Streamax(002970) 太平洋·2024-05-07 01:30Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS of 1.14, 1.67, and 2.18 yuan for 2024-2026 [4] Core Views - The company's performance has reversed, with both domestic and international revenues entering a growth phase [1][8][16][18][25] - Domestic revenue in 2023 reached 816 million yuan, up 18.67% YoY, while overseas revenue reached 883 million yuan, up 26.87% YoY [12] - The company's transportation (freight) revenue grew 27.19% YoY to 708 million yuan, and transportation (public transport, taxis, school buses) revenue grew 15.54% YoY to 674 million yuan [3] - The company's technology, products, and solution systems are well-positioned to provide flexible solutions for various commercial vehicle types [3] Financial Performance - 2023 revenue was 1.699 billion yuan, up 22.80% YoY, with net profit attributable to parent company of 102 million yuan, up 169.54% YoY [3] - Q1 2024 revenue was 502 million yuan, up 37.19% YoY, with net profit attributable to parent company of 53 million yuan, up 120.74% YoY [12] - Forecasted revenue for 2024-2026 is 2.056 billion, 2.508 billion, and 3.085 billion yuan, respectively [7][15] - Forecasted net profit attributable to parent company for 2024-2026 is 197.36 million, 288.10 million, and 376.87 million yuan, respectively [7][15] Industry and Market - The European commercial safety market has introduced new policies, with GSRII regulations requiring new commercial vehicles to be equipped with six intelligent warning functions starting July 2024 [13] - The company's long-term technology reserves and solutions are well-positioned to penetrate the European market [13] Financial Metrics - Gross margin is expected to remain stable at 42.95% in 2023, increasing slightly to 44% in 2025-2026 [7] - ROE is forecasted to increase from 6.95% in 2023 to 15.90% in 2026 [7] - PE ratio is expected to decline from 53.20 in 2023 to 14.39 in 2026 [26]