UGREEN Has Fallen Quite a Bit Recently; I Think It's Fine, and I Think We Can Start Slowly Accumulating Some Now.

English summary

The recent decline is besides storage price increases, also due to people waiting for interim results, some worrying about high base in Q3, and trading-level impact from quantitative funds. The company's core logic hasn't changed; it remains a rare target that focuses on core business and is about to enter harvest period for new product investment, with AI concept. The charging main business is growing fast overseas; my US research also saw offline entry into Best Buy channels. We continuously track Amazon US data with growth rate staying in high tens, and market share is still only low single digits, leaving much room. Power bank share is continuously increasing. Net margin for charging main business is over 10%, very stable. NAS business: home agent is set to launch in Q4, with higher cost-performance than previous AI NAS, creating home storage + computing center, and in the future can connect all smart hardware that needs storage and local computing power (such as smart security, robot vacuums, etc.). Although it is expected to contribute little profit in 26, with continuous new product launches, technology iteration, and market education, future profit elasticity is significant. As long as AI applications are hyped, it benefits. ...