Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - Ugreen Technology is a leading player in the cross-border digital accessories market, with strong growth potential driven by NAS product launches and overseas expansion [8]. - The company's overseas revenue is expected to grow by 46% in 2024, accounting for 57% of total revenue, indicating a significant shift towards international markets [8]. - The NAS product line is projected to become a crucial growth driver, with the global consumer NAS market expected to reach $6.1 billion in 2024 and grow at an annual rate of 12.1% from 2025 to 2030 [8][78]. Summary by Sections Company Overview - Ugreen Technology focuses on five main product categories: charging, transmission, audio-video, storage, and mobile peripherals, with NAS products expected to accelerate growth [14]. - The company has established its own brand "Ugreen" and has seen overseas revenue increase significantly since its international expansion began in 2014 [8][14]. Financial Analysis - The company is projected to achieve total revenue of 6.17 billion yuan in 2024, with a compound annual growth rate (CAGR) of 21.42% from 2021 to 2024 [23]. - The net profit attributable to shareholders is expected to reach 462.28 million yuan in 2024, reflecting a year-on-year growth of 19.29% [1][23]. Channel Structure - Overseas revenue has become a major growth driver, increasing from 46% of total revenue in 2021 to 57% in 2024 [44]. - The company relies heavily on platforms like Amazon for its overseas sales, which accounted for 65% of international revenue in 2023 [58]. NAS Products - NAS is anticipated to become a significant growth curve for the company, with the market demand expected to rise due to increasing digitalization and data security needs [67]. - The company plans to introduce AI capabilities in its NAS products, enhancing their appeal and functionality [77]. Investment Forecast - The report forecasts net profits of 637.62 million yuan in 2025, 835.80 million yuan in 2026, and 1,038.22 million yuan in 2027, with corresponding year-on-year growth rates of 37.93%, 31.08%, and 24.22% respectively [1][8].
绿联科技（301606）：品牌出海强势推进，NAS新品打开成长空间