Dynagreen(601330) 东吴证券·2024-12-23 23:47Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has announced a restricted stock incentive plan, which reflects its confidence in long-term development and aims to enhance employee motivation [1] - The incentive plan includes specific performance targets for the years 2026-2028, indicating a robust growth strategy [1] - The company is entering a cash flow harvesting period, with a commitment to increasing dividends over the next three years [1] Financial Forecasts and Valuation - Total revenue is projected to decline from 39.56 billion in 2023 to 34.63 billion in 2024, before recovering to 39.08 billion by 2026 [1] - Net profit attributable to shareholders is expected to decrease from 6.29 billion in 2023 to 5.91 billion in 2024, with a gradual increase to 7.39 billion by 2026 [1] - The latest diluted EPS is forecasted to be 0.42 yuan in 2024, improving to 0.53 yuan by 2026 [1] - The P/E ratio is projected to be 15.04 in 2024, decreasing to 12.03 by 2026 [1] Incentive Plan Details - The incentive plan involves issuing 41.8 million restricted shares, representing 3.0% of the company's total share capital [1] - The plan includes five key performance indicators, such as non-recurring net profit growth and return on equity, with specific targets set for 2026-2028 [1] - The plan aims to align employee performance with company growth, ensuring that the interests of employees and shareholders are closely linked [1] Dividend Policy - The company has announced a three-year dividend plan, committing to distribute at least 40%, 45%, and 50% of its distributable profits in 2024, 2025, and 2026, respectively [1] - The first interim dividend was paid in 2024, with a distribution of 0.1 yuan per share, reflecting a 46% payout ratio [1]