Guosheng: Management ability opens the "price" ceiling. NAS is an ideal carrier for localized AI agents.

Guosheng released a research report stating that DRAM prices have been continuously rising recently, and NAS brands have the ability to pass on price increases downstream. It is estimated that with a continuous rise of 30%-90% in memory module prices, a terminal price increase of 8%-27% would be able to maintain profitability stable. Data storage is a basic need, with storage having mature carriers such as cloud storage and hard drives, and NAS pricing has innate anchors. By replacing cloud storage and complementing hard drives, the future sales volume of NAS is expected to reach 19.4 million units to 32.73 million units, considering that the current industry shipment volume is less than 2 million units, there is more than 10 times room for growth. Data management removes price constraints, and Openclaw is expected to explode in early 2026. NAS is an ideal carrier for local AI agents and is expected to benefit. Guosheng's main points are as follows: Category: Lightweight, high-powered golden track Product definition: An intelligent disk manager that needs to operate 7*24 hours Definition-wise, NAS is a file-specific storage device that allows people to continuously access data to collaborate effectively through the network. In terms of cost, memory is an important component of NAS. DRAM prices have been continuously rising recently, and NAS brands have the ability to pass on price increases downstream. It is estimated that with a continuous rise of 30%-90% in memory module prices, a terminal price increase of 8%-27% would be able to maintain profitability stable. Taking Greenlink DH4300 as an example, the price rose by about 7.6% from 25M9 to 26M1, and demand has not been affected based on monthly high-frequency data. Industry exploration: High growth rate & strong profitability of niche categories The consumer NAS industry scale was $540 million in 2024, with a CAGR of 31% from 2021 to 2024. Although the race volume is small, the growth potential is strong. In terms of regional distribution, North America & Europe are core sales areas. In terms of profitability, traditional players like QNAP show strong performance, while emerging brands like Greenlink have a lot of room for improvement. Competitive landscape: Synology and other Taiwanese companies are traditional leaders, while Chinese domestic brands are gaining market share Existing players such as Synology and QNAP were early participants in the industry, while Chinese domestic brands like Greenlink and Terramaster entered the market after 2010, but with strong momentum. By 2025, Greenlink became the world's top consumer NAS brand, with internal sales surpassing Synology and ranking first by Q2 2025. Amazon data also shows a trend of catching up with Synology. The industry ASP is around 2800 yuan, and in terms of price bands, most products are priced between 1000-6000 yuan. Supply and demand breakdown: Data storage & management are core needs, software is an important driver On the demand side, data storage + data management needs are core issues for NAS. Data storage is a basic need, with storage having mature carriers such as cloud storage and hard drives, and NAS pricing has innate anchors. By replacing cloud storage and complementing hard drives, the future sales volume of NAS is expected to reach 19.4 million units to 32.73 million units, considering that the current industry shipment volume is less than 2 million units, there is more than 10 times room for growth. Data management removes price constraints, and Openclaw is expected to explode in early 2026, with NAS as an ideal carrier for local AI agents. In addition, Greenlink showcased AINAS at CES 2026, priced at $999-$1559, under the AI empowerment, NAS will serve as a home intelligent data center in the future. Supply Side: "Product" as the core driving factor, software & hardware capabilities define product strength The NAS track is driven by "explosive product logic, with Greenlink's new product sales accounting for 41% in 2025. In terms of products, DH4300 & DXP4800 are core flagship products. Product strength mainly lies in software & hardware capabilities, with software capabilities being the core competitive factor. Domestic Chinese brands have good To C end software functionality, backed by a high level of research and development resources investment, Greenlink leads the industry among domestic Chinese brands. Risk Warning Intensified competition risk, escalated global trade friction risk, market space assessment risk.