盛泰集团：发布员工持股计划

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company reported a gross margin of 15.5% for the first three quarters of 2024, an increase of 0.1 percentage points year-on-year, while the net profit margin decreased by 2.3 percentage points to 1.2% [1]. - The company has launched an employee stock ownership plan, with a total of up to 12.0856 million shares, accounting for 2.18% of the current total share capital [4]. - Revenue for Q3 2024 was 750 million yuan, a decrease of 28% year-on-year, while the net profit attributable to the parent company was 14 million yuan, an increase of 543% [3]. Financial Summary - The company’s revenue for 2024 is projected to be 4.046 billion yuan, with a year-on-year decrease of 13% [5]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.10 yuan, 0.12 yuan, and 0.15 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 58X, 48X, and 37X [2][5]. - The company’s total assets are projected to be 6.942 billion yuan in 2024, with total liabilities of 4.226 billion yuan [10]. Performance Metrics - The company’s net profit attributable to the parent company for 2024 is expected to be 54.57 million yuan, a decrease of 47.72% compared to the previous year [5][11]. - The company’s EBITDA for 2024 is projected to be 624.82 million yuan [5]. - The company’s asset-liability ratio is expected to be 60.88% in 2024 [11]. Employee Stock Ownership Plan - The employee stock ownership plan is based on repurchased shares, with a purchase price of 2.63 yuan per share [4]. - The performance assessment targets for the plan include a revenue growth rate of no less than 10% in 2025 and 21% in 2026, based on 2024 revenue [4]. Market Context - The company operates in the textile and apparel industry, with a current market capitalization of approximately 3.172 billion yuan [6]. - The stock price is currently at 5.71 yuan, with a target price yet to be specified [6].