Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights the company's incentive plan aimed at aligning the interests of senior management with company goals and providing additional financial incentives. A total of 5.5792 million awards were granted to 12 senior management members, with a cash value equivalent to 3.4025 million USD [2][3]. - The incentive plan is expected to enhance management efficiency and support business expansion in the Asia-Pacific market, as well as the development and market penetration of new steer-by-wire products [3]. - The company is projected to maintain strong growth potential, with revenue forecasts of 4.61 billion USD, 5.11 billion USD, and 6.045 billion USD for 2024, 2025, and 2026 respectively. Net profit attributable to the parent company is expected to be 154 million USD, 252 million USD, and 337 million USD for the same years, with corresponding EPS of 0.06 USD, 0.10 USD, and 0.13 USD [3][4]. Summary by Sections Investment Highlights - The company has launched an incentive plan to align management interests with company objectives and provide additional financial incentives [2]. - The performance metrics for the incentive plan focus on the "Total Shareholder Return," which includes stock price appreciation and dividend yield relative to industry peers [2]. Financial Forecasts - Revenue is expected to grow from 4.213 billion USD in 2023 to 6.045 billion USD in 2026, with year-on-year growth rates of 10%, 9%, 11%, and 18% respectively [4][6]. - Net profit is projected to recover from a loss of 37 million USD in 2023 to 337 million USD in 2026, with significant growth rates in the following years [4][6]. - The company’s EPS is forecasted to increase from 0.01 USD in 2023 to 0.13 USD in 2026 [4][6]. Valuation - The report suggests a price-to-earnings (P/E) ratio of 12-14x for 2024, leading to a fair value range of 5.75 to 6.71 HKD (approximately 0.75 to 0.87 USD) [3][4].
耐世特：公司信息点评：发布激励计划