\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 28 Yealink Network Technology Co.Ltd(300628) )
Event:
HP announced the acquisition of poly, a video conferencing and collaboration manufacturer, for $40 a share, valued at $3.3 billion. Poly, as the company’s main global competitor, is conducive to Yilian’s market development during this integration (short-term). Based on HP’s own supply chain and customer resource advantages, the medium and long-term threat to Yilian remains to be seen.
At the same time, the company released the performance forecast of 22q1. 22q1 company is expected to achieve revenue of 1 billion yuan ~ 1.08 billion yuan, with a year-on-year increase of 35% ~ 45%, and the median value is 1.04 billion yuan, with a year-on-year increase of 40%; It is estimated that the net profit attributable to the parent company will be 470 million yuan to 510 million yuan, with a year-on-year increase of 25% ~ 35%, and the median value will be 487 million yuan, with a year-on-year increase of 30%.
At the current time point, the income should be the anchor. The income of 22q1 maintained a high growth year-on-year, highlighting the company’s comprehensive competitiveness
In the past 21 years, the operation of the company has been affected by objective adverse factors such as exchange rate fluctuations, tight supply in the raw material market and rising prices. However, the company continued to improve product competitiveness, and the three business lines made breakthroughs in product iterative upgrading and new product launch.
In terms of desktop communication terminals: while continuously upgrading the products and consolidating the market competitiveness of the company’s products, we have jointly developed a number of new products with Microsoft and zoom, deepened the depth of cooperation between the two sides and further explored the high-end market. Conference products: Yilian cloud video has been comprehensively upgraded to provide users with a more stable, clear and safe conference experience. At the same time, it has newly upgraded the private cloud deployment solution yms4 for large government and enterprises 0 In addition, it also launched a new smart conference room solution for future collaborative office, and launched a variety of video collaboration solutions in cooperation with Microsoft and Tencent conference. In terms of cloud office terminal, it has launched a variety of products such as wired and wireless headphones, cameras and professional broadband traffic headphones, and further improved the product matrix; In the future, the product line will continue to enrich, and is committed to making users have a more perfect audio and video communication experience in the mobile office scene.
To sum up, we take the company’s medium and long-term development logic as the core and are optimistic about the company’s future growth!
In the short term, the market demand faced by the company is recovering, and the competition pattern is expected to change. At the same time, the revenue of each business of the company resumes growth. Facing the adverse factors such as exchange rate fluctuations and rising prices of raw materials in the past 21 years, the company has cut through thorns and thorns to achieve a year-on-year high increase in revenue!
In the medium and long term, the company continues to maintain the iteration of various business products, which is expected to enhance the comprehensive competitiveness of the company. We have repeatedly stressed that the company’s medium and long-term development logic remains unchanged: 1) the company maintains continuous iteration of various products and steadily improves the competitiveness of comprehensive products, providing strong support for the company’s operation; 2) In the medium and long term, the company’s demand for cloud office terminals and cloud video services is expected to continue to inject vitality into the company. We expect the net profit attributable to the parent company in 22 and 23 years to be about 2.09 billion yuan and 2.724 billion yuan, maintaining the “buy” rating.
Risk tip: the competition pattern of desktop communication terminal industry intensifies, the development of video conference & cloud office terminal is less than expected, the growth rate of revenue and profit of the company slows down due to exchange rate fluctuations, and the performance forecast data is preliminarily estimated by the company’s financial department and has not been pre audited by the audit institution
