Streamax(002970) 民生证券·2025-04-27 01:20Investment 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 revenue growth in 2024, with total revenue reaching 2.777 billion CNY, a year-on-year increase of 63.45%. The net profit attributable to shareholders was 290 million CNY, up 184.50% year-on-year [1]. - In Q1 2025, the company reported revenue of 515 million CNY, a 2.53% increase year-on-year, and a net profit of 101 million CNY, reflecting an 89.60% year-on-year growth [1]. - The company has strategically divested its low-margin electronic product processing subsidiary, leading to a notable increase in gross margin, which reached 47.7% in Q1 2025, up 4.2 percentage points year-on-year [2]. - The company is actively embracing AI technology, launching the "Vision Zero Booster" safety solution, which integrates AI with hardware for comprehensive safety management [3]. - The dual policy drive from domestic and international markets is accelerating the company's global market expansion, particularly in the commercial vehicle safety and information sectors [4]. - The company is expected to benefit from the integration of AI technology and its extensive industry experience, with projected net profits of 449 million CNY, 611 million CNY, and 793 million CNY for 2025, 2026, and 2027, respectively [4]. Financial Summary - For 2024, the company reported total revenue of 2,777 million CNY, with a projected revenue decrease of 8.7% to 2,536 million CNY in 2025, followed by a recovery to 3,217 million CNY in 2026 and 4,005 million CNY in 2027 [6][10]. - The net profit attributable to shareholders is forecasted to grow from 290 million CNY in 2024 to 449 million CNY in 2025, 611 million CNY in 2026, and 793 million CNY in 2027, indicating a strong growth trajectory [6][10]. - The earnings per share (EPS) are projected to increase from 1.64 CNY in 2024 to 2.53 CNY in 2025, reaching 3.45 CNY in 2026 and 4.47 CNY in 2027 [6][10].