Streamax(002970) 长江证券·2024-05-06 01:32Investment Rating - The report maintains a "Buy" rating for the company [31]. Core Viewpoints - The company has successfully turned around its losses in 2023, with revenue reaching 1.699 billion yuan, a year-on-year increase of 22.80%, and a net profit of 102 million yuan, up 169.54% year-on-year. The first quarter of 2024 shows continued growth with revenue of 502 million yuan, a 37.19% increase, and a net profit of 53 million yuan, up 120.74% year-on-year [31][18]. - The recovery in domestic and international market demand is contributing positively to the company's business, which is closely related to the macroeconomic environment. The company is gradually emerging from previous operational challenges faced since its IPO in 2019 [2][18]. - The company is expected to benefit from emerging technologies such as AI, V2X, and 5G, which are driving the development of vehicle-mounted video monitoring systems, transitioning from passive defense to proactive prevention [18][19]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin increase of 4.20 percentage points year-on-year, with specific segments showing improvements: comprehensive monitoring information systems up 3.44 percentage points and general monitoring products up 6.12 percentage points. The first quarter of 2024 also saw a gross margin increase of 0.71 percentage points and a net margin increase of 3.75 percentage points [33][31]. - The forecast for net profit from 2024 to 2026 is projected to be 204 million yuan, 295 million yuan, and 416 million yuan respectively, indicating year-on-year growth rates of 100%, 44%, and 41% [18][31]. Business Development - The company is focusing on expanding its overseas business, which currently constitutes a significant portion of its revenue. However, there are concerns that if international market demand does not recover as expected, it could negatively impact the company's performance [23][5]. - The company is also implementing a stock option incentive plan for 146 employees, with a strike price set at 21.12 yuan, which is expected to enhance employee motivation and support future growth [17][18].