绿联科技2024年三季报点评：Q3扣非增长92%，NAS望更增光彩

Investment Rating - The report maintains a rating of "Buy" for the company [4][12]. Core Views - The company has shown strong growth in Q3, with a non-GAAP net profit increase of 92%, and is expected to continue this trend into the overseas consumption peak season in November and December [2][4]. - The forecast for the company's EPS for 2024-2026 has been raised to 1.18, 1.47, and 1.78 CNY respectively, reflecting growth rates of 26%, 24%, and 21% [4][12]. - The target price for the company's stock has been adjusted to 41.3 CNY, based on a 35x PE valuation for 2024 [12][4]. Financial Summary - For the first three quarters, the company reported revenue of 4.31 billion CNY, a year-on-year increase of 28.5%, and a net profit of 322 million CNY, up 28.9% [4]. - The Q3 revenue was 1.56 billion CNY, representing a 27% increase year-on-year, with a net profit of 115 million CNY, which is an 80.5% increase [4]. - The gross margin for the first three quarters was 37.7%, with a net margin of 7.47% [4]. - Operating cash flow improved significantly, with a total of 450 million CNY for the first three quarters, marking a 366% increase [4]. Business Development - The company is focusing on product innovation and expanding its product boundaries, particularly in NAS private cloud storage and audio products [4]. - The NAS market is expected to grow significantly, reaching a size of 51 billion USD by 2028, which presents a strong growth opportunity for the company [4]. - The company is accelerating its overseas expansion, utilizing both online platforms like Amazon and offline channels in major retail stores [4]. Market Position - The company is positioned as a leading player in the domestic cross-border e-commerce sector, with a strong brand presence and competitive advantages in technology and product offerings [12][4].