Tricolor(603516) 华鑫证券·2024-04-18 11:31Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a projected increase in stock price relative to the market index [30][39]. Core Insights - The company reported a revenue of 499 million yuan for 2023, representing a year-on-year growth of 31.03%. However, the net profit attributable to shareholders decreased by 41.50% to 17.48 million yuan due to a significant decline in gross margin and increased operating expenses [8][30]. - The launch of three self-developed chips is expected to enhance performance and solidify market position. These chips include the "Han Huo" LED chip, the "Zeus" audio-video processing chip, and the "Thunder God" human-computer interaction chip, which are anticipated to contribute significantly to future revenue [12][32][33]. - The company has established a direct supply relationship with a well-known international technology firm, which is expected to create a new growth curve for the business [33]. Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 499 million yuan, with a growth rate of 31.0%. The net profit was 17 million yuan, reflecting a decline of 40.4% [16]. - The gross margin decreased by 8.1 percentage points to 43.52%, primarily due to the introduction of low-margin virtual reality products [30]. - Operating expenses increased, with sales, management, R&D, and financial expenses rising by 19.97%, 12.50%, 12.48%, and 6.72% respectively [30]. Product Development - The company launched three self-developed chips: 1. "Han Huo" - an innovative LED chip that integrates multiple functions into one, potentially increasing revenue significantly if successful [13]. 2. "Zeus" - a domestically produced ASIC chip aimed at enhancing competitiveness in the audio-video control market [32]. 3. "Thunder God" - a chip for human-computer interaction, applicable in various industries [32]. Future Projections - The company forecasts net profits of 142 million yuan, 274 million yuan, and 395 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.70, 1.35, and 1.95 yuan [16][30]. - The current stock price corresponds to a PE ratio of 44, 23, and 16 for the years 2024, 2025, and 2026 [30].