Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue of 1.824 billion yuan, a year-on-year increase of 42.0%, and a net profit attributable to the parent company of 150 million yuan, up 47.2% year-on-year. This growth is attributed to the successful implementation of a globalization strategy and the positive sales impact of new product launches [1][2]. Revenue Growth and Product Matrix - Q1 2025 revenue growth accelerated to 42.0%, an increase of 13.5 percentage points compared to Q4 2024, primarily driven by new product introductions. The company enhanced its product matrix through increased R&D investment, launching new products such as high-power GaN fast chargers, second-generation NAS cloud storage products, and TWS headphones [2][3]. - At the CES event in January 2025, the company showcased new products including AI NAS and Nexode 500W GaN chargers, which are expected to contribute significantly to revenue growth in the current year [2]. Profitability and Financial Metrics - In Q1 2025, the company's gross profit margin was 38.0%, a decrease of 1.6 percentage points year-on-year, mainly due to a higher proportion of lower-margin storage products and increased shipping costs. The net profit margin increased by 0.3 percentage points year-on-year to 8.2% [3]. - The company reported financial expenses of -7.813 million yuan in Q1 2025, compared to -0.512 million yuan in Q1 2024, primarily due to foreign exchange gains from currency fluctuations [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 672 million yuan, 859 million yuan, and 1.081 billion yuan for 2025-2027, with corresponding EPS of 1.62, 2.07, and 2.60 yuan. The acceleration of the globalization strategy and the expansion of product categories are expected to enhance revenue and profit growth [4]. - As of April 28, the average PE ratio for comparable companies in 2025 is projected to be 29 times. The company is assigned a target PE of 40 times for 2025, corresponding to a target price of 64.80 yuan, maintaining a "buy" rating [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 64.80 RMB [7][8]. Core Views - The company reported a revenue of 1.824 billion RMB in Q1 2025, representing a year-on-year increase of 42.0%, and a net profit of 150 million RMB, up 47.2% year-on-year. This growth is attributed to the successful implementation of its globalization strategy and the positive sales performance of new products [1][2]. - The company is expected to continue expanding its product matrix and penetrating non-US markets, particularly in Europe and Southeast Asia, which will contribute to sustained revenue growth. The NAS storage segment is anticipated to enter a new phase of significant growth [1][4]. Summary by Sections Revenue Growth - In Q1 2025, the company's revenue growth accelerated to 42.0%, an increase of 13.5 percentage points compared to Q4 2024, primarily driven by new product launches. The company has enhanced its product offerings through increased R&D investment, introducing high-wattage GaN fast charging products, second-generation NAS cloud storage products, and TWS earphones [2][3]. Profitability - The gross profit margin for Q1 2025 was 38.0%, a decrease of 1.6 percentage points year-on-year, mainly due to a higher proportion of lower-margin storage products and increased shipping costs. The net profit margin improved by 0.3 percentage points year-on-year to 8.2% [3][4]. Financial Forecast and Valuation - The company maintains its profit forecasts, expecting net profits of 672 million RMB, 859 million RMB, and 1.081 billion RMB for 2025, 2026, and 2027, respectively. The estimated EPS for these years is projected to be 1.62 RMB, 2.07 RMB, and 2.60 RMB. The company is expected to enjoy a valuation premium due to its accelerating globalization strategy and product expansion [4][6].