COL(SZ:300364) Soochow Securities·2024-10-29 03:32Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 350 million yuan for Q3 2024, a year-on-year decrease of 6.2%, with a gross profit of 140 million yuan, remaining flat year-on-year. The net profit attributable to shareholders was a loss of 40 million yuan [1] - The company has seen rapid growth in its overseas short drama platforms, with significant increases in revenue from its ReelShort and Sereal+ platforms [2][4] - The company is launching a new vertical short drama application, UniReel, in Japan, expanding its international presence [2] - The company has established a dedicated department for premium short dramas and has been actively producing content based on popular IPs [3] Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 810 million yuan, a year-on-year increase of 20.8%, but a net loss of 190 million yuan [1] - The earnings forecast for 2024-2026 shows a projected net profit of 0.1 billion yuan in 2024, 1.0 billion yuan in 2025, and 1.6 billion yuan in 2026, with corresponding P/E ratios of 2683, 234, and 154 [4][11]