行 华福证券 家用电器 2025 年 09 月 07 日 业 研 究 家用电器 NAS 专题：爆发前夜的潜力刚需品——25W36 周观点 投资要点： NAS 专题：爆发前夜的潜力刚需品 行 业 定 期 报 告 NAS 是一种将存储设备直接连接到网络，为多个用户提供数据存 储、管理和共享服务的解决方案。NAS 正在从专业用户小众产品发展 至大众产品，市场处于爆发前期，2023 年全球家用 NAS 设备市场销售 额达到了 24.4 亿元，预计 2030 年将达到 289.3 亿元，2023 年国内市场 规模为 7.12 亿元，占全球的 29.19%。 供需合力共同驱动 NAS 市场快速增长。从需求端来看，数据量的 爆炸式增长+"存储焦虑"+数据安全意识提升，驱动 NAS 需求释放； 从供给端来看，绿联等国内新势力厂商推出易用性+性价比产品，显著 降低了用户门槛，推动了 NAS 从"极客玩具"向"消费电子"的转变， 此外 AI 应用为 NAS 产品赋能，有助于品类持续渗透。 行情数据 本周家电板块涨跌幅-0.3%，其中白电/黑电/小家电/厨电板块涨跌 幅分别+1.0%/-4.0%/-0.6%/-2.6%。原材料价格 ...

Core Insights - Ugreen Technology reported impressive financial results for the first half of 2025, achieving a revenue of 3.857 billion yuan, a year-on-year increase of 40.6%, and a net profit of 275 million yuan, up 32.7% [1][2] Financial Performance - The company achieved a total revenue of 3.857 billion yuan in the first half of 2025, marking a significant growth of 40.60% year-on-year [2] - The net profit reached 275 million yuan, reflecting a year-on-year growth of 32.74% [2] - The second quarter alone generated a revenue of 2.033 billion yuan, an increase of 39.38% compared to the same period last year [2] Business Segments - Charging products remained the primary revenue driver, generating 1.427 billion yuan, a growth of 44.39%, accounting for 37.01% of total revenue [2] - Transmission products achieved a revenue of 1.028 billion yuan, up 29.00% [2] - Audio and video products generated 630 million yuan, with a growth of 28.22% [2] - Storage products saw remarkable performance, with revenue reaching 415 million yuan, a staggering increase of 125.13% [2] - Mobile peripheral products also performed well, generating 304 million yuan, up 28.92% [2] Channel Development - Ugreen's online and offline channel collaboration yielded significant results, with online revenue reaching 2.847 billion yuan, a year-on-year increase of 36.79% [3] - Amazon contributed notably, with revenue of 1.327 billion yuan, up 42.24%, accounting for 34.43% of total revenue [3] - Domestic e-commerce platforms like JD and Tmall reported revenues of 513 million yuan and 425 million yuan, with growth rates of 20.20% and 21.93% respectively [3] - Offline channel revenue reached 1.008 billion yuan, reflecting a growth of 52.90% [3] Company Background - Founded in 2012, Ugreen Technology capitalized on the rising demand for smartphone accessories and the boom of online platforms like Taobao [4] - The company initially attracted consumers with a customer-centric service approach, promising free returns for unsatisfied customers, which built trust and established a strong brand identity [4] - Ugreen differentiated its products by addressing user needs, launching various specifications of HDMI cables, which led to significant revenue growth [4] - The company expanded globally, entering over 100 countries and regions, and was listed on the Shenzhen Stock Exchange in July 2024 [4] Competitive Landscape - Despite strong performance, Ugreen faces intense competition in the consumer electronics accessories market, particularly from competitors like Baseus and Anker Innovations [5][6] - Baseus, established in 2011, offers stylish, affordable products and competes directly in the charging product segment [5] - Anker Innovations has a strong brand presence and competitive edge in technology and product quality, especially in overseas markets [6] - Ugreen's R&D investment reached 174 million yuan in the first half of 2025, a growth of 24.99%, with 298 new patents granted [6] - The company aims to enhance product structure and expand new product lines to meet diverse consumer needs while strengthening online and offline channel integration [6]

