Streamax(002970) 民生证券·2024-12-12 23:36Investment Rating - The report gives a "Recommend" rating for Ruiming Technology (002970 SZ) with a current price of 46 93 yuan [5] Core Views - Ruiming Technology is a leading provider of AIoT intelligent solutions for commercial vehicles with over 20 years of experience in the industry The company has established a strong global presence and is expanding its overseas sales network through localized strategies [2] - The company s two core businesses commercial vehicle general monitoring and commercial vehicle industry informatization products demonstrate strong competitive advantages and significant growth potential [2] - Ruiming Technology is actively leveraging AI cloud computing and big data technologies to enhance its product competitiveness and expand into new growth areas such as intelligent transportation and autonomous driving [2] - The company is well positioned to benefit from the accelerating development of vehicle road cloud integration in China and the growing demand for intelligent solutions in overseas markets particularly in Europe [2] Business Overview - Ruiming Technology s main businesses include commercial vehicle industry informatization products commercial vehicle general monitoring products and other services In H1 2024 the commercial vehicle industry informatization products accounted for 66 05 of total revenue while general monitoring products contributed 11 24 [30] - The company s commercial vehicle industry informatization products have seen steady growth with revenue increasing from 62 27 in 2020 to 78 05 in 2023 and reaching 7 6 billion yuan in H1 2024 [31] - Ruiming Technology s general monitoring products which include vehicle mounted video recorders and cameras generated 1 3 billion yuan in revenue in H1 2024 accounting for 11 24 of total revenue [35] Technological Innovation - Ruiming Technology has developed a three tier AI research architecture consisting of deployment layer model layer and application layer to enhance the efficiency and adaptability of its AI algorithms [92] - The company s cloud computing and big data technologies enable it to provide comprehensive solutions for traffic management and driving safety through its Vision Zero Booster solution [98] - Ruiming Technology s AI driven applications include advanced driver assistance systems (ADAS) passenger flow detection and driver monitoring systems (DMS) which significantly improve driving safety and operational efficiency [97] Market Opportunities - The commercial vehicle market in China is growing steadily with sales reaching 3 26 million units in 2023 a 22 increase year on year [112] - The development of vehicle road cloud integration and the increasing adoption of intelligent transportation solutions present significant growth opportunities for Ruiming Technology [121] - Policy support for the new energy vehicle industry and the push for intelligent commercial vehicles are expected to drive further growth in the sector [114] Financial Projections - Ruiming Technology s revenue is projected to grow from 2 59 billion yuan in 2024 to 3 74 billion yuan in 2026 with a compound annual growth rate (CAGR) of 20 82 [136] - The company s net profit attributable to shareholders is expected to increase from 276 million yuan in 2024 to 501 million yuan in 2026 [136] - Ruiming Technology s gross margin is forecasted to improve from 40 17 in 2024 to 42 39 in 2026 driven by the growth of high margin overseas business [136] Valuation and Investment Recommendation - The report compares Ruiming Technology with peers such as Hikvision and Jieshun Technology and concludes that the company s valuation is lower than the industry average with higher profit growth potential [144] - Based on the company s strong growth prospects and technological advantages the report recommends a "Recommend" rating for Ruiming Technology [144]