\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 28 Yealink Network Technology Co.Ltd(300628) )
Core view
In the first quarter of 2022, revenue and performance achieved double high growth. The company released the performance forecast. It is estimated that in the first quarter of 2022, the revenue will be 1.0-1.08 billion yuan (35% - 45% year-on-year), the net profit attributable to the parent company will be 468505 million yuan (25% - 35% year-on-year), and the net profit attributable to the parent company after deduction will be 428465 million yuan (32% - 44% year-on-year). The overall performance is in line with expectations.
The operation of the company is stable and all businesses are continuously and effectively promoted. The rapid growth of the company's revenue is mainly due to the steady growth of SIP Phone revenue, and the continuous expansion and upgrading of conference products and cloud office terminal product matrix has brought new growth momentum. The growth rate of the company's net profit attributable to the parent company after deducting non profits was slightly lower than the growth rate of revenue, mainly because the price rise effect of raw materials in the first quarter of last year had not been fully reflected, and the gross profit margin fell slightly year-on-year, maintaining a relatively stable level as a whole.
Chip supply and demand has improved, and the cost side pressure is expected to improve quarter by quarter. The tension between supply and demand in the upstream processor chip industry has been relaxed. With the release of wafer foundry capacity, the pressure of chip price rise and shortage is expected to be gradually relieved later, which will also help the normal progress of the company's high-end product upgrading.
The mobile mixed office with multi equipment and multi scene collaboration has become the new normal. The company continues to launch new products and improve the whole scene video solution, and the product competitiveness continues to improve. The company recently launched new platform products such as hybrid cloud solution, domestic voice solution and smart conference room with upgraded coverage architecture, as well as 4K dual camera intelligent conference terminal, conference tablet, desktop all-in-one machine, Bluetooth headset and other terminal products. From the perspective of product layout, the company has opened up the data gap in different scenarios from software to hardware, realized cloud collaboration, and met the needs of seamless switching and connection of multiple scenarios of enterprise office. The company has always focused on the field of enterprise office and cooperation. New products are expected to make full use of existing technologies and channel resources to lay a solid foundation for the company's future growth.
Risk warning: possible adverse impact of US dollar exchange rate fluctuation; Overseas epidemics affect business development.
Investment advice: maintain the profit forecast and maintain the "buy" rating.
Maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2023 will be 2.22/2.9 billion yuan, with a year-on-year growth rate of 36 / 31%; The current share price corresponds to 33 / 25 times PE. The continuous listing of the company's new products will drive the rapid growth of performance in the next three years and maintain the "buy" rating.
