搭建全色系产品矩阵，长期盈利能力有望提升

Investment Rating - The report maintains a "Buy-A" rating for the company, expecting a significant increase in net profit over the next few years [13]. Core Insights - The company is enhancing its product matrix by introducing a full-color product line, which is expected to improve its market competitiveness and long-term profitability [2]. - The new project involving the production of 2.4 million red and yellow light epitaxial wafers and chips is anticipated to generate an average annual revenue of 613.31 million yuan and a net profit of approximately 99.62 million yuan once fully operational [3]. - The report highlights that the prices and gross margins of red and yellow light LED chips are higher than those of blue and green light chips, positioning the new project as a potential profit growth driver for the company [15]. Financial Data and Valuation - The company forecasts net profits of 190 million yuan, 265 million yuan, and 435 million yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 57.2%, 39.4%, and 63.9% [15]. - The projected earnings per share (EPS) for the same years are 0.28 yuan, 0.40 yuan, and 0.65 yuan, with corresponding price-to-earnings (P/E) ratios of 32.3, 23.2, and 14.1 [15]. - The report indicates a steady increase in operating revenue, with projections of 2.83 billion yuan in 2024, 3.31 billion yuan in 2025, and 4.40 billion yuan in 2026, reflecting year-on-year growth rates of 14.1%, 16.8%, and 33.0% [15].