南亚新材推 “自信版”股权激励，较最新收盘价折价超51%，今年营收目标比2024年增长逾18亿元

Core Viewpoint - The PCB sector in A-shares experienced a significant surge, with Nanya New Materials leading the gains, driven by a recovery in demand due to AI advancements [2][7]. Company Summary - Nanya New Materials announced a 2026 employee stock ownership plan (ESOP) at a price of 47.47 yuan per share, representing a discount of approximately 51.06% compared to the market price of 97 yuan on the same day [1][4]. - The ESOP involves around 1.3895 million shares, accounting for 0.59% of the company's total share capital, with a total funding of approximately 65.96 million yuan sourced from employee contributions [4][6]. - The plan includes 117 core personnel, including the chairman and other executives, with 28.13% of the shares allocated to senior management [4][6]. Performance Metrics - The company set ambitious targets for the ESOP, requiring a minimum revenue of 5.2 billion yuan and a net profit of at least 288 million yuan by 2026, indicating a substantial increase from the 2024 revenue of 3.362 billion yuan [1][7]. - Nanya's projected net profit for 2025 is between 220 million and 260 million yuan, reflecting a year-on-year growth of 337% to 417%, with the ESOP's profit target slightly above the upper limit of this forecast [7]. - Historical revenue growth shows steady increases, with 2023 and 2024 revenues at 2.983 billion yuan and 3.362 billion yuan, respectively, while the 2026 target represents a significant growth of nearly 18.4 billion yuan [7]. Industry Context - The overall PCB industry is witnessing a robust growth trend, with companies like Shennan Circuits also forecasting substantial profit increases, driven by the demand for high-end PCBs used in AI servers [8]. - Nanya's growth is attributed to the recovery in demand for copper-clad laminates and an increase in the proportion of high-margin products [8].