星宇股份：员工持股草案落地，激发公司成长动能

Investment Rating - The report maintains a "Buy" rating for the company, with projected net profits of 1.45 billion, 1.99 billion, and 2.51 billion yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 27.1X, 19.7X, and 15.7X [2][8] Core Views - The company's employee stock ownership plan (ESOP) is designed to incentivize employees and unlock their potential, with a total of 540,000 shares allocated, representing 0.19% of the company's total share capital [5][6] - The ESOP is structured in three tranches, unlocking at 12, 24, and 36 months, with individual unlock ratios tied to annual performance evaluations [6] - The company has a strong track record with previous ESOPs, such as the 2015 plan, which saw a 106.75% increase in stock price from 23.11 yuan to 47.78 yuan [6] - The company is deepening its collaboration with domestic high-quality new energy vehicle (NEV) and independent brands, with key clients including Seres, Chery, FAW-Volkswagen, Hongqi, and Li Auto [7] - The company is advancing its global layout, with the Serbia factory ramping up production and establishing subsidiaries in Mexico and the US to expand its global supply chain [7] - The company is focusing on upgrading its product portfolio, including DLP smart headlights, HD smart headlights, and pixel display interactive lights, which are expected to drive higher per-vehicle value [7] - The automotive lighting industry is entering an intelligent era, and the company is well-positioned to benefit from its efficient management, rapid response capabilities, and global expansion [8] Financial Projections - The company's revenue is projected to grow from 10.248 billion yuan in 2023 to 19.788 billion yuan in 2026, with net profits increasing from 1.102 billion yuan to 2.506 billion yuan over the same period [19] - Gross margins are expected to remain stable at around 21-22% from 2023 to 2026 [19] - The company's EPS is forecasted to rise from 3.87 yuan in 2023 to 8.77 yuan in 2026 [19] - Operating cash flow is projected to increase significantly, from 697 million yuan in 2023 to 3.149 billion yuan in 2026 [19] - The company's ROE is expected to improve from 12.1% in 2023 to 16.7% in 2026, reflecting stronger profitability and efficiency [19]