Investment Rating - The investment rating for the company is "Hold" with a target price not specified for the next six months [1]. Core Views - The company has introduced its first-ever stock incentive plan since its listing, which aims to bind the interests of core personnel and enhance corporate vitality [7]. - The current stock price is at a historically low level, and the stock incentive is expected to motivate employees to better capture the benefits from the 2025 home appliance national subsidy policy [7]. - The revenue and net profit targets set for 2025 are conservative, being lower than the actual values for 2023, indicating a focus on the certainty of achieving these targets [7]. - The company is a leader in the large-capacity refrigerator segment and is continuously upgrading its products while expanding into overseas markets [9]. Financial Summary - The projected revenue for 2023 is 2,358.97 million yuan, with a growth rate of 22.39%. However, a decline of 15.24% is expected in 2024, followed by a recovery in 2025 and 2026 with growth rates of 12.53% and 8.80%, respectively [2][9]. - The net profit attributable to the parent company for 2023 is forecasted at 141.24 million yuan, with a significant drop of 37.05% expected in 2024, followed by a recovery in the subsequent years [2][9]. - Earnings per share (EPS) are projected to be 0.79 yuan for 2023, decreasing to 0.50 yuan in 2024, and then gradually increasing to 0.72 yuan by 2026 [2][9]. - The return on equity (ROE) is expected to decline from 19.81% in 2023 to 11.16% in 2024, before stabilizing around 12% in the following years [2][9]. Business Segmentation - Domestic revenue is expected to decline significantly in 2024 but is projected to recover in 2025 and 2026, with growth rates of 8% for both years [9]. - Overseas revenue is anticipated to grow at a robust pace, with growth rates of 65.5% in 2023, 30% in 2024, and gradually decreasing to 10% by 2026 [9]. - The overall gross margin is expected to slightly improve from 12.56% in 2024 to 12.91% in 2026, reflecting a focus on cost management and efficiency [9].
雪祺电气：股权激励出台，激发企业活力