New Stock Outlook | Crossing Boundaries to Make Power Supply, Can Streamax Technology (002970.SZ) Catch the "Carpool" of AI Infrastructure?

Currently, the AI sector is a core hot spot in the capital market, with activity continuing to rise. As AI accelerates its penetration into daily life and commercial scenarios, from smart driving to smart logistics, the "technology wave" of AI is gradually translating into performance growth and stock price performance for relevant companies. In this context, Streamax Technology Co., Ltd., a leading company specializing in AI solutions for commercial vehicles, has recently submitted an application for listing on the Hong Kong Stock Exchange, attracting market attention. Public information shows that CICC serves as the sole sponsor for Streamax Technology's listing this time. Previously, the company submitted its initial listing application on September 29, 2025, and is now making another push for a Hong Kong Stock Exchange listing after a few months. If successful in this listing, Streamax Technology (002970.SZ) will have a dual listing in both A and H shares, further expanding its financing channels. It is worth noting that since 2026, the company's performance in the A-share market has experienced a round of severe volatility: the stock price has risen steadily from around 50 yuan to a high of 84.94 yuan on February 27, then fluctuating back to around 60 yuan by April 20. Amidst the fluctuating market sentiment, investors cannot help but wonder: Can Streamax Technology's fundamentals truly support this expectation? Strong performance growth with AI solutions accounting for over 80% Public information shows that Streamax Technology is positioned as a leading global provider of commercial vehicle visual AI solutions, focusing on enhancing the safety and operational efficiency of commercial vehicles. Financially, the company's performance over the past three years has been commendable. From 2023 to 2025, revenue increased from 1.505 billion yuan to 2.477 billion yuan, with a compound annual growth rate of 28.3%; net profit soared from 98 million yuan to 389 million yuan, a staggering three-year growth rate of 295.5% and a compound annual growth rate of 96.4%. The company's main products include two categories: AI solutions and video equipment, with AI solutions mainly consisting of AI-assisted driving systems, AI fleet operation management systems, and AI large models. The AI-assisted driving system includes advanced driver assistance systems, driver monitoring systems, Automatic Emergency Braking Systems (AEBS), etc., primarily alerting or intervening in potential risks through various sensors such as cameras and radars; the AI fleet operation management system includes the Intelligent Bus Central Processing Unit (IBCU), passenger flow monitoring, and cargo loading detection; while the AI large model system includes fleet scheduling (coordinating and managing vehicles and drivers in the fleet to carry out distribution and other tasks), driver evaluation, and optimizing logistics efficiency (optimizing the use of vehicles, fuel, and cargo capacity to minimize costs and maximize productivity). In terms of revenue structure, the company's income structure is increasingly showing a clear trend towards "AI-ification". In 2025, AI solution revenue reached 2.015 billion yuan, accounting for an 81.4% share of the main business income, up from 77.6% in 2023. In comparison, the percentage of revenue from traditional video equipment has decreased from 21.3% to 16.7%. Among them, the AI fleet operation management system has shown particularly rapid growth, with a three-year growth rate of 154.8%. However, it is worth noting that, although the overall growth rate is impressive, structural concerns have begun to emerge. In terms of profitability indicators, after reaching a peak of 46.0% in 2024, the gross profit margin fell to 44.2% in 2025, a decrease of 1.8 percentage points, primarily due to a 3.9 percentage point decline in the gross profit margin of the AI-assisted driving system. More concerning is the fact that the compound growth rate of gross profit (19.3%) is significantly lower than the compound growth rate of revenue (28.3%), which typically indicates that cost control is facing pressure and profit quality needs improvement. The newly launched AI large model system, SafeGPT, in 2024 currently accounts for only 0.9% of revenue, contributing minimally to the overall income. The company has stated that it is developing the XBus, an advanced intelligent driving solution for public transport scenarios, but commercialization and scaling may require further verification. The company's operational efficiency has also shown signs of decline. Inventory turnover days increased from 88 days in 2024 to 113 days in 2025, while accounts receivable turnover days increased from 72 days to 83 days. The worsening of both indicators implies increased working capital utilization and rising bad debt risks. By the end of 2025, inventories reached 505 million yuan and accounts receivable reached 665 million yuan, accounting for 45.8% of current assets and putting pressure on cash flow. However, from the perspective of cash flow and debt structure, the company still has strong financial resilience in the short term. By the end of 2025, the company had cash and cash equivalents of up to 1.258 billion yuan, while interest-bearing liabilities were less than 300 million yuan, indicating a very healthy structure. Additionally, due to sustained profitability, the company's operating