Tricolor(603516) 开源证券·2024-10-28 06:00Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company has shown significant improvements in quality and efficiency, particularly through its collaboration with Company N, which is expected to drive further growth [1][6] - The company's net profit has experienced rapid growth, with a year-on-year increase of 344.55% in the first three quarters of 2024, attributed to various factors including recovery in key industry demand and expansion in AI-related business [5][6] - The company is well-positioned in the AI computing sector, with projected net profits of 1.30 billion, 1.72 billion, and 2.24 billion yuan for 2024, 2025, and 2026 respectively, indicating a strong growth trajectory [4][7] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 327 million yuan, a year-on-year decrease of 3.21%, while net profit reached 51.51 million yuan, a year-on-year increase of 344.55% [5] - The gross margin improved by 7.23 percentage points year-on-year, and operating expenses decreased, contributing to enhanced profitability [5] - The company's earnings per share (EPS) are projected to be 0.64, 0.85, and 1.11 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 53.4, 40.3, and 30.9 [4][7] Collaboration and Growth Potential - The partnership with Company N has led to a breakthrough in product testing and detection platforms, with AI product revenue reaching 15.39 million yuan in the first half of 2024 [6] - The company is expected to benefit from the steady growth of purchase orders and the continuous iteration of products from Company N, which will further enhance its performance [6]