2026 年 03 月 31 日 绿联科技（301606.SZ ） 买入（维持评级） 公司点评 证券研究报告 多渠道协同+全球化布局纵深推进，驱动 3C 主业高速增长。公司 线上深耕亚马逊、京东等主流平台，同时布局抖音、小红书等新兴 渠道，搭建海外独立站点积累私域流量；线下渠道经销网络覆盖全 球，成功进驻 Walmart、Costco 等知名零售商,2025 年线上/线下 营收同比+52.0%/+59.4%。公司持续深化全球化布局，在美国、德 国、日本等主要市场设子公司，实现业务全流程的本地化协同，同 时推行区域差异化产品策略，助推 2025 年海外营收提升至 58.21 亿元，同比+64.3%。 AI 技术赋能+数据管理需求爆发，推动 NAS 成为新增长引擎。据弗 若斯特沙利文，2024 年全球消费级 NAS 市场规模达 5.4 亿美元， 预计 2029 年将攀升至 26.8 亿美元，行业迎来高速增长期。公司 敏锐捕捉用户数据安全与智能管理需求，持续加大系统级研发投 入，自研 UGOS Pro 系统，推出搭载 LLM 大语言模型的 AI NAS，实 现多模态搜索、智能任务执行等功能，将传统存储设备升级为家庭 ...

2026 年 03 月 31 日 绿联科技（301606.SZ ） 买入（维持评级） 公司点评 证券研究报告 营收提速，NAS 成长兑现 业绩简评 2026 年 3 月 30 日，公司披露 2025 年报，25 年公司实现营收 94.9 亿，同比+53.8%，归母净利润 7.0 亿，同比+52.42%；25Q4 公司实 现营收 31.3 亿，同比 67.7%，归母净利润 2.4 亿，同比 69.2%。 经营分析 多渠道协同+全球化布局纵深推进，驱动 3C 主业高速增长。公司 线上深耕亚马逊、京东等主流平台，同时布局抖音、小红书等新兴 渠道，搭建海外独立站点积累私域流量；线下渠道经销网络覆盖全 球，成功进驻 Walmart、Costco 等知名零售商,2025 年线上/线下 营收同比+52.0%/+59.4%。公司持续深化全球化布局，在美国、德 国、日本等主要市场设子公司，实现业务全流程的本地化协同，同 时推行区域差异化产品策略，助推 2025 年海外营收提升至 58.21 亿元，同比+64.3%。 AI 技术赋能+数据管理需求爆发，推动 NAS 成为新增长引擎。据弗 若斯特沙利文，2024 年全球消费级 NA ...

Core Insights - UGREEN Technology is an emerging consumer electronics company that has established a global presence since its founding in 2012, focusing on five main product categories: charging, transmission, audio-video, storage, and mobile peripherals [1] Group 1: Financial Performance - In H1 2025, the revenue from charging products reached 1.427 billion yuan, a year-on-year increase of 44%, while storage products generated 1.028 billion yuan, growing by 29% [1] - The company expects net profits attributable to shareholders to be 693 million yuan, 944 million yuan, and 1.256 billion yuan for the years 2025-2027, representing year-on-year growth of 50%, 36%, and 33% respectively [4] Group 2: Product Categories - Charging products accounted for 37% of total revenue, with transmission and audio-video products contributing 27% and 16% respectively; storage products made up 11%, driven by the strong performance of NAS private cloud products [1] - The global market for mobile charging is projected to grow at a CAGR of 10%, with the overall industry size reaching 215.5 billion yuan [2] Group 3: Market Trends and Innovations - The NAS private cloud segment is expected to grow significantly, with a projected global market size of around 4 billion yuan and a compound annual growth rate of 40% [3] - Innovations in mobile charging products include multi-functional designs and new usage scenarios, which are expected to drive further growth in the market [2] Group 4: Market Expansion and Strategy - The overseas market share has increased to 60%, primarily in Europe, North America, and Southeast Asia, with online sales channels accounting for 74% of total sales [1] - The company is focusing on continuous R&D investment, supply chain optimization, and employee stock ownership plans to enhance brand competitiveness and global influence [1]

Summary of Key Points Industry and Company Involved - The discussion revolves around the **Clawdbot** technology and its implications for the **local storage** market, particularly benefiting **UGREEN Technology** [1][2]. Core Insights and Arguments - **Clawdbot's Popularity**: Clawdbot has gained significant traction, with many users opting for local deployment on devices like Mac mini, expanding its application in NAS (Network Attached Storage) for home use [1]. - **Functionality of Clawdbot**: - Clawdbot operates as an AI agent that can autonomously execute tasks, ranging from organizing local files to sending email reminders, without relying on cloud services [2]. - It offers a faster response time and enhanced privacy since all data remains on personal devices [2]. - **Importance in Specific Scenarios**: The technology is particularly beneficial for educational settings, research materials, and personal knowledge management [3]. - **Remote Control Capabilities**: Users can issue commands to Clawdbot via common messaging platforms like WhatsApp and Telegram, providing a remote desktop-like experience [4]. - **Potential for Growth**: Clawdbot can evolve as an AI agent by allowing users to create reusable skills, although it currently faces challenges such as high configuration requirements and limited adoption outside tech-savvy circles [4]. Additional Important Content - **Relation to NAS**: Clawdbot's automated operations and local model deployment necessitate continuous computational support, which can be costly with devices like Mac mini. NAS systems can address storage needs while ensuring privacy protection [4]. - **UGREEN Technology's Position**: UGREEN has integrated Intel Core i5/i7 processors and 10G network ports into its NAS hardware, aiming for a balanced configuration of computing power and storage. The new UGOS Pro system is designed to simplify the user interface, potentially reducing the friction in AI deployment [4].