Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with operating income reaching 2.5 billion yuan, a year-on-year growth of 60%, and net profit attributable to shareholders at 192 million yuan, up 67% [1][2] - The strong performance is attributed to robust growth in both domestic and international markets, particularly in the NAS and mobile power product categories [2][3] Revenue Performance - In Q3 2025, the company's revenue growth accelerated significantly, driven by strong market performance in both overseas and domestic sectors [2] - The NAS and mobile power categories showed sustained growth momentum, contributing to the overall revenue increase [3] Profitability Analysis - The company's gross margin improved significantly in Q3 2025, with net profit attributable to shareholders reaching 192 million yuan, a 67% increase year-on-year, and non-recurring net profit at 188 million yuan, up 71% [1][2] - The gross margin increased by 0.7 percentage points, attributed to a higher proportion of overseas sales, while the sales expense ratio increased by 0.4 percentage points year-on-year but decreased by 1.5 percentage points quarter-on-quarter [2] - Management and R&D expense ratios decreased by 1.3 and 0.3 percentage points respectively, indicating effective cost control [2] Future Outlook - The company is expected to continue benefiting from ongoing expansion in channels and regions, with product innovation enhancing brand momentum [3] - Projections for net profit attributable to shareholders for 2025-2027 are 700 million, 1.04 billion, and 1.35 billion yuan respectively, indicating strong growth potential [3]
绿联科技(301606)：海外和新品拓展渐入佳境 业绩增长强劲