GUOXIN MICRO(SZ:002049) Xin Lang Cai Jing·2025-09-26 10:30Core Viewpoint - The company announced a stock incentive plan aimed at motivating its core management and technical personnel, covering 466 individuals and granting a total of 16.8 million stock options, which represents approximately 1.98% of the company's total share capital [1] Group 1: Stock Incentive Plan Details - The plan includes an initial grant of 15.6 million stock options, accounting for 92.87% of the total options, with 1.2 million options reserved, representing 7.13% [1] - The exercise price for the initially granted stock options is set at 66.61 yuan per option [1] Group 2: Impact on Company Performance - The incentive plan covers over 15% of the company's total workforce, indicating a large-scale engagement of core personnel across various business lines, which is expected to enhance team motivation and performance [2] - The performance metrics for unlocking the stock options are based on net profit and net profit excluding non-recurring gains, with targets set for 2025-2028 showing a required growth of 10% to 150% compared to 2024 [2] - The projected compound annual growth rate (CAGR) for net profit and net profit excluding non-recurring gains from 2024 to 2028 is estimated at 25.7%, reflecting the company's confidence in future performance [2] Group 3: Financial Projections and Ratings - The estimated share-based payment expenses for the initial grant are projected to be 0.45, 0.63, 1.01, 0.51, and 0.16 billion yuan for the years 2025 to 2029, respectively [3] - The company is expected to enter a high growth phase due to rising demand in specialized integrated circuits and eSIM sectors, with limited impact from the share-based payment expenses on overall performance [3] - The profit forecasts for 2025-2027 have been revised upward to 1.701, 2.447, and 3.458 billion yuan, respectively, with the current price-to-earnings ratios projected at 42, 29, and 21 times [3]