Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 653 million and 733 million RMB in 2025, representing a year-on-year growth of 41% to 59% [7] - The company has demonstrated strong performance in both product and channel development, with significant contributions from its NAS products and charging solutions [7] - The company's revenue for 2025 is projected to reach 9.183 billion RMB, reflecting a year-on-year increase of 48.85% [1][7] Financial Projections - Total revenue forecast for 2023A is 4.803 billion RMB, increasing to 6.170 billion RMB in 2024A, and reaching 9.183 billion RMB in 2025E [1] - Net profit attributable to shareholders is projected to grow from 387.52 million RMB in 2023A to 688.32 million RMB in 2025E, with a year-on-year growth rate of 48.90% [1] - The earnings per share (EPS) is expected to rise from 0.93 RMB in 2023A to 1.66 RMB in 2025E [1] Product and Channel Development - The company has launched the DH4300 Plus NAS product, which has gained traction in the market, particularly in Japan [7] - Revenue from storage products increased by 125% year-on-year in the first half of 2025, indicating strong demand [7] - The company has expanded its domestic and overseas channels, successfully entering major e-commerce platforms and retail chains in developed markets [7]
绿联科技（301606）：归母净利润同比增长41-59%，产品、渠道均发力