Yealink Network (300628 CH): Steady Expansion in New Products and Channels

Yealink Network's 9M26 revenue/attributable net profit (NP)/recurring attributable NP were RMB5,054/2,276/2,171mn (+17.59/+16.25/+17.77% YoY), in line with its profit alert. For 3Q26, revenue/attributable NP were RMB1,705/752mn (+3.44/+4.74% YoY). The company continued advancing market expansion and channel building, while downstream market demand gradually recovered, driving steady profit growth. We are optimistic about the long-term growth potential of conference products and cloud office terminals. Maintain BUY. By segment, the desktop communication terminal business maintained stable development backed by a mature market base and solid competitive advantages. The second growth engine delivered continued momentum: conference products leveraged AI technology to build a more efficient and intelligent office and meeting experience, raising technical capabilities and market share;