\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 28 Yealink Network Technology Co.Ltd(300628) )
The performance continued to grow steadily, in line with expectations. The company released the performance forecast for the first quarter of 2022. In the first quarter of 2022, the company achieved a revenue of about 1-1.08 billion yuan, a year-on-year increase of 35% - 45%, and a net profit attributable to the parent of 470510 million yuan, a year-on-year increase of 25% - 35%. Among them, the impact of non recurring profit and loss on the current net profit is about 40 million yuan, and the non economic profit and loss in the same period last year is about 50 million yuan. The growth rate of deducting non net profit is close to that of revenue.
The influence of non operating factors may decline day by day. In 2021, affected by non operating factors such as exchange rate / price rise of raw materials, the overall profit margin of the company declined to a certain extent. Since most of the company's revenue comes from overseas and is priced in US dollars, the exchange rate between China and the United States in 2022q1 is about 6.35, which is still lower than about 6.5 in 2021q1, which has a certain impact on the overall revenue and profit margin. However, we believe that the impact of non operational factors including the decline of exchange rate / raw materials / epidemic situation on the company will gradually decrease, and the company's own product expansion and share increase will be more fully reflected in the next few quarters.
The product competitiveness is outstanding, and the new product line is growing rapidly. According to Frost & Sullivan, the company's global market share in SIP Phone shipments increased from 29.6% in 2019 to 34.3% in 2020, ranking first in a row. At the same time, the company has become the world's fifth largest manufacturer of video conference system VCs products. While the basic service SIP phones are growing steadily, new services (VCS / cloud office terminals) continue to grow at a high rate. The proportion of services in revenue has reached 31% in the middle of 2021, and continues to maintain high-speed growth. Lay a solid foundation for the further development of the company in the future.
Profit forecast and Valuation: the company's operation is stable, the development of each business line is good, and the second growth curve is open. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.62 billion, RMB 2.19 billion and RMB 2.69 billion, corresponding to 44 / 33 / 27 times of the current share price PE respectively, maintaining the "buy" rating.
Tips: the main business friction is aggravated; The epidemic situation affects the demand of the industry; The shortage of raw materials affects the delivery.
