Investment Rating - The investment rating for the company is "Buy" with a target price of 64.80 RMB [7][8]. Core Views - The company reported a revenue of 1.824 billion RMB in Q1 2025, representing a year-on-year increase of 42.0%, and a net profit of 150 million RMB, up 47.2% year-on-year. This growth is attributed to the successful implementation of its globalization strategy and the positive sales performance of new products [1][2]. - The company is expected to continue expanding its product matrix and penetrating non-US markets, particularly in Europe and Southeast Asia, which will contribute to sustained revenue growth. The NAS storage segment is anticipated to enter a new phase of significant growth [1][4]. Summary by Sections Revenue Growth - In Q1 2025, the company's revenue growth accelerated to 42.0%, an increase of 13.5 percentage points compared to Q4 2024, primarily driven by new product launches. The company has enhanced its product offerings through increased R&D investment, introducing high-wattage GaN fast charging products, second-generation NAS cloud storage products, and TWS earphones [2][3]. Profitability - The gross profit margin for Q1 2025 was 38.0%, a decrease of 1.6 percentage points year-on-year, mainly due to a higher proportion of lower-margin storage products and increased shipping costs. The net profit margin improved by 0.3 percentage points year-on-year to 8.2% [3][4]. Financial Forecast and Valuation - The company maintains its profit forecasts, expecting net profits of 672 million RMB, 859 million RMB, and 1.081 billion RMB for 2025, 2026, and 2027, respectively. The estimated EPS for these years is projected to be 1.62 RMB, 2.07 RMB, and 2.60 RMB. The company is expected to enjoy a valuation premium due to its accelerating globalization strategy and product expansion [4][6].

Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]

Group 1 - The core viewpoint of the article highlights the impressive financial performance of Shenzhen Ugreen Technology Co., Ltd. in Q1 2025, with a revenue of 1.824 billion yuan, representing a year-on-year growth of 41.99%, and a net profit of 150 million yuan, up 47.18% year-on-year [2] - The company has accumulated a total of 1,628 domestic and international patents by the end of 2024, which supports product upgrades and innovation [2] - Ugreen Technology is focusing on five major product series, enhancing R&D in areas such as NAS private cloud storage, acoustic headphones, and charging technology, while integrating AI technology to meet evolving market demands [2] Group 2 - In the storage segment, the company launched the world's first AINAS product series iDX, featuring a built-in large language model and Intel Core Ultra processor, which supports advanced functions like image search and intelligent file management [2] - In the charging segment, Ugreen Technology continues to lead trends in fast charging, introducing various innovative products in 2024, including mobile power banks, new power strips, GaN chargers, and multi-functional wireless chargers [2] - The company has deepened its localized operations in overseas markets, establishing subsidiaries in key markets such as the US, Germany, and Japan, which enhances its brand influence and drives rapid growth in distribution channels [3] Group 3 - According to Huatai Securities, Ugreen Technology is expected to enter a new upward business cycle due to accelerated penetration in Europe and Southeast Asia, along with the expansion of NAS storage categories [3] - The company aims to continue focusing on user needs and seizing opportunities in the AI era, using technological innovation as a driving force to create valuable tech solutions for global consumers [3]

Core Insights - In Q1 2025, the company reported a revenue of 1.824 billion yuan, representing a year-on-year growth of 41.99%, and a net profit attributable to shareholders of 150 million yuan, up 47.18%, indicating a strong start to the year [1] - The company's innovation capabilities have been a key driver of its performance, with a total of 1,628 patents obtained by the end of 2024, supporting product upgrades and technological advancements [1] - The company is actively integrating AI technology into its product lines, particularly in NAS private cloud storage, audio technology, and charging solutions, to meet evolving market demands [1] Storage Segment - The company launched the world's first AINAS product, the iDX series, featuring a built-in large language model and Intel Core Ultra processor, which supports advanced functionalities like image search and intelligent file management [1] Charging Segment - The company continues to lead the fast-charging industry by introducing various innovative products in 2024, including mobile power banks, new power strips, GaN chargers, multi-functional wireless chargers, and high-power car chargers, enhancing product practicality and versatility [2] Audio-Video Segment - The company has optimized product performance in the audio-video category, releasing several new models that enhance user experience and loyalty, with plans to launch AI-enabled smart headphones in 2025 to expand its smart wearable ecosystem [2] Market Expansion - The company has deepened its localized operations in overseas markets, establishing subsidiaries in key regions such as the US, Germany, and Japan, which has strengthened its brand influence and accelerated growth in distribution channels [2] - Significant progress has been made in Europe and the Americas, with a focus on emerging markets in Southeast Asia, Latin America, and the Middle East, earning recognition as a top global expansion brand [2] Future Outlook - According to Huatai Securities, the company is expected to enter a new upward business cycle driven by its accelerated penetration in non-US markets and expansion in NAS storage categories [3]

