Taclink(SH:688205) Guolian Securities·2024-10-30 01:19Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The company reported a revenue of 601 million yuan for the first three quarters of 2024, representing a year-on-year growth of 9.45%, and a net profit of 76 million yuan, up 15.03% year-on-year. The trend of multi-DC collaborative training is expected to become mainstream, and the company is well-positioned to benefit from the development of DCI [2][6] - The company is increasing its R&D investment, which is expected to gradually release production capacity, benefiting from the DCI industry development trend [6] Financial Performance - For Q3 2024, the company achieved a revenue of 192 million yuan, a year-on-year increase of 1.03%, but a quarter-on-quarter decrease of 13.52%. The gross margin improved by 1.46 percentage points year-on-year to 32.89% [6] - The operating cash flow for the first three quarters was 156 million yuan, showing a significant year-on-year increase of 877.84% [6] Future Projections - The company forecasts revenues of 979 million yuan, 1.31 billion yuan, and 1.64 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19.65%, 33.81%, and 24.91% [6][7] - The projected net profits for the same years are 125 million yuan, 169 million yuan, and 240 million yuan, with growth rates of 35.95%, 35.30%, and 41.86% respectively [6][7] Market Positioning - The company is advancing its globalization strategy by establishing an overseas headquarters in Singapore and building a manufacturing base in Thailand, which is expected to alleviate delivery pressure from overseas orders [6]