Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Insights - The company achieved a revenue of 9.5 billion yuan in 2025, representing a year-on-year increase of 54%, and a net profit attributable to shareholders of 705 million yuan, up 52% year-on-year [6] - In Q4 2025, the company reported a revenue of 3.1 billion yuan, a 68% increase year-on-year, and a net profit of 240 million yuan, up 69% year-on-year [6] - The report highlights the company's strong growth potential in the NAS storage sector and its core business, driven by channel expansion and market share gains [6][7] Financial Performance Summary - Revenue for 2025 is projected at 9.5 billion yuan, with a year-on-year growth of 53.8% [9] - The net profit for 2025 is expected to be 705 million yuan, reflecting a year-on-year increase of 52.4% [9] - Gross margin for 2025 is reported at 37%, with a slight decrease from the previous year [8] - The company anticipates net profits of 1.0 billion yuan, 1.4 billion yuan, and 1.8 billion yuan for 2026, 2027, and 2028 respectively, with corresponding EPS of 2.42 yuan, 3.27 yuan, and 4.30 yuan [6][9] Business Segment Performance - Revenue from various product categories in 2025 includes: - Charging products: 4.4 billion yuan (up 47%) - Smart office: 2.4 billion yuan (up 38%) - Smart audio-visual: 1.5 billion yuan (up 39%) - Smart storage: 1.2 billion yuan (up 213%) [7] - Domestic revenue reached 3.7 billion yuan, growing 40% year-on-year, while overseas revenue was 5.8 billion yuan, up 64% year-on-year [7] Market Outlook - The report expresses optimism regarding the company's growth in both domestic and international markets, particularly in the NAS storage sector, which is expected to benefit from AI advancements and price stabilization [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 9.491 billion yuan for 2025, representing a year-on-year growth of 54%. The net profit attributable to shareholders was 705 million yuan, also up by 52% year-on-year. The net profit excluding non-recurring items was 680 million yuan, reflecting a 54% increase year-on-year [5][8] - The company's core business continues to show strong growth, with significant contributions from NAS (Network Attached Storage) products, which saw a revenue increase of 213.18% year-on-year, reaching 1.226 billion yuan in 2025. The launch of AI NAS at CES 2026 is expected to enhance growth potential in this segment [8] - The company maintains a stable profitability profile, with a gross margin of 36.91% in Q4 2025, and a net profit margin of 7.57% [8] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 12.082 billion yuan in 2026, with a year-on-year growth rate of 27.3%. The net profit attributable to shareholders is expected to reach 915 million yuan, reflecting a growth rate of 29.8% [7][9] - The earnings per share (EPS) is forecasted to be 2.20 yuan in 2026, with a price-to-earnings (P/E) ratio of 31 times [7][9] - The company has a stable return on equity (ROE) forecasted to be 22.6% in 2026, increasing to 25.8% by 2028 [7]

智能存储表现亮眼，NAS 贡献主要增长 绿联科技(301606) 证券研究报告 消费电子 / 公司点评 / 2026.03.31 | 投资评级:增持(维持) | | --- | | 基本数据 | 2026-03-30 | | --- | --- | | 收盘价(元) | 69.53 | | 流通股本(亿股) | 2.19 | | 每股净资产(元) | 8.15 | | 总股本(亿股) | 4.15 | 最近 12 月市场表现 -21% 6% 34% 62% 90% 118% 绿联科技 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1. 《多元产品协同发力，驱动三极增长引擎》 2026-03-20 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营 ...

证券研究报告 | 年报点评报告 gszqdatemark 2026 04 01 年 月 日 绿联科技（301606.SZ） 25 年圆满收官，26 年新品蓄力潜力强劲 绿联科技发布 2025 年年报。实现收入 94.9 亿元，同比+53.8%；归母净 利润 7 亿元，同比+52.4%；其中单 Q4 收入 31.3 亿元，同比+67.7%， 归母净利润 2.4 亿元，同比+69.2%。 亮点一：多业务 2025 年 Q4 增长提速、存储增长超预期。分产品看，充 电创意类/智能办公类/智能影音类/智能存储类 2025 年同比增速为 47.3%/38.4%/38.8%/213.2% ， 2025Q4 同 比增 速 为 53.0%/47.3%/ 48.1%/319.9%，Q4 多业务增长提速，存储增长尤为显著。2026 年 1 月 CES 展上公司发布 AI NAS，具备生产力工具、智能图片搜索、文件检索、 会议转写、翻译、智能摘要与 mindmap 生成、自然语言自动化任务执行 等核心功能，同时公司拓展智慧生活类产线，我们预计 2026 年在新品驱 动下公司增长可持续。 亮点二：2025 年存储业务毛利率提升。充电 ...

证券研究报告·公司点评报告·消费电子 绿联科技（301606） 2025 年年报点评：扣非净利润同比+54%，充 电及存储品类增速亮眼 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,170 | 9,491 | 12,876 | 17,383 | 21,831 | | 同比（%） | 28.46 | 53.83 | 35.67 | 35.00 | 25.59 | | 归母净利润（百万元） | 462.28 | 704.59 | 981.55 | 1,308.35 | 1,654.42 | | 同比（%） | 19.29 | 52.42 | 39.31 | 33.29 | 26.45 | | EPS-最新摊薄（元/股） | 1.11 | 1.70 | 2.37 | 3.15 | 3.99 | | P/E（现价&最新摊薄） | 62.41 | 40.94 | 29.39 | 22.05 | 17.44 | [Ta ...

