Streamax(002970) 天风证券·2024-05-13 01:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [16][26]. Core Insights - The company has made significant advancements in its R&D system, global marketing network, and supply chain, laying a solid foundation for future high-quality growth [5][13]. - The company is expected to benefit from the implementation of EU standards for commercial vehicles starting July 2024, which may open long-term growth opportunities [6][14]. - The overseas business is projected to enhance profitability, with revenue forecasts adjusted to 21.22 billion, 26.23 billion, and 32.22 billion yuan for 2024, 2025, and 2026 respectively [1]. Financial Summary - Revenue for 2023 is projected at 1,699.25 million yuan, with a growth rate of 22.80% compared to 2022 [7]. - The gross profit margin for overseas business reached 57.36% in 2023, significantly higher than the domestic margin of 27.34%, contributing to an overall gross margin of 42.95% [6]. - The company aims to improve its net profit margin towards 15%, supported by a reduction in R&D expenses and enhanced operational efficiency [6][18]. R&D and Market Expansion - The company has established a three-tier R&D structure with over 80% platform reuse, which is expected to facilitate better handling of fragmented development scenarios [1]. - The company has expanded its overseas presence, establishing 8 subsidiaries and 8 offices by 2023, covering over 100 countries [1][5]. - The company is actively exploring new markets in Latin America and the Middle East, with a focus on developing products for specialized sectors such as law enforcement [14].