cash flow accumulated over 1.4 billion yuan from 2022 to 2025. It is worth noting that in 2025, the company's stock-based compensation expenses reached 88.976 million yuan, a 142.3% increase from 2023, showing an increased emphasis on equity incentives, but also adding pressure on expenses. Meanwhile, as of February 28, 2026, current loans and borrowings had surged to 549 million yuan, a 108.5% increase from the end of 2025. While the company has ample cash reserves, the rapid expansion of debt poses liquidity risks that need to be monitored, especially in the current interest rate environment where interest expenses may gradually erode profits. Commercial vehicle market recovery and AI server power as a second growth curve? Looking at the industry level, the commercial vehicle market is experiencing a recovery and positive trend. According to data from the China Association of Automobile Manufacturers, in 2025, China's commercial vehicle production and sales reached 4.261 million units and 4.296 million units respectively, an increase of 12% and 10.9% year-on-year, surpassing the 4 million mark. Exports also surpassed one million units for the first time, reaching 1.06 million units, a 17.2% year-on-year increase, forming a pattern of "domestic demand recovery, export-driven growth". According to Frost & Sullivan data, Streamax Technology ranks fourth in the global commercial vehicle visual AI solution market (7.2% share), third in logistics scenarios (7.0%), second in public transportation scenarios (10.3%), and is the global leader in the in-vehicle video equipment market (5.5%). Benefiting from industry expansion and accelerated overseas development, Streamax Technology's overseas revenue reached 1.527 billion yuan in 2025, an 18.56% year-on-year increase, accounting for 61.6% of the main business income. More importantly, the profitability of overseas business significantly outperforms that of domestic business: in 2025, the overseas gross margin of AI solutions reached 55.2%, compared to only 31.6% domestically. This means that the increasing proportion of overseas revenue is expected to continuously optimize the company's overall profit structure. Apart from its main business in commercial vehicle AI, another major focus for the market on Streamax Technology is whether it can build a "second growth curve" through its AI server power business. According to the company's disclosures in investor relations activities, it has established a Smart Equipment Product Business Unit, based on overseas production capacity layout, developing computing center supporting products, which currently mainly involve server power OEM production and has built multiple dedicated production lines, successfully introducing UPS products from well-known overseas manufacturers for mass delivery, with HVDC (High Voltage Direct Current) power products in progress. Logically, this layout aligns with the wave of AI infrastructure development. AI servers have extremely high power consumption, and ordinary power supplies struggle to meet stable power supply demands. HVDC (High Voltage Direct Current), as the next-generation power supply solution for data centers, has significantly higher technological barriers than traditional UPS, and has vast market space. However, the reality remains uncertain. Based on the Hong Kong Stock Exchange prospectus, the revenue from the power business is not yet separately listed, only classified under the "other income" category, with revenue in this category totaling only 3.476 million yuan in 2025, an 11.8% year-on-year increase, indicating a very limited volume. Furthermore, the global AI server power market is dominated by Delta Electronics, which holds an absolute leading position with a global market share of over 50%. In 2025, the revenue from AI server power is expected to account for about 12% of total revenue. Considering a total revenue of around 100 billion yuan, this translates to AI power revenue of about 12 billion yuan. In the face of such an oligopoly, it is unknown how much market share Streamax Technology can capture. What is more concerning is that despite the high-speed growth of Streamax Technology's performance, the intensity of research and development investment has been continuously declining. The research and development cost as a percentage of revenue decreased from 16.4% in 2023 to 11.5% in 2025, a decrease of 29.9%. Against the backdrop of rapid technological iteration in the commercial vehicle visual AI industry, insufficient research and development investment may lead to a decline in product competitiveness, affecting long-term development. Benefiting from the accelerated deployment of AI in commercial vehicle scenarios and the continuous expansion of overseas markets, Streamax Technology has achieved rapid growth in performance, occupying a leading position in various sub-segments of the global commercial vehicle visual AI field, with strong fundamentals. At the same time, the company is attempting to leverage its mature overseas manufacturing capabilities to meet the accompanying demand for global AI infrastructure construction. If this logic is successfully realized, Streamax Technology may transition from a "commercial vehicle AI supplier" to an "AI infrastructure service provider". However, while its AI server power business has potential, it is still in the early stages, combined with a continuous decline in research and development investment intensity, the future progress remains uncertain. Investors should remain cautiously attentive to this.