WEIXING(SZ:002003) Xin Lang Cai Jing·2025-09-29 10:29Core Viewpoint - The company has approved the sixth phase of its equity incentive plan, which aims to drive performance growth and align the interests of management and shareholders [1][2]. Group 1: Equity Incentive Plan - The sixth phase of the equity incentive plan covers the years 2026 to 2028, with a total of 197 participants, an increase from 161 in the previous phase [2]. - The plan proposes to grant 23 million restricted shares, accounting for 1.97% of the company's total share capital of 1,168.88 million shares [2]. - Performance targets are set with a base average net profit of 565 million yuan for 2022-2024, requiring net profit growth rates of at least 16.52%, 24.22%, and 33.84% for the years 2026, 2027, and 2028, respectively [2]. Group 2: Performance Comparison - The previous equity incentive plan (2021-2025) has exceeded its annual targets, with an average performance exceeding targets by 15.28% from 2021 to 2024 [3]. - The company has successfully implemented five phases of equity incentive plans since 2006, consistently achieving or exceeding set targets [3]. Group 3: Long-term Growth Strategy - The company faces short-term pressures from tariff policies and weak downstream demand but expects improvement in operational performance as tariff policies are implemented [3]. - The long-term strategy focuses on expanding the zipper business globally and enhancing international presence to solidify growth [3]. Group 4: Corporate Culture and Management - The company emphasizes a customer-oriented approach supported by a modern management system, fostering a culture centered on service and collaboration [4]. - The effective equity incentive mechanism strengthens team alignment and enhances the company's ability to withstand short-term risks, supporting sustainable and high-quality development [4]. Group 5: Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 4.879 billion, 5.371 billion, and 5.994 billion yuan, respectively, with corresponding EPS of 0.57, 0.61, and 0.68 yuan [5]. - The current stock price corresponds to PE ratios of 17.4, 16.3, and 14.7 for the years 2025, 2026, and 2027, respectively [5]. - Given the company's position as a leading player in the apparel accessories sector, it maintains a "buy" investment rating based on revenue growth potential and operational management capabilities [5].