研報掘金丨山西證券:首予億聯網絡“增持-B”評級,AI導入有望打開新增長點
山西證券研報指出,億聯網絡(300628.SZ)2024年實現淨利潤26.48億元,同比+31.72%;2025Q1實現歸母淨利潤5.62億元,同比-1.15%。會議產品持續打造更加智能化、高效化、安全化的產品方案,2024年實現收入19.97億元,同比+36.21%,佔收入比重35.52%,同比+1.81 pct。認為公司話機產品仍具備較強的市場競爭力,雖然由於補庫週期結束可能導致增速放緩,但公司仍積極挖掘細分場景,有望進一步提升市場份額。未來隨着AI功能導入,新品將新增實時翻譯、語音轉文字等功能,助力業務實現長期高速增長。考慮到公司產品具備較強的市場競爭力,AI的導入有望繼續擴大市場份額,首次覆蓋給予“增持-B”評級。
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