\u3000\u3000 Yealink Network Technology Co.Ltd(300628) (300628)
The market share of SIP phones has ranked first in the world for four consecutive years: according to Frost & Sullivan data, in 2017, the company shipped more than 2.9 million SIP desktop phones worldwide, with a market share of 26%, becoming the SIP Phone supplier with the largest market share in the world. From 2018 to 2019, the company's share was 27.3% and 29.5% respectively, ranking first in the world. In 2020, under the influence of adverse factors such as epidemic situation and rising prices of raw materials, the market share of the company rose to 34.3%, ranking first in the world for four times. On September 1, 2021, Yealink Network Technology Co.Ltd(300628) Shanghai Experience Center opened grandly. In October 2021, the company joined hands with Tencent conference to launch a new Tencent conference special Android all-in-one machine meetingbara20 / A30. In October 2021, the company's video conference system was applied in the United Nations COP15 conference. In November 2021, the company was selected into the 2021 Research Report on the application implementation of China's information and innovation industry and the top 60 suppliers, a well-known European think tank. In December 2021, the company's video conference system was stationed in the convenience service room of Chaoyang village, Zhaohua Town, Zhaohua District, Guangyuan City to solve the problems of long distance and repeated running.
The performance maintained rapid growth, and the gross profit margin and net profit margin remained high: according to the company's third quarterly report, the company realized an operating revenue of 2.529 billion yuan in the first three quarters of 2021, a year-on-year increase of 29.0%; The net profit attributable to the parent company was RMB 1.218 billion, a year-on-year increase of 20.9%. Among them, the revenue in Q3 of 21 was 878 million yuan in a single quarter, a year-on-year increase of 15.6%; The net profit attributable to the parent company was 412 million yuan, a year-on-year increase of 13.7%. Under the influence of the price rise of upstream raw materials, exchange rate fluctuations and Xiamen epidemic, the company still achieved steady growth in revenue and net profit attributable to its parent, and the overall performance was in line with expectations. Since 2019, the gross profit margin of the company has remained above 62% and the net profit margin has remained above 45%. In the first three quarters of 2021, the gross profit margin of the company's sales was 62.1%, and the net profit margin of sales was 48.2%. The company's R & D investment continued to grow. In the first three quarters of 2021, the company's R & D expenses reached 185 million yuan, with a R & D expense rate of 7.32%. By the end of 2020, the company had 695 R & D personnel, accounting for 49.9%.
The development of the video conference industry is accelerating, and the business headset business is expected to repeat its successful experience: according to the statistics of iResearch consulting, the global video conference market has increased from 31.9 billion yuan in 2012 to 59.3 billion yuan in 2020. The company has accumulated technology in the audio and video field for more than 20 years, has a R & D team of more than 400 people, and has reached the industry-leading level in video engine technology, camera technology and video application. In Q3 of 2021, the company ranked fifth in the world in terms of video conference system shipments, becoming the only Chinese enterprise on the list. According to Frost & Sullivan data, the global business headset market will exceed 10 billion yuan in 2019 and is expected to reach 18.9 billion yuan in 2025. The company has accumulated profound audio processing technology in the SIP phone business, and built many national professional laboratories. The business headset can highly reuse the technical advantages in the SIP Phone. At the same time, due to lower costs and expenses, the company's product pricing has more advantages than foreign brands. The sales model of the commercial headset industry is similar to that of SIP phones. The relationship between the company and dealers is stable. The reuse of sales channels can help the company open the business headset market. We expect that the company's business headset business is expected to reproduce its successful experience in the SIP Phone industry.
Investment suggestion: the company's performance maintains rapid growth, SIP Phone Business and video conference business develop together, and business headphones are expected to reproduce the company's successful experience through reuse of SIP Phone R & D technology and sales channels. The company's performance maintains rapid growth, and the SIP Phone Business and video conference business develop together. The business headset is expected to reproduce the company's successful experience through the reuse of SIP Phone R & D technology and sales channels. We estimate that the company's operating revenue from 2021 to 2023 will be RMB 3.676 billion (+ 33.5%), RMB 4.820 billion (+ 31.1%) and RMB 6.297 billion (+ 30.6%) respectively; The net profit attributable to the parent company was 1.701 billion yuan (+ 33.0%), 2.183 billion yuan (+ 28.4%) and 2.790 billion yuan (+ 27.8%) respectively. We give the company 45 times PE in 2022, corresponding to the target price of 108.9 yuan. Maintain the "Buy-A" investment rating.
Risk warning: increased market competition, exchange rate fluctuation, price fluctuation of main raw materials and risk of new product development
