\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 28 Yealink Network Technology Co.Ltd(300628) )
Core view:
The operating performance of 2022q1 increased steadily, and the performance forecast of 2021 was in line with expectations
Recently, the company announced that in 2022q1, the expected revenue will reach 1.004 billion yuan to 1.078 billion yuan, with a year-on-year increase of 35% - 45%, and the net profit attributable to the parent company will be 468 million yuan to 505 million yuan, with a year-on-year increase of 25% - 35%. Due to the comprehensive impact of the base period gross profit level and quarterly non recurring profit and loss fluctuations, the growth rate of net profit is lower than that of revenue, but the growth rate of net profit excluding non recurring profit and loss is similar to that of revenue. In 2021, it is estimated that the revenue will reach 3.7 billion yuan, a year-on-year increase of 34.35%, and the net profit attributable to the parent company will reach 1.62 billion yuan, a year-on-year increase of 26.69%. During the reporting period, affected by exchange rate fluctuations, shortage of raw materials and rising costs, the performance in 2021 was in line with expectations, and the future performance is expected to maintain a high-speed growth trend.
Downstream demand continues to recover and various businesses are effectively expanded
The company has been deeply engaged in the field of Tob communication, continuously expanding the high-end business and further stabilizing the competitiveness of the medium and low-end market. In terms of desktop communication terminals, with the gradual weakening of the impact of the epidemic outside China and the continuous expansion of economic activities, the business line shows a recovery trend, the revenue of high business proportion (more than 70%) continues to improve, driving the overall marginal development of the company to improve, and the industry competitiveness is further enhanced. In terms of conference products, the global epidemic has affected the development of the video conference industry, and the "cloud + end" product design concept has been deepened. The cloud platform cooperates with the communication terminal to jointly create the ultimate audio and video experience, provide a one-stop overall solution, and continue to help the needs of remote office. In terms of cloud office terminals, affected by the global epidemic, enterprise hybrid office has become the new normal, and the market demand has increased rapidly. Since the establishment of the product line in 2020, the company has achieved significant performance growth, and successively launched new products such as wireless headphones in overseas markets in the first half of 2021. Thanks to the company's good technical accumulation in audio and video technology, it has received good market feedback. Benefiting from the gradual weakening of the impact of the epidemic, the new normal of hybrid office and the increasing demand for integrated communication brought by the digital transformation of enterprises, it is expected to help the company usher in the marginal improvement of performance.
Core advantages continue to highlight, high performance, and growth is expected to continue
The company's R & D investment is increasing to enhance the core competitiveness of the enterprise. In terms of voice terminals, audio quality not only greatly affects work efficiency, but also affects user comfort. The company has long insisted on investing a lot of R & D resources in the field of audio quality algorithm processing, accumulating and establishing a technical moat. In terms of user viscosity, reducing the threshold for users to use communication products is one of the core development directions of professional video equipment in the future. The company continues to embed artificial intelligence technology into different links of products and launch meetingeye series of video terminals in intelligent conference room; At the same time, flexible deployment schemes such as public cloud, hybrid cloud and private deployment are provided to adapt to and meet the diversified needs of different groups and continuously improve customer stickiness. In terms of market expansion, the company has established a distribution system covering more than 100 countries around the world and formed long-term and stable cooperative relations with dealers.
We are optimistic about the company's high growth trend in the future. Combined with the company's 2021 annual performance express, we give the company the predicted net profit attributable to the parent company from 2021e to 2023e of 161602 million yuan, 215069 million yuan and 277128 million yuan, corresponding to EPS of 1.79, 2.38 and 3.07 yuan, corresponding to pe43 94 times, 33.01 times and 25.62 times, with "recommended" rating.
Risk warning: global epidemic impact and uncertainty of foreign policies; Exchange rate fluctuations; Shortage of raw materials and rising prices; Market competition intensifies, and the market promotion of new products is less than expected.
