GLONGHUI August 4 | Guoyuan Securities Research Report on the 3rd stated that Jinqiao Information (603918.SH) released the second phase of the 2023 Employee Stock Ownership Plan (Draft), covering executives and core cadres. The total number of people at the time of initial establishment did not exceed 111. The employee stock ownership plan will further establish and improve the company's long-term incentive mechanism, thereby fully and effectively mobilizing the initiative, enthusiasm and creativity of managers and company employees, attracting and retaining outstanding management talents and business backbone, enhancing the company's core competitiveness, enhancing the cohesiveness of employees and the company's competitiveness, and promoting the company's stable, healthy and long-term development. In recent years, the company has developed rapidly in the fields of financial law technology, judicial informatization, etc., and growth space has gradually opened up. It is predicted that the company's operating income for 2023-2025 will be 1,165, 1,439, 1,745 million yuan, net profit of 1.18, 174 million yuan, 248 million yuan, EPS of 0.32, 0.47, 0.68 yuan/share, and corresponding PE of 81.27, 55.06, and 38.56 times. Maintaining a “buy” rating, taking into account the development of the company's emerging business and future long-term growth space.