Investment Rating - The report gives a "Buy" rating for the company, Gobi Jia (戈碧迦) [3]. Core Views - Gobi Jia is positioned as a leading domestic manufacturer in the optical and specialty glass sectors, with a strong focus on cost control and operational efficiency. The company has shown significant revenue growth driven by its specialty glass segment, which has expanded rapidly in recent years [6][10]. - The company is expected to face short-term performance pressure due to the completion of orders with Chongqing Xinjing, but its long-term prospects remain strong due to its proprietary technology and market position [6][14]. Financial Forecasts - The projected financial metrics for Gobi Jia are as follows: - Revenue (in million CNY): 808.34 in 2023, expected to decline to 566.49 in 2024, then recover to 736.12 in 2025, and reach 926.89 in 2026 [2]. - Net profit (in million CNY): 104.21 in 2023, declining to 70.99 in 2024, then increasing to 86.95 in 2025, and 109.89 in 2026 [2]. - EPS (in CNY): 0.74 in 2023, expected to drop to 0.50 in 2024, then rise to 0.62 in 2025, and 0.78 in 2026 [2]. - The report anticipates a PE ratio of 45-50 for 2025, suggesting a fair value range for the stock between 27.9 and 31 CNY per share [6]. Company Overview - Gobi Jia has been in the glass manufacturing industry for over 15 years, focusing on optical and specialty glass products. The company has developed a wide range of products used in various applications, including security monitoring, automotive lenses, optical instruments, and smart projection [10][25]. - The company has a relatively dispersed ownership structure, with significant stakes held by institutional investors, which aligns the interests of management and key technical personnel with those of shareholders [22]. Industry Insights - The optical glass market in China is projected to grow, with a market size of approximately 3.76 billion CNY in 2023, reflecting a 4.4% increase. The demand for high-quality optical products is expected to rise due to advancements in technology and consumer electronics [6][30]. - The specialty glass segment is characterized by a diverse range of applications and a lack of domestic products, presenting opportunities for growth as the industry evolves [30][38]. Production Capabilities - Gobi Jia has made significant advancements in its melting and forming processes, allowing for continuous production and high-quality output. The company has developed proprietary technologies that enhance production efficiency and product quality [40][41]. - The company is expanding its production capacity with a new investment project aimed at increasing specialty glass output, which is expected to contribute significantly to future profits [6][40].

进一步完善公司法人治理结构，加强股权激励计划执行的计划性和有效性， 促进激励对象考核管理的科学化、规范化、制度化，引导激励对象提高工作绩效， 提升工作能力，为本次激励计划的执行提供评价依据；保证公司股权激励计划的 顺利实施，并在最大程度上发挥股权激励的作用，进而确保公司发展战略和经营 目标的实现。 二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的 业绩进行评价，以实现股权激励计划与激励对象工作业绩、贡献紧密结合，从而 提高管理绩效及公司整体业绩，实现公司与全体股东利益最大化。 证券代码：835438 证券简称：戈碧迦 公告编号：2025-020 湖北戈碧迦光电科技股份有限公司 2025 年股权激励计划实施考核管理办法 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 为保证湖北戈碧迦光电科技股份有限公司（以下简称"公司"）2025年股权 激励计划（以下简称"本激励计划"）的顺利实施，形成良好均衡的价值分配体 系，激励公司（含全资及控股子公司，下同）任职的董事（不含独立董事） ...