奥特维(688516)：股权激励业绩考核目标彰显信心

Core Viewpoint - The company has announced a 2025 equity incentive plan, granting 5.7 million restricted shares to 28 individuals, with performance targets set for net profit growth, indicating confidence in future performance and potential for rapid growth [1][2]. Group 1: Equity Incentive Plan - The company plans to grant 5.7 million restricted shares, representing 1.81% of total share capital, with 4.87 million shares (1.54% of total) to be granted initially [1]. - Performance assessment is based on the higher of the company's net profit in 2025 or 500 million yuan, with target growth rates for net profit set at no less than 20%/40%/100% for 2026/2027/2028 [1]. - Corresponding net profit targets for 2026/2027/2028 are set at no less than 600 million yuan, 700 million yuan, and 1 billion yuan, reflecting year-on-year growth rates of 20%/17%/43% [1]. Group 2: Major Contract and Future Growth - The company signed a procurement contract for the sale of string welding machines and other equipment, with a total sales amount of approximately 700 million yuan, to be delivered starting December 2025 [2]. - The average acceptance period for the company's products is estimated at 6-9 months, which is expected to drive revenue growth in 2026 [2]. - The company is increasing investment in R&D to advance new product development and technology iteration, particularly in TOPCon battery multi-slice technology [2]. Group 3: Platform Development - The company is accelerating its platform layout, with significant progress in semiconductor equipment, solid-state batteries, and perovskite equipment [3]. - The company has received bulk orders for AOI detection equipment used in optical communications and has validated some equipment with domestic clients [3]. - Collaboration with industry leaders on solid-state battery equipment development is ongoing, with some equipment already sent to clients for validation [3]. Group 4: Profit Forecast and Valuation - The company's profit forecast for 2025 has been revised down to 546 million yuan, a decrease of 13.20%, due to conservative considerations regarding accounts receivable and inventory impairment [4]. - The projected net profits for 2026 and 2027 are maintained at 670 million yuan and 791 million yuan, respectively, with corresponding EPS estimates of 1.73, 2.13, and 2.51 yuan for 2025-2027 [4]. - The company is assigned a target price of 59.64 yuan for 2026, based on a PE ratio of 28, reflecting the progress in photovoltaic technology and developments in lithium battery and semiconductor equipment [4].