Tricolor(603516) 开源证券·2025-01-24 06:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain growth momentum through continuous collaboration with N Company, which has led to significant improvements in operational efficiency and profitability [4][5] - The company has adjusted its 2024 net profit forecast to 96 million yuan (previously 130 million yuan), while maintaining the 2025 and 2026 net profit forecasts at 172 million yuan and 224 million yuan respectively [3] Financial Performance - The company anticipates a net profit for 2024 between 84 million yuan and 100.8 million yuan, representing a year-on-year increase of 380.45% to 476.55% [4] - The expected non-recurring net profit for 2024 is projected to be between 75 million yuan and 90 million yuan, with a year-on-year growth of 978.68% to 1194.42% [4] - The company's revenue is forecasted to grow from 564 million yuan in 2024 to 857 million yuan in 2025, reflecting a year-on-year increase of 52.1% [7] - The gross margin is expected to recover significantly, with a forecast of 49.0% in 2024 and 49.9% in 2025 [7] Business Development - The company has established a vendor code with N Company, focusing on various testing and detection platforms, which is expected to drive new orders and business growth [5] - The company has seen a notable increase in overseas business revenue, attributed to the innovation and iteration of key customer products [5] Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 122.1 for 2024, 68.2 for 2025, and 52.4 for 2026 [3][7] - The earnings per share (EPS) estimates are 0.48 yuan for 2024, 0.85 yuan for 2025, and 1.11 yuan for 2026 [3][7]