SIRIO(300791) GOLDEN SUN SECURITIES·2025-01-14 03:08Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has launched a new stock incentive plan for 2025-2027, aiming for revenue targets of 4.93 billion, 5.57 billion, and 5.93 billion yuan respectively, with a revenue growth target of 14.2% for 2025, 13.0% for 2026, and 6.5% for 2027 [1][2] - The adjustment of performance completion thresholds to 85% for unlocking stock incentives is expected to enhance the feasibility of targets and motivate employees [2] - The company is focusing on stabilizing its operations in the Chinese market and improving efficiency in its US subsidiary, BF, which is gradually reducing losses [3] Financial Performance Summary - The company reported a revenue of 3.58 billion yuan in 2023, with a year-on-year growth rate of 42.9%, and is projected to achieve revenues of 4.19 billion, 4.78 billion, and 5.37 billion yuan in 2024, 2025, and 2026 respectively [5] - The net profit attributable to the parent company is expected to grow from 281 million yuan in 2023 to 343 million yuan in 2024, 413 million yuan in 2025, and 498 million yuan in 2026, reflecting growth rates of 22.0%, 20.6%, and 20.4% respectively [5] - The company's P/E ratio is projected to decrease from 20.6 in 2023 to 14.0 in 2025 and 11.6 in 2026, indicating improving valuation metrics [5] Strategic Adjustments - The company is revising its strategic focus in the Chinese market to stabilize and recover from recent challenges, while also enhancing operational efficiency in its US operations [3] - The introduction of a revised employee stock ownership plan is aimed at further aligning employee interests with company performance [2]