Workflow
民生证券-海光信息-688041-事件点评:高激励目标彰显信心,国产算力加速腾飞-250911

Group 1 - The company announced a restricted stock incentive plan on September 9, 2025, proposing to grant up to 20.684 million shares, accounting for approximately 0.89% of the total share capital at the time of the announcement [1] - The performance assessment for the incentive plan is based on a revenue target of 9.162 billion yuan for 2024, with ambitious revenue goals set for 2025, 2026, and 2027, aiming for no less than 14.2 billion, 20.6 billion, and 27.5 billion yuan respectively, reflecting a compound annual growth rate (CAGR) of about 44.2% [2] - The incentive plan allows for a purchase price of no less than 90.25 yuan per share, with total expenses for the plan estimated at 1.435 billion yuan, to be amortized over four years [3] Group 2 - The incentive plan targets a broad range of employees, with up to 879 individuals, representing approximately 31.36% of the total workforce of 2,803 as of June 30, 2025 [3] - The company expects revenues of 14.21 billion, 20.61 billion, and 27.99 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 3.27 billion, 4.67 billion, and 6.68 billion yuan, leading to price-to-earnings (PE) ratios of 157, 110, and 77 times [4]