\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 28 Yealink Network Technology Co.Ltd(300628) )
Event: on April 12, 2022, the company released the performance forecast for the first quarter of 2022. In the first quarter of 2022, the company is expected to realize an operating revenue of 1.004-1.078 billion yuan, with a year-on-year increase of 35-45%; The net profit attributable to the parent company is expected to be 468505 million yuan, with a year-on-year increase of 25-35%.
The performance continues to grow, in line with market expectations: according to the company's announcement, the company is expected to achieve a median operating revenue of 1.041 billion yuan in the first quarter of 2022, with a year-on-year increase of 40%; The median net profit attributable to the parent company is expected to be 487 million yuan, with a year-on-year increase of 30%, and the company's performance continues to grow rapidly. Affected by the rising price of raw materials and exchange rate, the net interest rate of Q1 company in 2022 is expected to be about 46.75%, slightly lower than 50.35% in the same period last year. Due to the company's good supply chain management advantages and cost control ability, it is expected that the company will gradually reduce the impact of raw material price rise, exchange rate fluctuation and other factors in the future, and its performance will continue to grow rapidly.
Yilian flagship zoom conference intelligent video phone passed the security certification: in January 2022, kudelskiiot, a subsidiary of kudelskigroup, a global leader in digital security and Internet of things solutions, and the company jointly announced that kudelskiiotsecuritylabs has successfully completed the advanced security test of the company's flagship intelligent video phone vp59 and become an officially certified zoomphone device. Yilian vp59 can provide zoomphone cloud phone and zoommeetings cloud conference functions, allowing users to collaborate easily and safely through high-quality video, audio and content sharing functions, and further expand the application scope of the company's products.
The new products meet the needs of mixed office and digital office: affected by the epidemic, many enterprise office modes have changed to mixed office. The company has launched bh7x series Bluetooth headsets to meet a variety of office scenes such as commuting, indoor and outdoor, and ensure the mixed office needs of employees through four levels of active noise reduction and ultra long endurance. In March 2022, the company launched the video hybrid cloud solution to localize the core conference services on the cloud, realize the integration of public cloud and private cloud, and give consideration to agility and security, integration and unity. Meet the complex and diverse meeting needs of users, and realize cost reduction, efficiency increase and flexible capacity expansion. On April 8, 2022, the company comprehensively upgraded the four capability matrices of professional conference, voice communication, smart office and efficient cooperation to create a one-stop communication and cooperation scheme between government and enterprises, adapt to the digital office needs of government and enterprise customers, and provide an immersive experience of one-stop smart office. On the afternoon of April 13, 2022, the company will release seven new hard core products such as hybrid cloud solution, conference tablet and desktop all-in-one machine, as well as a variety of innovative applications in government and enterprise industries. The continuous introduction of new products lays the foundation for the long-term and stable development of the company.
Investment suggestion: the company is a leading enterprise of SIP telephone, and its performance maintains rapid growth. We expect the company's operating revenue from 2021 to 2023 to be 3.7 billion yuan (+ 34.3%), 4.82 billion yuan (+ 30.2%) and 6.297 billion yuan (+ 30.6%) respectively; The corresponding net profit is RMB 2.671 billion (+ 2.691 billion) and RMB 2.691 billion (+ 2.091 billion) respectively. We give the company 40 times PE in 2022, corresponding to the target price of 93.20 yuan in 2022, maintaining the "Buy-A" investment rating.
Risk tips: increased market competition, exchange rate fluctuations, price fluctuations of main raw materials and risks of new product development
