Streamax(002970) 海通证券·2024-10-29 06:11Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9] Core Views - The company has achieved significant revenue and profit growth in the first three quarters of 2024, with revenue reaching 1.918 billion yuan, a year-on-year increase of 55%, and net profit of 220 million yuan, a year-on-year increase of 171% [5][9] - The company is expanding its overseas business with a customized market strategy, establishing local subsidiaries and offices, and enhancing local employee ratios to improve operational proximity [6][9] - The company has improved its research and development efficiency and is controlling expenses effectively, which is expected to accelerate profit release [7][9] Financial Performance - In Q3 2024, the company reported revenue of 766 million yuan, a year-on-year increase of 66%, and net profit of 97 million yuan, a year-on-year increase of 360% [5][9] - The company’s revenue for 2024 is projected to be 2.567 billion yuan, with net profit expected to reach 295 million yuan, and EPS forecasted at 1.68 yuan [8][9] - The gross margin for the core business segments has shown an upward trend, with commercial vehicle monitoring systems at 47.99% and general monitoring products at 62.99% [6][9] Market Comparison - The company’s stock closed at 46.00 yuan, with a market capitalization of 8.086 billion yuan [2][10] - The company is compared favorably against peers, with a projected P/E ratio of 27.45 for 2024, indicating a competitive valuation [10][11]