Streamax(002970) 民生证券·2025-04-27 01:01Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 50.39 CNY [7]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 2.777 billion CNY (up 63.45% year-on-year), and net profit attributable to shareholders at 290 million CNY (up 184.50% year-on-year) [1]. - In Q1 2025, the company reported revenue of 515 million CNY (up 2.53% year-on-year) and a net profit of 101 million CNY (up 89.60% year-on-year) [1]. - The company is actively embracing AI technology, launching the "Vision Zero Booster" solution aimed at enhancing safety through AI and hardware integration [3]. - The company has divested its low-margin electronic product processing subsidiary, leading to a significant increase in gross margin, which reached 47.7% in Q1 2025, up 4.2 percentage points year-on-year [2]. - The company is positioned to benefit from domestic and international policy support, particularly in the commercial vehicle safety and information technology sectors, with a focus on expanding its global market presence [4]. Financial Summary - The company forecasts net profits of 449 million CNY, 611 million CNY, and 793 million CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.53 CNY, 3.45 CNY, and 4.47 CNY [4][6]. - The projected PE ratios for the company are 20, 15, and 11 for the years 2025, 2026, and 2027 respectively [4][6]. - The company’s revenue is expected to decline to 2.536 billion CNY in 2025 before rebounding to 3.217 billion CNY in 2026 and 4.005 billion CNY in 2027 [6][11].