Tricolor(SH:603516) KAIYUAN SECURITIES·2024-04-25 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has established a partnership with a leading international AI computing company, which opens up significant growth opportunities. The collaboration includes supplying various testing and detection platforms, enhancing the company's long-term growth potential [6] - The company reported a net profit growth that exceeded expectations, with a notable improvement in profitability. In Q1 2024, the company achieved a revenue of 74.79 million yuan, a year-on-year increase of 3.74%, and a net profit of 5.99 million yuan, marking a turnaround from losses [10] - The company successfully launched three new chip products, further solidifying its technological leadership in the industry. These products include the Coollights LDV4045 chip, Zeus0108 chip, and Thor ULC32A chip, which are expected to enhance the company's competitive edge [11] Financial Summary - The company forecasts net profits for 2024-2026 to be 130 million, 172 million, and 224 million yuan, respectively, with corresponding EPS of 0.64, 0.85, and 1.11 yuan per share. The current stock price corresponds to P/E ratios of 46.4, 34.9, and 26.8 times for the respective years [9] - The company's revenue for 2024 is projected to be 664 million yuan, reflecting a year-on-year growth of 33.1%. The gross margin is expected to be 49.0%, with a net margin of 19.5% [13] - The company's operating cash flow is expected to improve significantly, with projections of 181 million yuan for 2024, indicating a strong operational performance [15]