\u3000\u3000 Yealink Network Technology Co.Ltd(300628) (300628)
Event:
The company released the performance forecast for 2021. During the reporting period, it is expected to achieve revenue of 3.58 billion yuan ~ 3.81 billion yuan, with a year-on-year increase of 30% ~ 38%; The net profit attributable to the parent company is expected to be RMB 1.57 billion ~ 1.66 billion, with a year-on-year increase of 23% ~ 30%.
Specifically, the company's Q4 revenue is expected to reach RMB 1.052 billion ~ 1.272 billion, with a year-on-year increase of 33% ~ 60%, the median value is RMB 1.162 billion, with a year-on-year increase of 46%, and the revenue shows a high growth trend month on month. It is estimated that the net profit attributable to the parent company of Q4 is RMB 355 million ~ 444 million, with a year-on-year increase of 31% ~ 64%, and the median value is RMB 399 million, with a year-on-year increase of 47%.
In 2021, the company's operation is facing challenges brought by macro factors such as exchange rate fluctuation, shortage of raw materials such as chips and price rise. In the face of multiple external adverse factors, the company actively responds: on the one hand, the company continues to expand the market to offset the adverse impact of exchange rate fluctuation on performance growth; On the other hand, make full use of the company's good supply chain management advantages, deal with the shortage and price rise of raw materials in various ways, reduce the negative impact as much as possible, and go all out to ensure the steady progress of various businesses.
The current time point should be anchored by revenue. The company's Q4 revenue maintained a high growth month on month, highlighting its comprehensive competitiveness
Since this year, the company's three business lines have made breakthroughs in product iterative upgrading and new product launch, and the product competitiveness has been continuously improved.
In terms of desktop communication terminals: while continuously upgrading the products and consolidating the market competitiveness of the company's products, we have jointly developed a number of new products with Microsoft and zoom, deepened the depth of cooperation between the two sides and further developed the high-end market.
Conference products: Yilian cloud video has been fully upgraded to provide users with a more stable, clear and secure conference experience. At the same time, it has newly upgraded the private cloud deployment solution yms4.0 for large government enterprises 0 In addition, it also launched a new smart conference room solution for future collaborative office, and launched a variety of video collaboration solutions in cooperation with Microsoft and Tencent.
In terms of cloud office terminal, it has launched a variety of products such as wired and wireless headphones, cameras and professional broadband traffic headphones, and further improved the product matrix; In the future, the product line will continue to enrich, and is committed to making users have a more perfect audio and video communication experience in the mobile office scene
Profit forecast and investment suggestions:
To sum up, we are optimistic about the company's future growth by combining the company's short-term revenue month on month growth and medium and long-term development logic!
In the short term, the market demand faced by the company is recovering, and the business income of the company is growing again. As of the mid-21st year report, the company's desktop communication terminal business has achieved a year-on-year increase of 20%; Conference product business achieved a year-on-year increase of 99%; Cloud office terminal business achieved a year-on-year increase of 132%. In the face of exchange rate fluctuations, rising prices of raw materials and other adverse factors, the company cut through difficulties and achieved year-on-year growth in revenue
In the medium and long term, the company continues to maintain the iteration of various business products, which is expected to enhance the comprehensive competitiveness of the company. We have repeatedly stressed that the company's medium and long-term development logic remains unchanged: 1) the company maintains continuous iteration of various products and steadily improves the competitiveness of comprehensive products, providing strong support for the company's operation; 2) In the medium and long term, the company's demand for cloud office terminals and cloud video services is expected to continue to inject vitality into the company.
We expect the company's net profit attributable to the parent company from 21 to 23 years to be RMB 1.6 billion, RMB 2.22 billion and RMB 2.88 billion, maintaining the "buy" rating.
Risk tip: exchange rate fluctuations put pressure on the company's revenue and profit growth, worsened the market competition pattern of the company's desktop communication terminal and video conference business, and developed the cloud office terminal business
