Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported Q3 2025 revenue of 2.507 billion yuan, a year-on-year increase of 60.4%, and a net profit attributable to shareholders of 192 million yuan, up 67.3% [5] - The earnings forecast for 2025-2027 has been revised upwards, with expected net profits of 672 million yuan, 904 million yuan, and 1.187 billion yuan respectively [5] - The company is expected to benefit from the increasing penetration of the NAS storage industry and the growth of its charging business, maintaining a "Buy" rating [5] Financial Performance - In Q3 2025, the gross margin was 37.2%, showing a year-on-year increase of 0.7 percentage points [7] - The company achieved a net profit margin of 7.7% in Q3 2025, which is an increase of 0.3 percentage points year-on-year [7] - The revenue for 2025 is projected to reach 8.945 billion yuan, representing a year-on-year growth of 45% [8] Market Position and Growth Drivers - The company’s domestic online sales growth reached 73% in Q3 2025, with mobile power sales increasing by 189% [6] - The market share for NAS storage and mobile power reached 36% and 6% respectively in Q3 2025, with an upward trend in mobile power share [6] - The company is focusing on expanding its offline channels and enhancing its product offerings, particularly in high-end AI NAS products [6] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 36.7, 27.2, and 20.7 respectively [5] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.62 yuan, 2.18 yuan, and 2.86 yuan respectively [5] - The company’s return on equity (ROE) is expected to be 20.1% in 2025, increasing to 22.4% by 2027 [8]
绿联科技（301606）：公司信息更新报告：2025Q3业绩超预期，继续看好高潜力NAS业务以及核心主业高增