Streamax(002970) 长江证券·2024-10-25 01:43Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company has achieved significant revenue growth, with a total operating income of 1.918 billion yuan, representing a year-on-year increase of 55%. The net profit attributable to the parent company reached 220 million yuan, up 171% year-on-year [4]. - The gross profit margin in Q3 decreased by 7.26 percentage points, primarily due to the rapid growth of non-core business, which has increased its share [4]. - The company has optimized its expense ratios across various categories, with sales, management, financial, and R&D expense ratios decreasing by 3.87, 2.54, 0.01, and 2.77 percentage points respectively, attributed to adjustments in sales personnel and improvements in management and R&D efficiency [4]. - The net profit margin has rebounded to over 10%, with expectations for further improvement as the company's overseas business share increases and the R&D structure continues to optimize costs [4]. Summary by Sections Revenue and Profitability - For Q3 2024, the company reported an operating income of 766 million yuan, a year-on-year increase of 66%, and a net profit of 97 million yuan, up 360% year-on-year [4]. - The company is benefiting from strong domestic and international demand, with a focus on enhancing its global strategy through the establishment of overseas subsidiaries and local employee integration [4]. Business Highlights - The company has completed certification for its European standard pre-installation business with major domestic bus manufacturers and is expected to gradually enter the passenger car market [4]. - The launch of the SafeGPT large model platform product provides significant value to clients through efficient risk aggregation and accident identification features [4]. - The company's vehicle-mounted video monitoring products are evolving towards fully intelligent third-generation products, addressing various industry pain points in commercial vehicles [4]. Future Outlook - The company is expected to continue benefiting from the growth of the commercial vehicle information market driven by emerging technologies such as AI, V2X, and 5G [5]. - The projected net profits for 2024-2026 are estimated at 281 million, 371 million, and 483 million yuan, with year-on-year growth rates of 176%, 32%, and 30% respectively [5]. - The company’s valuation is considered low compared to its U.S. counterparts, indicating potential for upward adjustment [5].