LY iTECH(SZ:002600) Chang Jiang Shang Bao·2025-06-18 23:40Core Viewpoint - Longying Intelligent Manufacturing (领益智造) has launched a new employee stock ownership plan (ESOP) for 2025, aiming to incentivize core employees and enhance performance through specific targets [2][3][4] Employee Stock Ownership Plan - The 2025 ESOP involves a maximum of 26.4 million shares, targeting up to 100 core employees, excluding major shareholders and their relatives [2][4] - The shares will be sourced from the company's repurchased stock, with a purchase price of 4.49 yuan per share, which is 54.20% of the average repurchase price of 8.3205 yuan per share [3][4] Performance Targets - The ESOP includes performance assessment goals, requiring revenue growth of at least 10%, 20%, and 30% from 2025 to 2027, or net profit growth of the same percentages [4] - Analysts suggest that maintaining a 10% growth rate over three consecutive years poses a significant challenge [4] Previous Incentive Plans - Since 2021, Longying has implemented five incentive plans, covering over 2,600 employees, including stock options and restricted stock plans [5][6] - The company has granted a total of 54.546 million stock options and 15.2234 million restricted shares to core employees in previous years [5][6] Financial Performance - In Q1 2023, Longying reported a net profit of 565 million yuan, a year-on-year increase of over 20% [2][9] - The company has seen fluctuations in net profit, with figures of 1.853 billion yuan in 2021, 2.051 billion yuan in 2022, and 1.753 billion yuan in 2024, reflecting a decline of 14.50% [8][9] R&D Investment - Longying has invested approximately 59.18 billion yuan in R&D over the past three years, with annual expenditures around 20 billion yuan [7][8] Industry Expansion - The company is diversifying its business from the "fruit chain" to the "car chain," with plans to enter the automotive parts market through the acquisition of a 66.46% stake in Jiangsu Kedasit [9] - Longying aims to explore new growth avenues in robotics, AI glasses, foldable screens, and servers by 2025 [9]