Key Insights - The report highlights the stable recovery of the macroeconomic environment, with Japan's GDP growth exceeding expectations in Q2 and manufacturing PMI showing unexpected improvement, leading to a rise in the Nikkei 225 index to a historical high [2][3] - The report emphasizes the investment opportunities in the "AI+" sector, particularly in hardware and infrastructure, driven by government policies promoting AI development [3][4] - The report discusses the performance of specific companies, such as Xiaoxiong Electric and Water Well, noting their revenue growth and strategic focus on product innovation and channel health [5][6][10][12] Company Performance - Xiaoxiong Electric reported a total revenue of 2.535 billion yuan in H1 2025, a year-on-year increase of 18.94%, with a net profit of 205 million yuan, up 27.32% [5] - Water Well's H1 2025 revenue was 1.5 billion yuan, with a net profit decline of 56.5%, indicating challenges in demand but a focus on channel health [6] - Guolian Minsheng's H1 2025 revenue reached 4.011 billion yuan, a significant increase of 269%, with net profit soaring by 1185% due to the consolidation of Minsheng Securities [7] Industry Trends - The "AI+" initiative is expected to accelerate the development of related industries, with a focus on hardware such as AI glasses and smart home devices [3] - The report notes the increasing demand for data center services, with companies like WanGuo Data expanding their operations and achieving significant order growth [16] - The banking sector shows signs of stability, with several banks reporting steady growth in net profit and revenue, indicating a resilient financial environment [10][19][23]

Core Insights - The report from Huatai Securities highlights that "AI+" is driving unprecedented changes, particularly in the consumer sector, with smart hardware companies actively seizing opportunities [1] - The introduction of the "Opinions on Deepening the Implementation of the 'Artificial Intelligence+' Action" is expected to accelerate the development of related industries [1] Investment Themes - **"AI+" Hardware**: The report identifies five key areas for investment: AI glasses, robotic vacuum cleaners, panoramic cameras, NAS (Network Attached Storage), and 3C accessories [1] - **"AI+" Infrastructure**: The growing demand for AI among the public is anticipated to drive investments in computing power infrastructure [1]

Investment Rating - The report maintains a "Buy" rating for several companies including UGREEN Technology, YingShi Network, Kid King, TCL Electronics, ZhaoChi Co., Stone Technology, and Ecovacs, while Bull Group is rated as "Hold" [7][8]. Core Insights - The "AI+" initiative is expected to drive significant changes in the technology and consumer sectors, particularly in smart hardware and infrastructure, following the release of a government policy aimed at promoting AI applications [1][2]. - The report identifies two main investment themes: "AI+ Hardware" focusing on sectors like AI glasses, vacuum cleaners, panoramic cameras, NAS, and 3C accessories, and "AI+ Infrastructure" emphasizing the growth in computing power investments driven by increasing AI demand [1][4]. Summary by Sections AI+ Hardware - The report highlights five key areas for potential growth: AI glasses, vacuum cleaners, security systems, panoramic cameras, and NAS, with a clear demand and pain points that AI technology can address [3]. - Recommended companies in this sector include YingShi Network, UGREEN Technology, TCL Electronics, Stone Technology, Ecovacs, and Bull Group, with additional attention on Anker Innovations and Yingshi Innovations [3]. AI+ Infrastructure - The report notes that the growth in AI demand will stimulate investments in computing power infrastructure, with projections indicating a 43% increase in China's smart computing capacity by 2025 compared to 2024 [4]. - Recommended companies in this area include ZhaoChi Co. and a focus on Yitian Intelligent [4]. Company-Specific Insights - **UGREEN Technology**: Expected revenue growth of 28.5% in 2024 and 42% in Q1 2025, driven by strong domestic and overseas market performance [9]. - **YingShi Network**: Reported a revenue of 2.827 billion yuan in H1 2025, a year-on-year increase of 9.45%, with strong performance in smart camera and IoT cloud platform segments [10]. - **Kid King**: Achieved a revenue of 4.91 billion yuan in H1 2025, up 8.6% year-on-year, with a significant profit increase of 79.4% [12]. - **TCL Electronics**: Reported a revenue of 54.777 billion HKD in H1 2025, a 20.4% increase, with a net profit growth of 67.8% [14]. - **ZhaoChi Co.**: Despite a revenue decline of 10.89% in H1 2025, the company is focusing on transforming its business model and expanding into new markets [15]. - **Stone Technology**: Achieved a revenue of 7.903 billion yuan in H1 2025, a 79% increase, with expectations for continued growth in overseas markets [15]. - **Ecovacs**: Reported a revenue of 8.676 billion yuan in H1 2025, a 24.4% increase, with strong performance in product structure and operational efficiency [15]. - **Bull Group**: Achieved a revenue of 16.831 billion yuan in 2024, a 7.24% increase, with a focus on optimizing business operations for steady growth [15].

