Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue of 1.824 billion yuan, a year-on-year increase of 42.0%, and a net profit attributable to the parent company of 150 million yuan, up 47.2% year-on-year. This growth is attributed to the successful implementation of a globalization strategy and the positive sales impact of new product launches [1][2]. Revenue Growth and Product Matrix - Q1 2025 revenue growth accelerated to 42.0%, an increase of 13.5 percentage points compared to Q4 2024, primarily driven by new product introductions. The company enhanced its product matrix through increased R&D investment, launching new products such as high-power GaN fast chargers, second-generation NAS cloud storage products, and TWS headphones [2][3]. - At the CES event in January 2025, the company showcased new products including AI NAS and Nexode 500W GaN chargers, which are expected to contribute significantly to revenue growth in the current year [2]. Profitability and Financial Metrics - In Q1 2025, the company's gross profit margin 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 increased by 0.3 percentage points year-on-year to 8.2% [3]. - The company reported financial expenses of -7.813 million yuan in Q1 2025, compared to -0.512 million yuan in Q1 2024, primarily due to foreign exchange gains from currency fluctuations [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 672 million yuan, 859 million yuan, and 1.081 billion yuan for 2025-2027, with corresponding EPS of 1.62, 2.07, and 2.60 yuan. The acceleration of the globalization strategy and the expansion of product categories are expected to enhance revenue and profit growth [4]. - As of April 28, the average PE ratio for comparable companies in 2025 is projected to be 29 times. The company is assigned a target PE of 40 times for 2025, corresponding to a target price of 64.80 yuan, maintaining a "buy" rating [4].
绿联科技(301606)：营收增长提速 看好全年净利弹性