Introduction to this report:
The company released a new round of restricted stock incentive plans and business partner shareholding plans, which deeply bind employees' interests and stimulate employees' enthusiasm. Increase your holdings.
Key points of investment:
Investment advice: We maintain the 2024-2026 profit forecast. We expect EPS to be 20.31/24.03/28.23 yuan in 2024-2026, the growth rate will be +30%/+18%/+17%, and maintain the target price to 507.63 yuan, corresponding to PE of 25x in 2024, maintaining the “gain” rating.
Release of a new round of restricted stock incentive plans: The number of restricted shares to be awarded in this incentive plan is 54,000 shares, with a grant price of 208.15 yuan/share. The source is targeted issuance. The incentive target is a total of 29 people, including key management personnel, technical personnel, and key business personnel, excluding directors and supervisors. Corresponding to the 2024-2027 assessment target, based on the company's operating income in 2023, the 2024/2025/2026/2027 revenue growth rate will not be less than 10%/14%/18%/22%.
Announcing a new round of business partner shareholding plans: The maximum amount of capital raised in the employee's shareholding plan is 35.445 million yuan, the number of underlying shares to be held is no more than 170,000 shares, and the share purchase price is 208.15 yuan/share. The personnel participating in this employee stock ownership plan are directors, supervisors and core technical/business personnel. Corresponding to the 2024-2027 assessment target, based on the company's revenue in 2023, the trigger value is the 2024/2025/2026/2026/2027 revenue growth rate of not less than 10%/14%/18%/22%, and the target value is not less than 12%/16%/20%/24%. If the actual growth rate is greater than the target value, unlock 100%; if greater than the target value is less than the trigger value, unlock 80%, and less than the trigger value, unlock 0%.
Linked to employees' interests, the leading advantage is stable: The revenue targets set out in this equity incentive and shareholding plan are relatively stable, consistent with the company's planning style in previous years. The aim is to achieve goals that motivate core personnel, are deeply tied to employees' interests, and have little reference significance for actual revenue growth. We believe that the company's long-term leading position is stable, and there is a high degree of certainty that its advantages will continue.
According to Aowei data, the company's domestic sales promotion of 618 sales increased from 28% in 2023 to 30% in 2024. Under leading product strength and cost reduction capabilities, competitiveness was further verified in the new round of promotions. In terms of export sales, we expect the growth trend of the original overseas channels to continue, and new products may be launched in the future to gain a larger share of the overseas market. In addition, the company entered new offline Target and BestBuy locations in North America in June, and the entry of new offline locations will also guarantee the company's high growth in North America.
Risk warning: There is uncertainty about the potential impact of tariffs on costs and the expansion of new channels.