Streamax(SZ:002970) Haitong Securities·2024-05-30 06:31Investment Rating - The report assigns an "Outperform" rating for the company, marking its first coverage [11]. Core Insights - The company has achieved a significant recovery in performance, with a revenue increase of 22.80% year-on-year in 2023, reaching 1.699 billion yuan, and a net profit of 102 million yuan, up 169.54% year-on-year [13]. - The company is expanding its overseas marketing network, with a revenue growth rate of 26.87% from international markets, while domestic revenue grew by 18.67% [14]. - The company has successfully developed a comprehensive safety management solution that meets EU GSRII standards, enhancing its market presence in Europe [30]. Financial Performance Summary - Revenue for 2023 is reported at 1.699 billion yuan, with projections for 2024, 2025, and 2026 at 2.140 billion, 2.708 billion, and 3.394 billion yuan respectively, reflecting growth rates of 25.9%, 26.5%, and 25.3% [4][16]. - The gross profit margin is expected to improve from 42.9% in 2023 to 45.6% by 2026 [4][16]. - The net profit is projected to increase from 102 million yuan in 2023 to 311 million yuan in 2026, with corresponding EPS rising from 0.59 yuan to 1.80 yuan [4][16]. Research and Development - The company invested 246 million yuan in R&D in 2023, accounting for 14.50% of its revenue, despite a decrease from 282 million yuan in 2022 due to improved R&D efficiency [3]. - The company maintains a strong focus on artificial intelligence, providing nearly 80 types of algorithms across various industries, with leading positions in ADAS, DMS, and BSD algorithms [3]. Market Expansion - The company has established eight subsidiaries and offices overseas, covering over 100 countries, and has achieved significant market share in key sectors such as freight, public transport, and taxis [14]. - The introduction of new EU standards is expected to create substantial market opportunities for the company, as it aligns its products with regulatory requirements [30].