Streamax(SZ:002970) Huaxin Securities·2026-01-20 08:02Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company is experiencing high growth, with a projected net profit of approximately 3.85 billion yuan for 2025, reflecting a year-on-year increase of 30% [5] - The penetration of advanced driver-assistance systems is accelerating, with the company leveraging high-value products to expand its customer base and increase revenue and profit [6] - The company is focusing on the development of autonomous buses, particularly the Robobus project, which aims to enhance its automatic driving capabilities and reduce the time from R&D to application [7] Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 274 million yuan, with an expected significant increase in Q4 to approximately 1.11 billion yuan, marking a substantial quarter-on-quarter improvement [5] - Revenue forecasts for 2025-2027 are projected at 26.7 billion, 33.5 billion, and 41.5 billion yuan respectively, with earnings per share (EPS) expected to be 2.19, 2.95, and 3.67 yuan [8] - The company is expected to maintain a gross margin of over 60% from its new AI model, contributing to profit growth in 2026 [6] Market Position - The company is positioned as a leader in commercial vehicle intelligent solutions, with significant growth potential in the autonomous driving sector [4] - The report highlights the company's strategic initiatives in expanding its market opportunities in various scenarios, including public transport and logistics [7]