\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 28 Yealink Network Technology Co.Ltd(300628) )
Event: Yealink Network Technology Co.Ltd(300628) released the performance express for 2021. In 2021, the company achieved an operating revenue of 3.7 billion yuan, a year-on-year increase of 34.35%; The net profit attributable to the parent company was 1.62 billion yuan, a year-on-year increase of 26.69%; The basic earnings per share was 1.80 yuan.
Comments:
Q4 single quarter revenue and net profit maintained high growth, and the company’s competitiveness continued to strengthen: according to the company’s performance express, we calculated that the company achieved an operating revenue of 1.171 billion yuan in the fourth quarter of 2021, a year-on-year increase of 47.67%; The net profit attributable to the parent company was 402 million yuan, a year-on-year increase of 48.34%. The company’s operation in 2021 was affected by objective adverse factors such as exchange rate fluctuations, tight supply in the raw material market and price rise, but the company took various measures to actively respond. We believe that the market demand of the company continues to recover, the business development strategy is active and effective, and the product competitiveness continues to strengthen.
The impact of exchange rate is weakened and the impact of raw material cost is gradually eliminated: the dollar depreciated sharply in the first half of 2021, and exchange rate fluctuations have a certain impact on the company’s performance in 2021. We believe that if the exchange rate fluctuation slows down, the company is expected to get rid of the negative impact of the exchange rate. In terms of upstream raw materials, the company has actively prepared goods for response, and the company has strong bargaining power in the downstream. We believe that the company is expected to transfer the cost pressure of raw materials to a certain extent. At the same time, the company speeds up the preparation of raw materials, and the annual gross profit margin is generally controllable.
Cloud + end + scheme, build a panoramic Ecology: the company has built a complete industrial ecology in the field of video cooperation. In addition to rich hardware terminals, it also has its own software platform and cloud ecology. The company’s Yilian cloud video version 3.0 and the new generation of audio and video integrated communication solution ume create a one-stop user experience for customers. At the same time, the company’s cloud platform continues to grow. Holding the cloud communication operation platform construction project and cloud computing center construction project, it is expected to improve the panoramic ecology again in the future. In January 2022, the company released a new bh7x series Bluetooth headset to promote high-end audio. We believe that with the continuous penetration of the office integration mode, the company’s first mover advantage will help the company seize the market faster and gain a firm foothold. At the same time, the market dividend of telecommuting lags behind the performance of the epidemic, and there is still strong demand at present. Therefore, we are optimistic that the company’s long-term development in the field of cloud office products may become a new driving force for the company’s development.
Profit forecast, valuation and rating: we lowered the company’s net profit forecast for 2021 to 1.62 billion yuan, a decrease of 3% compared with the previous time. We maintain the prediction that the company’s net profit from 2022 to 2023 will be 2.16/2.78 billion yuan, corresponding to pe44x / 33x / 26x. The panoramic ecological layout of the company’s VCs field continues to deepen, with obvious first mover advantages. Cloud office products in the new business sector are expected to benefit from the trend of remote office. We are still optimistic about the development prospect of the company as a leader in the field of enterprise communication and cooperation, and maintain the “buy” rating.
Risk warning: VCs market competition intensifies; Exchange rate fluctuation risk.
