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研報掘金 | 國信證券:億聯網絡經營穩健,持續加碼研發投入,市場競爭力持續提升,維持“買入”評級
格隆匯4月25日丨國信證券發研報指,億聯網絡(300628.SZ) 2022年實現營收48.1億元,同比增長30.6%;歸母淨利潤21.8億元,同比增長34.8%。其中桌面終端佔比穩步下降,會議產品和雲辦公終端佔比分別為27.0%和7.5%。公司桌面通信終端實現營收31.5億元,同比增長23.5%,毛利率為63.76%,同比+1.36%。公司在會議產品和雲辦公終端市場均推出較多新品,2022年公司會議產品實現營收13.0億元,同比+42.3%;雲辦公終端實現收入3.6億元,同比增長63.4%。國信證券認為,億聯網絡在桌面通信終端市場保持領先地位,並在會議產品和雲辦公終端市場不斷推出新品以提升用户體驗。公司研發投入持續增長,2022年研發費用同比增長35.9%,營收佔比為10.3%。在每個領域,公司都通過自主研發形成相關技術的積累,從研發的角度為公司創造比較競爭優勢,構築公司的技術護城河。國信證券預計公司2023-2025年歸母淨利潤分別為25.9/31.7/39.2億元,對應PE分別為21/17/14倍;看好公司產品和解決方案的市場競爭力持續提升,維持“買入”評級。
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