\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 28 Yealink Network Technology Co.Ltd(300628) )
Event overview: on April 12, 2022, the company released the 22q1 performance forecast, which is expected to achieve an operating revenue of RMB 1.004-1.078 billion, a year-on-year increase of 35% - 45%, and a net profit attributable to the parent company of RMB 468505 million, a year-on-year increase of 25% - 35%.
The trend of mixed office is determined, which drives the high growth of enterprise communication demand. The epidemic that lasted for more than two years has fundamentally changed people's working and living habits. Many well-known overseas companies began to explore the mixed office mode (sometimes remote and sometimes shift commuting form) at the beginning of the epidemic. A number of Internet giants such as Microsoft, twitter, Google, Facebook and apple have taken the lead in normalizing and institutionalizing the mixed office, and companies in other traditional industries have joined in succession, In China, Ctrip took the lead in opening the mixed office mode from March 1, 22. We believe that mixed office is expected to become a new office trend. The company's supporting teams and zoom overseas on the hardware side and Tencent conferences in China are expected to fully benefit from the high demand for corporate communications.
The performance has increased for two consecutive quarters, and the verification inflection point has reached. According to the median value of the forecast, the company realized a revenue of 1.041 billion yuan in 22q1, a year-on-year increase of 40%, and a net profit attributable to the parent company of 487 million yuan, a year-on-year increase of 30%. The net profit margin was 46.75%, slightly lower than 50.35% in the same period. We judged that it was mainly caused by the suppression of gross profit margin by raw materials and exchange rate. In terms of quarters, the company's 21q4 revenue was 1.172 billion, a year-on-year increase of 47.68%, and the revenue exceeded 1 billion for two consecutive quarters. On the one hand, it shows that the company has overcome the impact of tight supply and exchange rate fluctuations, on the other hand, it also confirms the sustainability of overseas demand. Considering that the company has strong cost control, supply chain management and refined production capacity, we are optimistic that the company will achieve the 22-23 year equity incentive target (revenue and profit increase by 20%) and the five-year partner incentive target (annual revenue increase by 30%).
New products continue to be introduced to the market and the product matrix continues to be improved. In terms of cloud office terminals, the company launched the business Bluetooth headset bh7x in 22 years. Following the USB wired headset such as uh34 in 2021 and DECT wireless headset such as wh6x series, which focuses on integrated voice workstation, the company has made great efforts in the high-end audio market and created a complete headset product line; Hearing aid products are also under orderly research and development. In terms of video conference, the company launched the electronic doorsector roompanel of multi-functional conference room for collaborative office, roomsensor for space occupancy detection, roomcast, etc., and launched the video hybrid cloud scheme to comply with the general trend of hybrid office.
Investment suggestion: with the normalization of mixed office trend, we believe that the company is expected to maintain high performance growth. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.62022992932 billion respectively, the current PE multiple corresponding to the market value is 44x / 31x / 25X, and the valuation center of the company in recent five years is 41x. Maintain a "recommended" rating.
Risk warning: the progress of mixed office is not as expected; Exchange rate fluctuations; Risk of price rise of raw materials.
