Streamax(SZ:002970) Changjiang Securities·2025-10-30 09:17Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company experienced a decline in revenue for Q1-Q3 2025, attributed to a reduction in sales scale and the impact of subsidiaries being excluded from consolidation. The revenue from the subsidiary Shenzhen Technology is expected to be concentrated in the second half of 2024, significantly affecting the Q3 year-on-year growth rate. For Q1-Q3 2025, the company achieved a net profit attributable to shareholders of 274 million yuan, a year-on-year increase of 24.40% [2][5]. - The company is focusing on rapid growth in overseas markets through various strategies, including establishing overseas subsidiaries and offices, increasing the proportion of local employees, and building production facilities in Vietnam. The company has also completed certifications for its products with major domestic export bus manufacturers and is expected to gradually enter the passenger car market [12]. - The company is enhancing its product offerings by integrating AI algorithms with 5G and vehicle networking technologies, transitioning from passive monitoring to proactive warning and intervention systems. This aligns with industry demands for safety and efficiency [12]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported total revenue of 1.693 billion yuan, a year-on-year decrease of 11.75%. The net profit attributable to shareholders was 274 million yuan, reflecting a year-on-year increase of 24.40%. In Q3 2025, revenue was 537 million yuan, down 29.86% year-on-year, with a net profit of 71 million yuan, down 26.55% year-on-year [5][12]. Future Outlook - The company anticipates continued growth in the commercial vehicle information sector, with significant room for improvement in market penetration. The expected net profits for 2025-2027 are projected to be 381 million, 495 million, and 667 million yuan, representing year-on-year growth rates of 31%, 30%, and 35%, respectively. The corresponding price-to-earnings ratios are estimated to be 21, 16, and 12 times [12].