Oriental Securities: Maintain a "buy" rating on Green Connection Technology, with a target price of 81.94 yuan.

The research report of Orient Securities pointed out that Green Link Technology's revenue and net profit continue to grow rapidly, especially in the storage category. The company's revenue in 2025 is expected to be 9.49 billion yuan, an increase of 53.8%, and the net profit attributable to the parent company is expected to be 705 million yuan, an increase of 52.4%; quarterly revenue growth rates are 42%, 39.4%, 60.4%, and 67.7% respectively. Overseas growth is stronger, with overseas revenue of 5.82 billion yuan and domestic revenue of 3.66 billion yuan, an increase of 64.3% and 39.7% respectively. Brand momentum improvement and channel expansion drive revenue growth in all categories, with revenue for charging creativity, intelligent office, intelligent audio and video, and intelligent storage expected to be 4.36 billion, 2.43 billion, 1.47 billion, and 1.23 billion yuan respectively, an increase of 47.3%, 38.4%, 38.8%, and 213% respectively, accounting for 45.9%, 25.6%, 15.5% and 12.9% respectively. Online channels remain core, with revenue from Amazon, JD.com, and Tmall expected to be 3.49 billion, 1.21 billion, and 920 million yuan respectively, an increase of 61.7%, 38.3%, and 25.8% respectively, accounting for 36.8%, 12.7%, and 9.7% respectively; offline revenue is expected to be 2.45 billion yuan, an increase of 59.4%, accounting for 25.8%. Strengthening research and development innovation and channel construction, AINAS looks forward to a new journey. Considering the expected continued high growth and improved profitability in the charging and storage categories, it is predicted that the company's net profit attributable to the parent company for 2026-2028 will be 1.001 billion, 1.319 billion, and 1.656 billion yuan respectively. The average PE ratio of comparable companies adjusted for 2026 is used as the valuation for 2026, with a target price of approximately 81.94 yuan, maintaining a "buy" rating.