\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 28 Yealink Network Technology Co.Ltd(300628) )
Event overview: on April 13, 2022, Yealink Network Technology Co.Ltd(300628) 2022 smart office new product launch was held. The company built four capability matrices of professional conference, voice communication, efficient collaboration and smart office, and launched hybrid cloud video solution, conference tablet, domestic voice solution, dual lens 4K intelligent tracking camera, desktop integrated terminal, BH series Bluetooth business headset Seven new products of smart conference room solutions.
Based on the new trend of mixed office, four capability matrices are constructed. Under the covid-19 epidemic, a new round of changes have taken place in the office mode, and telecommuting / mixed office will gradually become the norm, which puts forward new requirements for the daily communication, organization management and operation and maintenance efficiency of enterprises. However, the traditional video conference system faces challenges such as limited meeting scenes, high concurrent costs and security concerns of customers. Based on this, the company has built four capability matrices of conference, voice, collaboration and smart office, Provide enterprise users with: 1) safe, stable and one-step meeting ability; 2) No. 1 has traveled all over the world with safe and reliable integrated voice capability; 3) Multi party interconnection, efficient and convenient cooperation ability; 4) Smart office capacity that is interconnected and easy to use and manage.
Smart office hardware is comprehensively benchmarked with Cisco, and the value of each product is significantly improved. Cisco has been the leader of Gartner collaborative conference solutions for 15 consecutive years, and it has always been regarded by the industry as a wind vane of mixed office capabilities and services. At the press conference, Yilian launched Intelligent Collaborative conference tablet meetingboard, desktop all-in-one deskvisiona24 and bh7x business Bluetooth headset, which are respectively benchmarked to Cisco's conference tablet webexboard, all-in-one webexdeskpro and Cisco headset, and their performance is close to or slightly improved. For example, webexboard has built-in 12 microphone array and meetingboard has built-in 16 microphone array. We think this shows that the company's products are in line with the industry leader. More importantly, the selling price of the company's video conference products is much higher than that of traditional SIP phones (according to the selling price of existing overseas channels, the selling price range of SIP phones is $200500, and the selling price range of video conference products is $ Dingli Corp.Ltd(300050) 00. Considering the performance upgrading of new products, the terminal price will be further improved). The doubling of ASP is expected to open up the growth space of the company.
The overall solution of hybrid office. The company has launched hybrid cloud video solutions and ume domestic voice solutions, which can realize cloud integration and multi scene coverage; Public cloud and private cloud are integrated, stable and reliable, and support large concurrency; Support a full set of localization schemes to ensure data security. The company's smart meeting room solution integrates the functions of meeting room space management, scheduling management, schedule viewing, automatic operation and maintenance, conference environment regulation and so on, so that people are no longer separated from space, equipment and data, data can be connected in series, and the management efficiency of the enterprise can be effectively improved. Through this press conference, we found that the nature of the company is quietly changing. On the one hand, it has further enriched the product types. At present, it has a full stack of enterprise communication product lines such as integrated communication & Conference platform, intelligent 4K video terminal, conference tablet, desktop all-in-one machine, intelligent conference room and personal terminal. On the other hand, it has gradually changed from the image of traditional enterprise communication hardware equipment supplier in market cognition, Change to an enterprise full scene communication and collaboration solution provider.
Investment suggestion: the channels of enterprise communication can be highly reused, and the barriers to adaptation and certification are high. As the only Chinese enterprise with a full product line entering the team ecosystem, the company has scarcity and is expected to reproduce the growth path of SIP phones in the fields of video conference, business headset, camera and so on. We expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 1.62022992932 billion respectively, the PE multiple corresponding to the current market value is 44x / 31x / 24x, 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.
