\u3000\u3000 Yealink Network Technology Co.Ltd(300628) (300628)
Event: on January 4, 2022, the company issued the announcement of performance increase in 2021. In 2021, the company is expected to realize an operating revenue of RMB 3.581-3.801 billion, with a year-on-year increase of 30.0% - 38.0%; The net profit attributable to the parent company is expected to be RMB 1.573-1.662 billion, with a year-on-year increase of 23.0-30.0%. In the fourth quarter of 2021, the company realized an operating revenue of RMB 1.052-1.272 billion, a year-on-year increase of 32.7% - 60.4% and a month on month increase of 19.8% - 44.9%; The net profit attributable to the parent company was RMB 355-444 million, with a year-on-year increase of 31.0% - 63.8% and a month on month change range of - 13.8% to + 7.8%. The main reason for the steady growth of the company's operating revenue is that the impact of the global covid-19 epidemic is gradually alleviated, the company's market demand continues to recover, and the business development strategy is active and effective. Although the operation of the company was affected by adverse factors such as exchange rate fluctuations, tight supply in the raw material market and price rise, the company actively took countermeasures, took advantage of good supply chain management and responded to the adverse effects in various ways, and the net profit attributable to the parent company still increased year-on-year.
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 29.6% respectively, ranking first in the world. In 2020, affected by the epidemic, employees' working hours in the office were reduced, reducing the downstream demand of desktop communication terminals. However, the company continued to lead in adversity and continuously improved its market share. In 2020, the market share increased to 34.3%, ranking first in the world for four times. The company has been deeply involved in the audio and video field for more than 20 years. With its technological innovation ability, product service ability, application landing ability and ecological construction ability, the company has been selected into the top 60 research reports and suppliers of China's information and innovation industry in 2021, a well-known European think tank.
Video conference products realize multi field applications: Yilian integrated communication video conference platform ym4 0 is committed to providing a safe and reliable information hub for large government and enterprise customers, fully supporting domestic CPUs, domestic operating systems and national secret algorithms, and won the " Beijing Centergate Technologies (Holding) Co.Ltd(000931) online recommended products in 2021". The company provides a full scene telemedicine cooperation solution from remote consultation platform to professional medical terminal for the medical field, which can meet the needs of users in the whole scene of "consultation room, emergency vehicle, ward, monitoring room, expert desktop, doctor desktop and mobile medicine". In January 2022, Tianjin Women's and children's health care center used Yealink Network Technology Co.Ltd(300628) telemedicine collaboration solution to build a "cloud maternal and child" platform of Provincial Maternal and child hospitals, district and County Maternal and child hospitals and treatment center covering three-level telemedicine services in Tianjin. "Women and children on the cloud" has promoted intelligent services such as remote consultation and guidance, online consultation, online referral, clinical consultation, remote visit / monitoring, remote training, case discussion, image diagnosis / ultrasound guidance, optimized the medical experience of women and children, and greatly alleviated the inconvenience of grass-roots pregnant women and infants going out for medical treatment. In the future, the company will continue to provide more high-quality products for all walks of life.
Investment suggestion: the company's performance has maintained rapid growth, and the market share of SIP phones has ranked first in the world for four consecutive years. 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; It is estimated that the net profit attributable to the parent company is RMB 1.607 billion (+ 25.7%), RMB 2.100 billion (+ 30.6%) and RMB 2.691 billion (+ 28.2%) respectively, and the corresponding EPS is RMB 1.78, RMB 2.33 and RMB 2.98 respectively. We give the company 40 times PE in 2022, corresponding to the target price of 93.2 yuan in 2022, maintaining 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
