Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing growth in its charging and NAS (Network Attached Storage) businesses, driven by overseas expansion and AI-related demand. The report emphasizes that the pre-emptive expenses in Q2 may lead to profit realization in Q3 [7] - For Q2 2025, the company reported revenue of 2.033 billion yuan (up 39.38% year-on-year) and a net profit attributable to shareholders of 124 million yuan (up 18.67% year-on-year) [8] - The company’s overseas sales have rapidly increased, accounting for 60% of total sales in H1 2025, with domestic and international sales growing by 27% and 51% respectively [8] Financial Performance Summary - Revenue for H1 2025 reached 3.857 billion yuan, reflecting a year-on-year increase of 40.60%, while the net profit attributable to shareholders was 275 million yuan, up 32.74% year-on-year [8] - The charging business grew by 44% year-on-year in H1 2025, supported by new product launches and overseas expansion [8] - The storage business saw a significant increase of 125% year-on-year in H1 2025, driven by the growth in NAS sales [8] - The overall gross margin for H1 2025 decreased by 1.44 percentage points year-on-year, primarily due to changes in product channel structure [8] Profit Forecast - The company’s revenue is projected to reach 8.566 billion yuan in 2025, with a year-on-year growth of 38.8%, and net profit attributable to shareholders is expected to be 651 million yuan, up 40.9% [9] - The projected P/E ratios for 2025, 2026, and 2027 are 46, 34, and 25 respectively, maintaining the "Buy" rating [9]

在消费电子配件市场叱咤风云的绿联科技，凭借数据线、充电器等"小产品"筑起百亿营收帝国，却难掩 微笑曲线底端的致命短板。当2025年电芯供应商安普瑞斯的"材料擅自变更"事件波及全行业，绿联 以"已下架所有相关产品"的轻描淡写试图抽身，其背后暴露的供应链失控、技术空心化与渠道失衡三大 隐忧，正将这家明星企业拖入信任危机的漩涡。 代工依赖症：供应链失控的连环劫 创新空心化：低研发困局中的转型迷途 绿联试图用"科技"标签重塑品牌形象——从联手英特尔推出AI驱动的NAS存储设备，到申请电池模组专 利强化"技术叙事"，却难掩研发投入仅4.9% 的苍白底色。这种战略割裂催生双重危机： 绿联科技光鲜的业绩背后，是75%以上的外协生产占比构筑的脆弱地基。这一模式虽成就了轻资产扩张 的神话，却埋下三重连环风险： 供应链黑箱化：安普瑞斯电芯事件中，绿联辩称使用"其他批次无风险电芯"却紧急下架全部涉事产品， 恰恰暴露对上游零技术穿透力。与安克创新如出一辙，绿联既无自建电芯实验室，亦缺乏材料变更监测 机制，供应商的每一次"任性改料"都可能引发品牌地震。 质量失控常态化：黑猫投诉 【下载黑猫投诉客户端】平台超770条质量投诉中，"充电器 ...