MAYAIR(SH:688376) Soochow Securities·2024-08-28 23:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company announced a restricted stock incentive plan for 2024, showcasing management's confidence in achieving revenue targets for 2024-2026 [2] - The incentive plan includes performance targets that require revenue to reach at least 2 billion yuan in 2024 and 2.75 billion yuan in 2025, with a compound annual growth rate (CAGR) of 36% for 2024-2026 [2] - The company is actively expanding overseas, with overseas revenue in the first half of 2024 reaching 140 million yuan, a year-on-year increase of 86%, contributing to 18.5% of total revenue [3] - The company has adjusted its net profit forecast for 2026 from 350 million yuan to 380 million yuan, with projected P/E ratios of 16, 13, and 10 for 2024, 2025, and 2026 respectively [3] Financial Projections - Total revenue is projected to grow from 1,505 million yuan in 2023 to 2,908 million yuan in 2026, with a CAGR of 27.25% in 2024 and 27.80% in 2026 [1][9] - Net profit attributable to shareholders is expected to increase from 173 million yuan in 2023 to 379 million yuan in 2026, with a growth rate of 40.76% in 2023 and 34.72% in 2026 [1][9] - The company's gross margin is projected to improve from 27.25% in 2024 to 29.24% in 2026 [10]