亿联网络(300628)24Q1业绩超预期经营拐点已现

营业收入37.13%10.64%33.76%30.57%-9.61%归母净利润45.08%3.52%26.38%34.75%-7.69%扣非净利润821.60%1.80%28.09%43.94%-13.00%数据来源：、表2：季度财务关键数据（单位：百万元）财报数据22Q222Q322Q423Q123Q223Q323Q424Q1营业总收入1,296.261,222.641,250.21888.631,155.041,180.001,124.371,163.62营业成本493.74455.97431.94315.82395.26391.36388.05411.60销售费用53.1056.66105.0753.3960.4866.2295.7158.63管理费用24.9824.6540.5823.6027.1531.8250.3628.63研发费用89.7390.00241.0695.3598.38106.95198.39102.28财务费用-71.17-69.6912.3320.54-50.76-5.58-0.01-13.18投资净收益28.5246.4944.0619.5033.4433.3472.8710.12营业利润715.92709.90413.15459.81661.86637.26418.70620.95归母净利润650.02644.18396.69422.91606.59584.68396.05568.61扣非归母净利润614.89604.72389.22348.04555.60535.03349.69519.71主要比率毛利率61.91%62.71%65.45%64.46%65.78%66.83%65.49%64.63%销售费用率4.10%4.63%8.40%6.01%5.24%5.61%8.51%5.04%管理费用率1.93%2.02%3.25%2.66%2.35%2.70%4.48%2.46%研发费用率6.92%7.36%19.28%10.73%8.52%9.06%17.64%8.79%营业利润率55.23%58.06%33.05%51.74%57.30%54.01%37.24%53.36%归母净利率50.15%52.69%31.73%47.59%52.52%49.55%35.22%48.87%YoY营业总收入42.91%39.23%8.18%-14.67%-10.89%-3.49%-10.07%30.95%归母净利润50.50%56.38%-0.32%-13.12%-6.68%-9.24%-0.16%34.45%扣非归母净利润59.03%60.78%14.11%15.87%15.87%15.87%15.87%15.87%QoQ营业总收入24.47%-5.68%2.26%-28.92%29.98%2.16%-4.71%3.49%归母公司净利润33.54%-0.90%-38.42%6.61%43.43%-3.61%-32.26%43.57%扣非归母净利润37.69%-1.65%-35.64%-10.58%59.64%-3.70%-34.64%48.62%数据来源：、（三）简评2324年202343.520.12023，同比提高2.7202424Q1单季度11.65.7202314.733.7%，6.7AI技术，引领高效智慧办公新体验，推出了超清分体式视讯终端MeetingEye500、智能安卓视讯DeskVisionA24BH2024年月222024()96.2434.44元/份以2324-25年收2023（叠加236.387.9%。二、盈利预测和投资建议14.0%/13.5%/13.0%。30.0%/25.0%/25.0%。24-2645.0%/35.0%/30.0%。24-2665.3%/64.7%/64.1%。24-26年分别为6.1%/5.5%/5.2%。24-262.6%/2.5%/2.3%。24-2610%/9.0%/8.0%。随着2024年海外需求复苏，去库存周期结束，公司业务重回增长轨道，我们预计2024-202653.063.475.724.129.5、EPS1.912.332.86元司202426倍PE49.65元/表3：亿联网络收入拆分2021202220232024E2025E2026E桌面通信终端营业收入（亿元）25.4731.4525.4429.0132.9237.20YoY21.22%23.47%-19.11%14.00%13.50%13.00%营业成本（亿元）9.5811.408.299.5711.1913.02YoY33.41%19.00%-27.23%15.40%16.94%16.32%毛利率62.40%63.76%67.40%67.00%66.00%65.00%会议产品营业收入（亿元）9.1312.9914.6619.0623.8229.77YoY72.77%42.34%12.81%30.00%25.00%25.00%营业成本（亿元）3.444.595.026.528.1010.06YoY113.59%33.21%9.39%29.84%24.27%24.26%毛利率62.27%64.69%65.76%65.80%66.00%66.20%云办公终端营业收入（亿元）2.213.613.234.696.338.23YoY80.35%63.44%-10.33%45.00%35.00%30.00%营业成本（亿元）1.131.751.492.162.893.74YoY100.94%54.96%-14.99%44.68%34.12%29.43%毛利率48.71%51.37%53.90%54.00%54.30%54.50%其他业务营业收入（亿元）0.030.050.150.220.330.51YoY54.08%58.49%179.20%50.00%52.00%53.00%营业成本（亿元）0.010.050.100.150.220.34YoY137.48%340.29%87.73%49.65%49.80%53.00%毛利率62.97%-2.86%30.84%31.00%32.00%32.00%合计营业收入（亿元）36.8448.1143.4852.9763.4075.71YoY33.76%30.57%-9.61%21.82%19.70%19.41%营业成本（亿元）14.1717.7914.9018.4022.4127.17YoY51.34%25.61%-16.23%23.42%21.82%21.25%毛利率61.55%63.01%65.72%65.27%64.65%64.11%毛利润（亿元）22.6830.3128.5834.5740.9948.54归母净利（亿元）16.1621.7820.1024.1429.5136.12YoY26.38%34.75%-7.69%20.07%22.24%22.41%数据来源：，表4：可比公司估值证券简称证券代码市值（亿元）收盘价（元/股）股本（亿股）2024EEPS2025E 2026E2024EPE2025E2026E二六三002467.SZ48.463.4913.880.090.0939.9837.25视源股份002841.SZ228.6032.607.012.613.2112.5010.17可比公司平均1.531.8826.2420.81数据来源：，备注：可比公司盈利预测来自一致预期，收盘日期为2024年4月23日。三