绿联科技：看好公司AI+NAS的智能生态布局-20260128

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 96.40 [1]. Core Insights - The company, Ugreen Technology, is expanding its AI+NAS ecosystem, positioning NAS as a central hub for home data, and has launched the SynCare smart security series [1][6]. - The company expects a net profit attributable to shareholders for 2025 to be between RMB 653 million and RMB 733 million, aligning with expectations [1]. - The company is accelerating its penetration into overseas markets while continuously investing in the AI+NAS ecosystem, which is expected to drive growth [1][6]. Financial Performance and Forecast - For the fiscal year 2024, the company anticipates revenue of RMB 6,170 million, with a year-on-year growth of 28.46%. The net profit attributable to shareholders is projected to be RMB 462.28 million, reflecting a growth of 19.29% [5]. - The company forecasts significant revenue growth in the coming years, with expected revenues of RMB 9,236 million in 2025 and RMB 12,500 million in 2026, representing growth rates of 49.70% and 35.34%, respectively [5]. - The expected net profit for 2026 is RMB 1,000 million, with a year-on-year growth of 41.64% [5]. Product Development and Market Strategy - Ugreen has announced the pre-sale of its AI NAS products, which will be available on Kickstarter in March, showcasing advanced features such as Intel CPUs and AI capabilities [7]. - The SynCare series, which includes smart security products, was showcased at CES 2026, indicating the company's commitment to building a comprehensive smart ecosystem [8]. - The company has reported impressive sales growth in its mobile power and NAS categories, with year-on-year increases of 127% and 227%, respectively, in 2025 [6]. Valuation and Market Position - The company is expected to enjoy a valuation premium due to its overseas market penetration and product category expansion, with a projected PE ratio of 40 times for 2026 [9]. - The target price of RMB 96.40 is based on a 40 times PE ratio, reflecting confidence in the company's growth trajectory and market strategy [9].