绿联科技首次覆盖报告：品牌崛起，出海提速

Investment Rating - The report initiates coverage with a "Buy" rating for the company, predicting a target price of 37.7 CNY based on comparable company valuations [4][5]. Core Insights - The company has established itself as a leading player in the global consumer electronics market, with a comprehensive product matrix under the UGREEN brand, focusing on technology development and accelerated overseas expansion, indicating promising medium to long-term growth prospects [3][4]. - Revenue growth from 2019 to 2023 has shown a CAGR of 23.8%, with net profit growing at a CAGR of 14.7%, reflecting strong operational performance [4][18]. - The global consumer electronics market is projected to grow from approximately 1.05 trillion USD in 2023 to 1.18 trillion USD by 2028, driven by policy support, technological innovation, and increasing consumer demand [4][18]. Summary by Sections 1. Earnings Forecast and Valuation - The company is expected to achieve revenues of 57.6 billion CNY, 67.9 billion CNY, and 79 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 20%, 18%, and 16% [4][18]. - Net profits are projected to be 4.65 billion CNY, 5.63 billion CNY, and 6.8 billion CNY for the same years, with growth rates of 20%, 21%, and 21% [4][18]. 2. Company Development - Founded in 2014, the company has grown into a top-tier global consumer electronics firm, with a product range that includes charging, transmission, audio-video, mobile peripherals, and storage, with respective revenue contributions of 32.4%, 30.1%, 19.8%, 9.3%, and 6.8% in 2023 [4][18]. - The company has a concentrated shareholding structure, with the founder and chairman holding approximately 46.4% of shares [4][18]. 3. Industry Outlook - The consumer electronics market is expected to maintain robust growth, with significant segments like chargers projected to exceed 42.8 billion USD by 2030, growing at a CAGR of about 6% [4][18]. - The cross-border e-commerce sector in China is nearing a scale of 2 trillion CNY, supported by enhanced policies and growing overseas demand [4][18]. 4. Competitive Advantages - The company leverages a combination of in-house R&D and outsourced production, allowing it to focus on innovation while maintaining a strong brand presence [4][18]. - The product matrix is designed to meet diverse consumer needs, with major products consistently ranking as Amazon Best Sellers [4][18]. - The company has established a robust supply chain and diverse procurement strategies, enhancing its operational efficiency [4][18].