期。 [Table_Finance] 财务摘要(百万元) 2023A 2024A 2025E 2026E 2027E 营业总收入 4,348 5,621 6,051 6,664 7,344 (+/-)% -9.6% 29.3% 7.6% 10.1% 10.2% 净利润(归母) 2,010 2,648 2,728 3,047 3,390 (+/-)% -7.7% 31.7% 3.0% 11.7% 11. ...

Investment Rating - The report maintains an "Add-B" investment rating for the company [1] Core Views - The company has shown a quarter-on-quarter improvement in performance, with a good growth momentum in cloud office terminals [1] - The company’s revenue for the first three quarters of 2025 reached 4.298 billion yuan, a year-on-year increase of 4.59%, while the net profit attributable to shareholders was 1.958 billion yuan, a year-on-year decrease of 5.16% [4] - The company is in a transitional phase due to changes in U.S. tariff policies, affecting the shipment rhythm of desktop communication terminals [5] - The SIP phone business has significant overseas market potential, and the company is focusing on optimizing product structure and expanding into high-end markets [5] - The company launched AI hearing aids, marking an expansion from B-end to C-end markets [5] Financial Performance - In Q3 2025, the company achieved revenue of 1.648 billion yuan, with a quarter-on-quarter increase of 14.26% and a year-on-year increase of 14.11% [4] - The gross margin for conference products reached 66.41%, contributing to performance growth [6] - The company’s revenue from conference products in H1 2025 was 1.076 billion yuan, a year-on-year increase of 13.17% [6] - The revenue from cloud office terminals in H1 2025 was 262 million yuan, a year-on-year increase of 30.55% [6] Profit Forecast and Valuation Analysis - The company’s projected net profit for 2025-2027 is 2.667 billion, 2.942 billion, and 3.462 billion yuan, respectively, with year-on-year growth rates of 0.7%, 10.3%, and 17.7% [8] - The estimated EPS for 2025-2027 is 2.11, 2.33, and 2.74 yuan, with corresponding P/E ratios of 16.2, 14.7, and 12.5 [8] - The report emphasizes the strong market competitiveness of the company’s products and the potential for AI capabilities to expand market share [8]