证券研究报告 | 年报点评报告 gszqdatemark 2026 04 01 年 月 日 绿联科技发布 2025 年年报。实现收入 94.9 亿元，同比+53.8%；归母净 利润 7 亿元，同比+52.4%；其中单 Q4 收入 31.3 亿元，同比+67.7%， 归母净利润 2.4 亿元，同比+69.2%。 亮点一：多业务 2025 年 Q4 增长提速、存储增长超预期。分产品看，充 电创意类/智能办公类/智能影音类/智能存储类 2025 年同比增速为 47.3%/38.4%/38.8%/213.2% ， 2025Q4 同 比增 速 为 53.0%/47.3%/ 48.1%/319.9%，Q4 多业务增长提速，存储增长尤为显著。2026 年 1 月 CES 展上公司发布 AI NAS，具备生产力工具、智能图片搜索、文件检索、 会议转写、翻译、智能摘要与 mindmap 生成、自然语言自动化任务执行 等核心功能，同时公司拓展智慧生活类产线，我们预计 2026 年在新品驱 动下公司增长可持续。 亮点二：2025 年存储业务毛利率提升。充电创意类/智能办公类/智能影 音 类 / 智能存储类 2025 年毛利率同比 ...

[Table_Tag] [Table_Summary] 投资要点 ◼ 我们认为公司目前处于产品+渠道势能叠加的快速成长周期： 证券研究报告·公司点评报告·消费电子 绿联科技（301606） 2025 年年报点评：扣非净利润同比+54%，充 电及存储品类增速亮眼 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,170 | 9,491 | 12,876 | 17,383 | 21,831 | | 同比（%） | 28.46 | 53.83 | 35.67 | 35.00 | 25.59 | | 归母净利润（百万元） | 462.28 | 704.59 | 981.55 | 1,308.35 | 1,654.42 | | 同比（%） | 19.29 | 52.42 | 39.31 | 33.29 | 26.45 | | EPS-最新摊薄（元/股） | 1.11 | 1.70 | 2.37 | 3.15 | 3.99 ...

绿联科技（301606）深度研究 主业四重驱动，NAS 供需奔赴 2026 年 03 月 31 日 【投资要点】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：秦一超 证书编号：S1160525040002 证券分析师：童心怡 证书编号：S1160525060002 相对指数表现 基本数据 -30% 0% 30% 60% 90% 120% 2025/3 2025/9 2026/3 绿联科技 沪深300 | 总市值（百万元） | 28,848.68 | | --- | --- | | 流通市值（百万元） | 15,228.20 | | 52 周最高/最低（元） | 86.18/31.44 | | 52 周最高/最低（PE） | 50.75/18.51 | | 52 周最高/最低（PB） | 10.58/3.86 | | 52 周涨幅（%） | 121.15 | | 52 周换手率（%） | 48.82 | | 注：数据更新日期截止 2026 年 03 月 30 日 | | 相关研究 公 司 研 究 / 电 子 / 证 券 研 究 报 告 作为近年强势品牌，绿联以主业全球扩张+NAS 新增量加 ...

绿联科技（301606）深度研究 主业四重驱动，NAS 供需奔赴 2026 年 03 月 31 日 【投资要点】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：秦一超 证书编号：S1160525040002 证券分析师：童心怡 证书编号：S1160525060002 相对指数表现 基本数据 -30% 0% 30% 60% 90% 120% 2025/3 2025/9 2026/3 绿联科技 沪深300 | 总市值（百万元） | 28,848.68 | | --- | --- | | 流通市值（百万元） | 15,228.20 | | 52 周最高/最低（元） | 86.18/31.44 | | 52 周最高/最低（PE） | 50.75/18.51 | | 52 周最高/最低（PB） | 10.58/3.86 | | 52 周涨幅（%） | 121.15 | | 52 周换手率（%） | 48.82 | | 注：数据更新日期截止 2026 年 03 月 30 日 | | 相关研究 公 司 研 究 / 电 子 / 证 券 研 究 报 告 作为近年强势品牌，绿联以主业全球扩张+NAS 新增量加 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 9.49 billion RMB in 2025, representing a year-on-year growth of 53.8%, with a net profit of 700 million RMB, up 52.42% year-on-year [1] - The company is experiencing rapid growth in its 3C main business, driven by multi-channel collaboration and deepening global layout, with online and offline revenue growth of 52.0% and 59.4% respectively [1][2] - The NAS segment is identified as a new growth engine, with smart storage revenue reaching 1.226 billion RMB in 2025, a significant increase of 213.18% year-on-year [2] Revenue and Profitability Analysis - The company's gross margin for 2025 was 37.0%, a slight decrease of 0.37 percentage points from the previous year, primarily due to the increased proportion of lower-margin smart storage products and rising raw material costs [2] - The company’s operating expenses showed varied trends, with sales expenses rising due to increased investment in overseas market expansion and brand promotion, while management expenses decreased due to improved efficiency [2] Financial Forecast and Valuation - The company is expected to achieve net profits of 970 million RMB, 1.28 billion RMB, and 1.68 billion RMB for 2026, 2027, and 2028 respectively, with growth rates of 41.4%, 29.0%, and 31.0% [3] - The current stock price corresponds to a price-to-earnings (PE) ratio of 29.0, 22.5, and 17.1 for the years 2026, 2027, and 2028 [3]