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].
绿联科技（301606）：营收增长提速，看好全年净利弹性