Core Viewpoint - Huabao New Energy has launched a new stock incentive plan aimed at binding the core team and focusing on revenue growth, maintaining a "Buy" rating [1] Group 1: Stock Incentive Plan - The company has introduced a restricted stock incentive plan for 2025, which emphasizes the commitment of the core team and reflects growth confidence [1] - The target is to achieve a compound annual growth rate (CAGR) of approximately 40% in revenue from 2025 to 2027 [1] Group 2: Product Development and Market Focus - The company plans to continue utilizing CTB technology to launch larger capacity products and mobile energy storage solutions [1] - Attention is drawn to the expected ramp-up of new mobile energy storage products in 2026 and the ongoing product cycle [1] Group 3: Profitability and Margin Improvement - It is suggested to monitor the impact of capacity migration and the increase in the proportion of high-margin new products, which are expected to drive margin recovery in 2026 [1] - The flexibility in expense ratios is also highlighted as a factor to watch [1]
研报掘金丨开源证券：华宝新能发布全新股票激励计划，维持“买入”评级