Streamax(SZ:002970) Huaxin Securities·2026-01-20 10:24Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - 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, with significant progress in the Robobus project and a dedicated testing facility for L4 autonomous driving capabilities [7] - Revenue forecasts for 2025-2027 are 26.7 billion, 33.5 billion, and 41.5 billion yuan respectively, with corresponding EPS of 2.19, 2.95, and 3.67 yuan, indicating a strong growth trajectory [8] Summary by Sections Market Performance - The company has shown significant improvement in Q4, with a projected net profit of about 1.11 billion yuan, a substantial increase from 0.71 billion yuan in Q3 [5] Financial Forecasts - The company is expected to achieve a net profit growth rate of 36.3% in 2025, 34.6% in 2026, and 24.6% in 2027, with a projected ROE of 20.5% in 2025 and increasing to 26.1% by 2027 [11][14]