Streamax(002970) 新浪财经·2025-04-25 08:43Core Insights - The company achieved a revenue of 2.78 billion in 2024, representing a year-on-year growth of 63.5%, with a net profit attributable to shareholders of 290 million, up 184.5% [1] - In Q1 2025, the company reported a revenue of 510 million, a 2.5% increase year-on-year, and a net profit of 100 million, reflecting an 89.6% growth [1] Revenue and Profit Growth - The company’s domestic business stabilized while overseas business experienced high growth, driving significant revenue and profit increases [1] - The company’s revenue projections for 2025-2027 are 2.634 billion, 3.387 billion, and 4.295 billion respectively, with net profits expected to be 391 million, 506 million, and 663 million [4] Operational Efficiency and Profitability - The company’s operational efficiency and profitability have improved, with a non-GAAP net profit margin of 9.7% in 2024, up 4.3 percentage points year-on-year [2] - In Q1 2025, the non-GAAP net profit margin reached 15.6%, an increase of 5.8 percentage points, driven by improved gross margins and reduced expense ratios [2] Business Segmentation and Growth - In 2024, the company saw significant growth across various sectors, with pre-installation business growing by 119.8% and other businesses by 279% [3] - Domestic revenue was 693 million, a 14.8% increase, while overseas revenue reached 1.281 billion, up 44.99% [3] Future Outlook - The company is expected to maintain a "buy" rating, with projected earnings per share (EPS) of 2.21, 2.86, and 3.74 for 2025-2027, corresponding to price-to-earnings (PE) ratios of 23, 17, and 13 [4]