Streamax(SZ:002970) Hua Yuan Zheng Quan·2026-03-29 01:40Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on expected growth in the commercial vehicle AI industry and potential expansion in the power supply business [5]. Core Insights - The commercial vehicle AI solutions industry is experiencing rapid growth, with the company holding a leading market share across various segments. The global market for commercial vehicle AI applications is projected to reach approximately RMB 150 billion by 2024, with a compound annual growth rate (CAGR) of 23% from 2025 to 2030 [6]. - The company's power supply business is expected to develop into a second growth curve, focusing on server power products and expanding into more supporting products for AI infrastructure [6]. - The company's financial stability is strong, with a projected net profit growth of 27.58% to 37.92% in 2025, despite a temporary decline in revenue due to the divestiture of a subsidiary [6]. - The proportion of overseas revenue is increasing, with 70% of total revenue coming from international markets as of the first half of 2025. The company is expanding its production capacity in Vietnam, which is expected to enhance its competitive edge [6]. - Profit forecasts indicate a net profit of RMB 376 million in 2025, with a growth rate of 29.70% for 2025, and a projected price-to-earnings (P/E) ratio of 29 for that year [5][6]. Financial Summary - Revenue projections for the company are as follows: RMB 1,699 million in 2023, RMB 2,777 million in 2024, RMB 2,484 million in 2025, RMB 3,287 million in 2026, and RMB 4,324 million in 2027, with varying growth rates [5][7]. - The expected net profit for the years 2025 to 2027 is RMB 376 million, RMB 511 million, and RMB 659 million, respectively, with corresponding growth rates of 29.70%, 35.72%, and 29.11% [5][7]. - The company's return on equity (ROE) is projected to increase from 17.21% in 2024 to 25.30% in 2027, indicating improving profitability [5][7].