证券代码：301606 证券简称：绿联科技 公告编号：2025-014 深圳市绿联科技股份有限公司 第二届监事会第六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 深圳市绿联科技股份有限公司(以下简称"公司")第二届监事会第六次会 议于 2025 年 4 月 28 日在公司会议室以现场方式召开。会议通知于 2025 年 4 月 22 日以电子邮件方式送达各监事。会议应出席监事 3 人，实际出席监事 3 人。 会议由公司监事会主席雷淑斌先生主持，本次会议的召开符合相关法律法规和 《公司章程》的规定。 二、监事会会议审议情况 1、审议并通过《关于<2025 年第一季度报告>的议案》 公司 2025 年第一季度报告的编制和审议程序符合法律、行政法规、中国证 监会和深圳证券交易所的有关规定，报告内容真实、准确、完整地反映了公司的 实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决情况：3 票同意、0 票反对、0 票弃权。 三、备查文件 1、公司第二届监事会第六次会议决议。 特此公告。 深圳市绿联科技股份有限公司监事会 ...

深圳市绿联科技股份有限公司 第二届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：301606 证券简称：绿联科技 公告编号：2025-013 具体内容详见公司同日披露在巨潮资讯网（www.cninfo.com.cn）的《2025 年第一季度报告》。 表决结果：9 票同意、0 票反对、0 票弃权。 三、备查文件 1、公司第二届董事会第六次会议决议； 2、公司第二届董事会审计委员会第五次会议决议。 一、董事会会议召开情况 深圳市绿联科技股份有限公司(以下简称"公司")第二届董事会第六次会 议于 2025 年 4 月 28 日在公司会议室以现场和通讯表决相结合的方式召开。会议 通知于 2025 年 4 月 22 日以电子邮件方式送达各董事。会议应出席董事 9 人，实 际出席董事 9 人（其中独立董事高海军先生、赖晓凡先生、文广先生以通讯表决 方式审议表决）。会议由公司董事长张清森先生主持，公司监事、高级管理人员 列席会议。本次会议的召开符合相关法律法规和《公司章程》的规定。 二、董事会会议审议情况 1、审议并通过《关于<2025 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,823,808,518.29, representing a 41.99% increase compared to ¥1,284,435,195.37 in the same period last year[5] - Net profit attributable to shareholders was ¥150,271,413.35, up 47.18% from ¥102,097,456.05 year-over-year[5] - Basic earnings per share increased by 32.48% to ¥0.3622 from ¥0.2734 in the previous year[5] - Net profit for the current period was ¥148,536,889.11, representing a 47% increase compared to ¥100,958,289.42 in the previous period[23] - Earnings per share (EPS) increased to ¥0.3622 from ¥0.2734, reflecting a growth of 32.5%[24] - The total comprehensive income for the current period was ¥148,536,889.11, compared to ¥100,958,289.42 in the previous period[24] Cash Flow and Liquidity - The net cash flow from operating activities was -¥31,868,345.19, a decrease of 127.25% compared to ¥116,949,069.04 in Q1 2024[10] - Cash flow from operating activities showed a net outflow of ¥31,868,345.19, a significant decline from a net inflow of ¥116,949,069.04 in the previous period[25] - Total cash and cash equivalents at the end of the period amounted to $1.08 billion, down from $780.49 million year-over-year[26] - The net increase in cash and cash equivalents was -$60.43 million, compared to -$211.83 million in the previous period, showing a significant reduction in cash outflow[26] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥4,050,936,344.46, a 4.01% increase from ¥3,894,941,425.75 at the end of the previous year[5] - The company's total liabilities were CNY 967.39 million, down from CNY 970.10 million, showing a decrease of approximately 0.2%[20] - Current liabilities decreased slightly to CNY 830.81 million from CNY 861.95 million, a reduction of about 3.6%[20] - Non-current assets increased to CNY 605.68 million from CNY 541.33 million, reflecting a growth of about 11.9%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,660[12] - Zhang Qingsen holds 45.27% of shares, totaling 187,832,050 shares[12] - Chen Junling holds 17.36% of shares, totaling 72,023,350 shares[12] - Shenzhen Luguan Management Consulting Partnership holds 12.82% of shares, totaling 53,200,000 shares[12] - Zhuhai Hillhouse Xiheng Equity Investment Partnership holds 8.44% of shares, totaling 35,003,342 shares[12] - The number of shares with limited sale conditions for Zhang Qingsen remains at 187,832,050, with a release date set for 2027[15] Income and Expenses - Operating costs amounted to ¥1,637,804,216.61, up 42% from ¥1,155,925,365.63, with operating costs specifically rising from ¥775,579,592.88 to ¥1,130,641,896.58[22] - Research and development expenses rose to ¥80,504,845.56, up from ¥64,756,081.47, indicating a focus on innovation[22] - The company reported a significant increase in other income, totaling ¥4,162,147.33, driven by tax deductions and government subsidies[9] - Investment income surged by 257.28% to ¥2,165,637.08, attributed to returns from financial products[9] - The company reported an investment income of ¥2,165,637.08, compared to ¥606,150.84 in the previous period, marking a substantial increase[23] Future Plans - The company is preparing for its initial public offering (IPO) scheduled for July 2025, with strategic placements and lock-up periods for various stakeholders[17]

