Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a 67% year-on-year increase in net profit attributable to shareholders for Q3 2025, driven by the expansion of NAS new products and significant growth in overseas markets [7] - The company's total revenue for Q1-Q3 2025 reached 6.36 billion yuan, a 48% increase year-on-year, with Q3 revenue alone at 2.51 billion yuan, reflecting a 60% year-on-year growth [7] - The gross margin and net margin for Q3 2025 were 37.2% and 7.7%, respectively, showing improvements due to high growth in overseas business [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 4.803 billion yuan - 2024A: 6.170 billion yuan - 2025E: 9.183 billion yuan - 2026E: 12.494 billion yuan - 2027E: 16.379 billion yuan - Net profit projections are: - 2023A: 387.52 million yuan - 2024A: 462.28 million yuan - 2025E: 688.32 million yuan - 2026E: 957.84 million yuan - 2027E: 1,273.62 million yuan [1][8] - The report indicates an upward revision of net profit expectations for 2025-2027, now projected at 6.9 billion, 9.6 billion, and 12.7 billion yuan, respectively [7] Market and Product Insights - The company has become the leading online market player in the NAS segment in China, with a 125% year-on-year revenue growth in storage products for H1 2025 [7] - The introduction of new products, including upgraded charging devices and AI headphones, has contributed to revenue acceleration [7] - The company has successfully expanded its distribution channels, entering major retail markets in the US and Europe [7]