Streamax(SZ:002970) CAITONG SECURITIES·2024-10-23 06:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a third-quarter revenue of 766 million yuan, representing a year-on-year growth of 65.79%, and a net profit attributable to shareholders of 97 million yuan, which is a 360.26% increase year-on-year [2] - The company achieved a solid growth with a total revenue of 1.918 billion yuan for the first three quarters, up 55.17% year-on-year, and a net profit of 220 million yuan, reflecting a 170.80% increase year-on-year [2] - The revenue growth is primarily driven by the expansion into the overseas commercial vehicle market, with effective cost control reflected in the decreasing expense ratios for sales, management, and R&D [2] - The company is focusing on the global market for intelligent solutions, anticipating a demand for approximately 500,000 intelligent solutions annually due to new EU regulations, which could represent a market space of about 1-1.5 billion USD per year [2] - The profit forecast for 2024-2026 has been raised, with expected revenues of 2.67 billion, 3.38 billion, and 4.28 billion yuan, and net profits of 295 million, 393 million, and 506 million yuan, corresponding to PE ratios of 28x, 21x, and 17x [2] Financial Performance Summary - For 2024, the expected revenue is 2.67 billion yuan, with a growth rate of 57.15% [4] - The net profit for 2024 is projected to be 295 million yuan, with a net profit growth rate of 189.12% [4] - The company’s earnings per share (EPS) is expected to be 1.68 yuan in 2024, with a PE ratio of 28.38 [4] - The return on equity (ROE) is projected to be 17.83% in 2024, increasing to 21.20% by 2026 [4]