依托多元化产品矩阵、全球化渠道布局及持续技术创新，绿联科技（301606）(301606.SZ)业绩实现稳 健增长。 4月23日，深圳市绿联科技股份有限公司(下称"绿联科技")披露2024年年度报告。报告期内，公司实现 营收61.70亿元，同比增长28.46%；实现净利润4.62亿元，同比增长19.29%，整体延续了良好的增长趋 势；经营现金流净额6.24亿元，财务健康性进一步提升。 作为一家主要从事3C消费电子产品的研发、设计、生产及销售的企业，绿联科技自2012年成立以来， 坚持技术创新和用户导向的发展战略，目前，其产品线已全面覆盖传输、音视频、充电、移动周边及存 储五大领域。 长江商报记者注意到，绿联科技产品不仅成功打入欧美日韩等战略市场，还覆盖全球100多个国家和地 区，2024年其境外销售收入占比达57.44%。 受益于消费电子市场的持续发展，近年来绿联科技的营收和净利润均保持上涨趋势。 2024年，绿联科技延续良好增长趋势，报告期内，公司实现营收61.70亿元，同比增长28.46%；净利润 4.62亿元，同比增长19.29%；扣非净利润4.42亿元，同比增长20.42%。 公开资料显示，绿联科技成 ...

公募基金方面，本期较上一期持股增加的公募基金共计1个，即大成新锐产业混合A，持股增加占比小 幅上涨。本期较上一季度持股减少的公募基金共计2个，包括华安创业板50指数A、华安创业板50ETF， 持股减少占比小幅下跌。本期较上一季度新披露的公募基金共计1951个，主要包括永赢智能领先A、永 赢成长领航混合A、富国创业板两年定期开放混合、富国中小盘精选混合A/B、富国创新科技混合A 等。 2025年4月24日，绿联科技(301606.SZ)发布2024年年度报告。截至2025年4月23日，共有1979个机构投 资者披露持有绿联科技A股股份，合计持股量达1.25亿股，占绿联科技总股本的30.24%。其中，前十大 机构投资者包括深圳市绿联管理咨询合伙企业(有限合伙)、珠海高瓴锡恒股权投资合伙企业(有限合 伙)、深圳市绿联和顺管理咨询合伙企业(有限合伙)、服务贸易创新发展引导基金(有限合伙)、华泰证券 资管-招商银行-华泰绿联科技家园1号创业板员工持股集合资产管理计划、深圳市和顺四号管理咨询合 伙企业(有限合伙)、深圳市和顺三号管理咨询合伙企业(有限合伙)、深圳市和顺二号管理咨询合伙企业 (有限合伙)、交通银行股份有限公 ...

Core Insights - UGREEN Technology reported a revenue of 6.17 billion yuan for 2024, marking a year-on-year growth of 28.46%, and a net profit of 462 million yuan, up 19.29%, indicating a sustained growth trend [1] - The company announced a total cash dividend of 373 million yuan for the year, representing 80.78% of the net profit, reflecting confidence in its stable operations and healthy development [1] Revenue Growth Drivers - The company invested 304 million yuan in R&D in 2024, a 40.87% increase year-on-year, resulting in a total of 1,628 patents, which supports a diversified product matrix [2] - Charging products accounted for 38.08% of total revenue, with a strong year-on-year growth of 50.87%, while other core business segments also saw double-digit growth [2] Market Opportunities - UGREEN is capitalizing on the growing consumer NAS market, launching a variety of NAS products that meet security and privacy demands, positioning itself for growth in this emerging sector [3] - The NAS market is projected to reach $51 billion by 2028, indicating significant potential for UGREEN's product lines [2] Global Market Strategy - The company achieved a balanced revenue distribution with 42.53% from domestic markets and 57.47% from international markets, mitigating risks associated with single market fluctuations [4] - Revenue from Asia (excluding mainland China) grew by 50.07%, Europe by 45.80%, and the Americas by 39.92%, showcasing a robust global presence [4] Localization Efforts - UGREEN's revenue growth in international markets is attributed to localized operations that cater to regional consumer needs, such as promoting NAS solutions in Europe and Japan, and launching products aligned with local trends in Asia [5] - The company aims to continue innovating and expanding in the consumer electronics sector, leveraging AI opportunities to enhance product offerings and shareholder value [5]