开源证券股份有限公司吕明,林文隆近期对绿联科技（301606）进行研究并发布了研究报告《公司首次覆 盖报告：充电品牌和渠道势能提升，NAS存储赛道星辰大海》，首次覆盖绿联科技给予买入评级。 绿联科技 3C配件业务起家，高潜力NAS存储开始放量，首次覆盖给予"买入"评级 NAS私有云存储：产品迭代创新带动ToC领域渗透，公司份额领先 NAS私有云存储隶属数据存储赛道，能够通过连接家庭网络或者外网同时为多台设备提供文件传输、影视 资源播放、备份、在线编辑等功能，对于家庭用户来说能够达到优于云网盘的作用且数据存储在本地提高 了隐私性。2024年预计NAS ToC端销量129万台，低渗透率主要系传统企业聚焦ToB市场导致ToC市场缺乏 较好体验的产品或者消费者使用门槛高。2024年公司推出全新NAS存储系列产品(适用团队以及适用家庭 个人产品)同时对系统进行升级，提升产品易用性的同时能够实现照片高级检索、高码率影视资源整理、 在线同步多人编辑等功能，产品升级带动公司年初以来份额快速提升。展望后续，随着产品逐步完善成 熟，移动硬盘客群转化后行业量或达大几百万。若转化至影视爱好者、内容创作者(千万体量)甚至云网盘 (上亿 ...

证券代码：301067 证券简称：显盈科技 深圳市显盈科技股份有限公司 投资者关系活动记录表 编号：2025-01 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与深圳市显盈科技股份有限公司2024年度网上业绩说明会的 投资者 | | 时间 | 2025年05月15日 15:30-16:30 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 董事长兼总经理 肖杰 | | | 副总经理兼财务总监 陈英滟 | | 上市公司接待人员姓名 | 副总经理兼董事会秘书 陈立 | | | 独立董事 祁丽 | | | 独立董事 蒋培登 | | 投资者关系活动主要内容 | 公司于2025年5月15日（星期四）下午15:30-16:30在价值在线举 | | | 办2024年度网上业绩说明会，主要问答情况如下： | | | 1、请问公司今年计划何时分红？五月还是六月呢 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 100.10 RMB [6][7]. Core Views - The company reported a revenue of 24.71 billion RMB in 2024, a year-on-year increase of 41.1%, and a net profit of 2.11 billion RMB, up 30.9% year-on-year, exceeding previous expectations [1]. - In Q1 2025, the company achieved a revenue of 5.99 billion RMB, representing a 36.9% year-on-year growth, and a net profit of 500 million RMB, which is a 59.6% increase year-on-year [1]. - The growth is attributed to product innovation and optimization of the product structure, along with increased foreign exchange gains [1]. - The company is expected to maintain a long-term upward trend despite short-term disruptions from increased tariffs on domestic goods by the US [1]. Revenue and Profit Analysis - In 2024, the revenue from the energy storage business surged by 184% year-on-year, with total revenues from charging storage, smart innovation, and smart audio categories reaching 12.67 billion RMB, 6.34 billion RMB, and 5.69 billion RMB respectively, with year-on-year growth rates of 47.2%, 39.5%, and 32.8% [2]. - Online and offline revenues for 2024 were 17.6 billion RMB and 7.11 billion RMB, reflecting increases of 43.0% and 36.7% respectively, with independent site revenue growing by 101.3% [2]. Cost and Margin Insights - The gross margin for 2024 was 43.7%, a slight increase of 0.1 percentage points year-on-year, primarily due to product structure optimization [3]. - The sales expense ratio was 22.5%, up 0.3 percentage points year-on-year, driven by increased marketing and platform costs [3]. - The R&D expense ratio increased to 8.5%, up 0.45 percentage points year-on-year, while the financial expense ratio decreased to 0.1% due to increased foreign exchange gains [3]. Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 2.42 billion RMB, 2.83 billion RMB, and 3.34 billion RMB respectively, with corresponding EPS of 4.55 RMB, 5.32 RMB, and 6.29 RMB [4]. - The average PE for comparable companies in 2025 is expected to be 22 times, and the company is assigned a 2025 PE of 22 times, leading to a target price of 100.1 RMB [4]. Financial Metrics Overview - The projected revenue for 2025 is 30.95 billion RMB, reflecting a growth rate of 25.25% [5]. - The net profit for 2025 is expected to be 2.42 billion RMB, with a growth rate of 14.26% [5]. - The company’s ROE is projected to be 21.65% in 2025, indicating strong profitability [5].

证券研究报告 绿联科技 (301606 CH) 营收增长提速，看好全年净利弹性 华泰研究 季报点评 2025 年 4 月 29 日│中国内地 零售 公司发布一季报：1Q25 实现营收 18.24 亿元，同比+42.0%，归母净利润 1.50 亿元，同比+47.2%。我们认为，1Q25 收入高增长主要得益于全球化 战略的不断落地，叠加新品上市后销售效果良好。展望后续，我们预计在产 品矩阵不断扩充的加持下，公司加速渗透非美市场（欧洲、东南亚等）的逻 辑有望持续兑现，同时 NAS 存储或将进入放量增长的新阶段，公司经营持 续向好，利润弹性可期，维持"买入"评级。 推新不断完善产品矩阵，营收增长提速 1Q25 营收同比+42.0%，增速较 4Q24 提升 13.5pct，我们认为主要系新品 驱动。2024 年公司通过加大研发投入，不断推出新产品和更新迭代现有品 类，在国内外市场进行产品矩阵的补充优化和推广，比如高瓦数氮化镓快充 产品、第二代 NAS 云存储产品和 TWS 耳机。上述新品的导入助推 1Q25 营收加速增长。在 2025 年 1 月举办的 CES 展上，绿联科技展出 AI NAS、 Nexode 500W ...