MAXVISION(SZ:002990) Ping An Securities·2025-04-14 02:05Investment Rating - The investment rating for the company is "Strongly Recommended," indicating an expected stock performance that will exceed the market by more than 20% within the next six months [16]. Core Views - The report highlights that the company is strengthening its R&D efforts, which is expected to drive growth in overseas markets and AI applications, forming a second growth curve for the company [10]. - Despite a decline in revenue and net profit for 2024, the company is positioned to recover as project verifications progress, and it is actively expanding its overseas business and AI capabilities [10][9]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.222 billion yuan, a year-on-year decrease of 22.31%, and a net profit of 175 million yuan, down 11.77% year-on-year [5][10]. - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares [5]. Revenue Breakdown - The revenue from the smart port inspection system solutions was 1.03 billion yuan, down 27.37% year-on-year, while revenue from intelligent transportation and other businesses increased by 26.22% to 186 million yuan [8]. R&D Investment - The company increased its R&D investment to 153 million yuan in 2024, accounting for 12.5% of revenue, up 3.2 percentage points from 2023 [8][10]. Profitability Metrics - The gross margin improved to 42.7% in 2024, an increase of 3.5 percentage points year-on-year, with specific segments showing varied performance [8]. Market Position and Strategy - The company is a leader in the smart port industry, successfully winning several large projects and completing key regulatory model projects [9]. - It is expanding its overseas market presence, particularly in the Middle East, Africa, and Southeast Asia, and has established a regional headquarters in Saudi Arabia [9]. Future Projections - The company forecasts net profits of 208 million yuan, 256 million yuan, and 319 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.80 yuan, 0.98 yuan, and 1.22 yuan [10][14].