亿联网络 20251119 摘要 易联网络海外产能转移受关税政策影响，上半年越南工厂排产计划频繁 调整，未能充分满足美国市场需求。三季度关税环境明朗，排产和供应 趋于稳定。 公司预计年底前美国市场 70%的需求将由东南亚工厂满足，剩余 30% 由国内工厂补足。中美关税谈判后，无论从国内还是东南亚出货，均适 用 20%税率，提升了灵活性。 2025 年三季度毛利率受转厂和关税影响，预计全年毛利率可能下降 2-3 个百分点。但随着关税稳定和海外生产成本下降，未来毛利率有望改善。 三季度订单逐步恢复正常，但尚未完全弥补上半年欠缺订单。下半年出 货量预计加速，以弥补前期延误。 前三季度 VCS 业务表现良好，耳机业务略逊，话机业务好转。VCS 产 品预计保持 20-30%增长，耳机业务预计增长 30%。 助听器已通过美国 FDA 和国内医疗器械认证，在美国亚马逊和国内京东 上线，目前处于产品验证阶段，探索线上验配模式。 公司在 AI 方面主要集中于提升用户体验和与 AI 平台兼容性，如智能回 声消除、人脸识别和设备间智能联动。预计 2026 年整体增速初步估计 为 15%左右。 Q&A 易联网络在 2025 年上半年 ...

Core Viewpoint - The report from Tianfeng Securities indicates that Yilian Network achieved a net profit attributable to shareholders of 1.24 billion yuan, a year-on-year decrease of 8.84% [1] Financial Performance - The net cash flow from operating activities was 954 million yuan, reflecting a year-on-year decline of 14.29% [1] - The company's performance is under short-term pressure, but its market competitiveness remains solid [1] Market Demand and Product Lines - Despite facing challenges, the company maintains strong market competitiveness in its core business areas, with good downstream market demand [1] - In Q2, all three product lines showed a positive trend of "quarter-on-quarter improvement and seasonal growth" [1] - The conference products and business headsets continue to demonstrate strong market resilience [1] Future Outlook - The company plans to continuously optimize its product structure and increase efforts in high-end market development [1] - There is a focus on deeply exploring opportunities in niche markets to maintain competitiveness in the phone market [1] - The company is expected to accelerate the release of overseas production capacity in the second half of the year while maintaining a high dividend payout ratio [1] - The rating remains "Buy" [1]

Group 1: Company Performance and Strategy - 大金重工 has seen a significant increase in overall shipment volume, with a year-on-year growth of over 40%, particularly in export marine products which have doubled [1] - 晶澳科技 expects a 15-18% growth in installation demand by 2025, primarily driven by the Chinese market, with a slight increase anticipated in 2026 [2] - 杭氧股份 anticipates a rapid growth in helium sales over the next three years, with sales in the first half of 2025 exceeding the total for the previous year [3] - 伟星股份 reported a 1.80% year-on-year revenue growth for the first half of 2025, with international business growing by 13.72% [4] - 新宙邦 achieved a revenue of 42.48 billion yuan in the first half of 2025, marking an 18.58% year-on-year increase [5] - 亿联网络 maintains stable gross margins and is optimistic about performance recovery in the second half of the year [6] - 银轮股份 has established a product system focused on data centers, energy storage, and low-altitude aircraft, with positive progress in customer collaborations [7] - 同飞股份 reported a 77.48% year-on-year increase in revenue from power electronics temperature control products [8] - 南方泵业's liquid cooling business generated approximately 66 million yuan in sales, with a focus on new product development [9] - 珠海冠宇 achieved a revenue of 60.98 billion yuan in the first half of 2025, reflecting a 14.03% year-on-year growth [11] - 华丰科技's sales in the new energy vehicle sector have increased, with plans to expand market scale [12] - 中际旭创 is confident in maintaining gross margin growth through cost management and technology advancements [13] Group 2: Market Trends and Opportunities - 大金重工 is expanding its integrated services and has confidence in securing European orders due to its strategic positioning in the offshore engineering sector [1] - 晶澳科技 is adjusting prices based on market conditions and anticipates continued demand growth in the solar energy sector [2] - 杭氧股份 is actively expanding its overseas business, particularly in Southeast Asia, to leverage higher margins compared to domestic sales [3] - 伟星股份 is observing a cautious industry trend but has noted a recent improvement in order intake [4] - 新宙邦 is capitalizing on market opportunities arising from the shutdown of international competitors in the fluorinated liquid sector [5] - 亿联网络's overseas capacity expansion is expected to enhance its operational capabilities in the European market [6] - 银轮股份 is focusing on developing products for emerging fields such as energy storage and low-altitude flying vehicles [7] - 同飞股份 is expanding its product offerings in the cooling solutions market, particularly for data centers [8] - 南方泵业 is enhancing its sales network in overseas markets, particularly in the Middle East and Vietnam [9] - 珠海冠宇 is advancing its research in solid-state batteries and sodium-ion technology, indicating a focus on innovative energy solutions [11] - 华丰科技 is promoting high-voltage connector applications to capture growth in the electric vehicle market [12] - 中际旭创 is exploring new applications for optical connections, indicating a focus on technological advancements in data centers [13]

Group 1: Company Insights - Shenzhou Taiyue reported stable revenue from its long-standing games, with revenue of 1.502 billion yuan and 465 million yuan for "Age of Origins" and "War and Order" respectively, both exceeding 1 billion USD in cumulative revenue [1] - Morninglight Bio achieved a revenue of 3.658 billion yuan and a net profit of 215 million yuan in the first half of 2025, marking a year-on-year growth of 115.33% [2] - Haon Electric's revenue reached 805 million yuan in the first half of 2025, a year-on-year increase of 35.79%, with a net profit of 41.29 million yuan [3] - Weixing Co. reported a revenue of 2.338 billion yuan in the first half of 2025, a growth of 1.80% year-on-year, with international business growing by 13.72% [4] - Yongyi Co. noted that China is the largest producer and exporter of office chairs, with exports expected to account for 58% of the global total in 2024 [6] - Xinjubang achieved a revenue of 4.248 billion yuan in the first half of 2025, with a year-on-year growth of 18.58% [7] - Yilian Network maintained stable gross margins, with an optimistic outlook for the second half of the year [8] - Yinlun Co. established a product system focusing on data centers, energy storage, and low-altitude flying vehicles, with positive progress in customer collaborations [9] - Huafeng Technology reported good sales growth in high-speed line modules and an increase in sales revenue from the new energy vehicle business [10] Group 2: Market Trends and Strategies - The SLG market's top products have a monthly revenue ceiling of 200 million USD, indicating an expanding market space [1] - Morninglight Bio's core products are experiencing varied gross margins, with a focus on maintaining reasonable profit margins through strategic measures [2] - Haon Electric's R&D investment reached 103 million yuan, accounting for 12.85% of revenue, indicating a strong commitment to innovation [3] - Weixing Co. is cautious about the winter clothing consumption trend, with a need to observe future market conditions [4] - Yongyi Co. is expanding its non-U.S. market presence, with rapid growth in Europe, Southeast Asia, and Australia [6] - Xinjubang is capitalizing on market opportunities due to the shutdown of international competitors, particularly in the fluorinated liquid business [7] - Yilian Network's overseas capacity construction is not significantly impacting gross margins, with cost optimization through process upgrades [8] - Yinlun Co. is focusing on developing a product system around customer needs in the humanoid robot sector, enhancing collaboration with educational institutions [9] - Huafeng Technology is promoting high-voltage connector applications to expand market scale in the new energy vehicle sector [10]