Summary of the Conference Call for Liyuan Technology Company Overview - Liyuan Technology is a globally recognized emerging consumer electronics brand with a strong integration of manufacturing, trade, and technology. The company achieved a revenue of 6.2 billion RMB in 2024, with a three-year compound annual growth rate (CAGR) of 21%. The net profit attributable to the parent company reached 460 million RMB, with a CAGR of 16% over three years. The company's core competitiveness lies in its robust manufacturing capabilities provided by its subsidiaries, Shenzhen Haiying and Shenzhen Zhize, which contribute nearly 20% of its production capacity, facilitating effective product launches and quality control. Additionally, Liyuan Technology invested significantly in R&D, with expenses reaching 304 million RMB in 2024, a 41% increase year-on-year. The company has established a comprehensive trade network both domestically and internationally, expanding its product categories globally under the Yougelin brand [2][3]. Charging Business Highlights - Liyuan Technology's charging business is a key development area. Despite the market for chargers and power banks being relatively saturated, there is a continuing trend of structural upgrades. The company is accelerating its focus on high-value-added charging products, with the newly launched Energy Pro product becoming a sales champion. The mobile power bank market is expected to grow at a CAGR of 6.4% from 2024 to 2032, while the charger market is projected to grow at a CAGR of 6% from 2020 to 2030. The cancellation of bundled chargers by smartphone manufacturers and increased compliance regulations are supporting industry growth. The company has launched several high-power, high-capacity, GaN fast-charging, and wireless charging products to continuously expand its product matrix. Liyuan Technology is also capitalizing on overseas e-commerce opportunities, with significant sales contributions from Germany, the UK, and the US, and has established a solid channel foundation [4][5]. NAS Business Development - The NAS (Network Attached Storage) segment represents another area of significant growth potential for Liyuan Technology. NAS devices are primarily used for storage and possess certain computing capabilities, representing an advanced storage technology route. With increasing personal data anxiety and consumer awareness of data sovereignty, the demand for consumer-grade NAS is rapidly growing. The mid-term industry retention is expected to reach over one million units. Liyuan Technology entered this field early, possessing advantages in pricing and hardware, and is continuously developing software applications tailored to consumer needs, potentially capturing market share from leading competitors. NAS applications include connecting multiple storage devices, addressing mobile storage shortages, organizing files, and long-term data preservation. Additionally, NAS can serve as a shared device in home or work environments and features Docker and virtual machine capabilities, enhancing its usability. The average price decline of NAS over the past two years has increased penetration rates, with an estimated global user base of nearly 1 billion and a total market size of approximately 20 billion RMB [6]. Channel Expansion Initiatives - Liyuan Technology is actively expanding its offline channels, increasing its presence in domestic markets such as Sam's Club and small supermarkets, while also establishing channels overseas with Costco, Walmart, and Best Buy. The company continues to leverage overseas e-commerce benefits and optimize its product structure, with significant sales contributions from Germany, the UK, and the US, having built a solid channel foundation. The company plans to further enhance the competitiveness of its core products, including mobile power banks and NAS [7][8]. Future Outlook - Looking ahead, Liyuan Technology's net profit attributable to the parent company is expected to reach 700 million RMB by 2025 and 1.1 billion RMB by 2026. Overall, the company exhibits significant profit growth potential, with a current valuation multiple of 23 times, offering a high cost-performance ratio for 2026. Given the brand's momentum cycle, there is strong optimism regarding the company's growth and subsequent investment opportunities, leading to a comprehensive buy rating [9].
绿联科技20260109