Group 1: Charging Business - The core growth sources for the company are its charging and NAS businesses [1] - Compared to Anker Innovations, the company has significant growth potential in the small charging category, with a doubling space [1] - The company is expanding its product categories and enhancing its brand through youth-oriented marketing and innovative design [1] Group 2: NAS Business - The company has become the number one in online market share for C-end products and is actively expanding overseas [2] - The NAS industry is characterized by high investment barriers, making extreme competition unlikely in the short term [2] - The company is expected to achieve a CAGR of over 100% in its NAS business over the next three years, reaching 2.5 billion yuan by 2027 [2] Group 3: Financial Projections - Revenue projections for the company are 8.1 billion, 10.4 billion, and 13 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32%, 27%, and 26% [3] - Net profit estimates for the same years are 700 million, 900 million, and 1.2 billion yuan, with year-on-year growth rates of 42%, 35%, and 33% [3] - The company is given a "buy" rating based on its financial outlook and valuation comparisons [3]

Core Insights - The NAS industry is experiencing significant growth driven by the increasing demand for data storage due to the upgrade of smart devices, the expansion of internet applications, and the diversification of recording methods. Personal data storage has surged, with the memory required for a single photo and one minute of video increasing by 4-10 times and 6-10 times, respectively, from 2015-2018 to 2023-2025 [1][9][17]. Group 1: Data Storage Demand - The demand for data storage is escalating, with 87% of surveyed individuals facing "storage space insufficient" warnings and 83% experiencing anxiety when deleting files. Over 50% of respondents fit the definition of "data hoarding syndrome" users [1][19][22]. - The rise of content creators and platforms is further driving the need for storage solutions, with the number of creators on major platforms exceeding 14.93 million by 2024 [1][17]. Group 2: NAS Advantages - NAS (Network Attached Storage) offers advantages such as larger capacity, higher security, and efficient data interconnectivity compared to traditional storage solutions. It is more economical than upgrading to larger capacity smartphones and provides better privacy and speed than public cloud storage [1][9][30]. - NAS devices can support Docker and virtual machine functionalities, enhancing their usability and appeal [1][35]. Group 3: Market Dynamics - The NAS market has historically been dominated by established players like Synology and QNAP, which together held approximately 64% of the global market share in 2023. However, these products are often targeted at professional users, resulting in a high usage barrier [1][10][43]. - New entrants like UGREEN and Jizhuan are driving market growth by offering user-friendly software systems, frequent updates, and competitive pricing, leading to a 62.4% increase in sales and a 32.4% increase in volume in the domestic online NAS market from January to May 2025 [1][10][11][54]. Group 4: Future Outlook - The global NAS storage revenue is projected to reach approximately $1.578 billion in 2024, with a compound annual growth rate (CAGR) of 24% expected from 2025 to 2031. The potential market for NAS devices is substantial, with estimates suggesting a 10-fold increase in sales compared to current figures [1][11][30]. - The competition in the NAS market is shifting from niche to mainstream, with product usability becoming a core competitive factor that will test manufacturers' ongoing research and development capabilities [1][11][12].