广电计量：7月1日授予股权激励，净利率拐点预计将兑现

Investment Rating - The investment rating for the company is "Buy" and is maintained [18]. Core Views - The company has launched an equity incentive plan aimed at profit-oriented growth, which is expected to enhance the motivation of the core management team and support long-term healthy development [6][33]. - The company anticipates a turning point in net profit margin in 2024, driven by improved performance in calibration and integrated circuit development, alongside a reduction in losses from food and environmental testing [2][16]. Summary by Sections Equity Incentive Plan - The equity incentive plan involves granting stock options and restricted stocks to 623 employees, including senior management, with a total of 8.625 million shares [6][32]. - The plan is designed to align with profit growth targets, requiring a net profit growth rate of no less than 82%/128%/175% for 2024-2026 [33]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 3.325 billion, 3.806 billion, and 4.363 billion yuan, representing year-on-year growth of 15.1%, 14.5%, and 14.6% respectively [7]. - The company expects to achieve net profit attributable to shareholders of 323 million, 423 million, and 538 million yuan for the same period, with growth rates of 61.9%, 31.0%, and 27.1% respectively [7]. Business Outlook - The company is positioned as a national high-end manufacturing testing enterprise, with a strong asset base of 2.464 billion yuan in testing equipment as of the end of 2023, reflecting a year-on-year increase of 10.47% [16]. - There is an anticipated recovery in demand for reliability and environmental testing, particularly in the military sector, which is expected to drive growth in 2024 [16].