SIRIO(300791) Tianfeng Securities·2025-01-14 09:08Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company has revised its 2023 restricted stock incentive plan to enhance flexibility and achieve performance targets more objectively, which is expected to motivate management and key technical personnel, thereby supporting long-term operational goals [2][5]. - The launch of the 2025 restricted stock incentive plan includes granting 1.8886 million shares, representing 0.80% of the total share capital, with performance targets set for revenue growth in the coming years [4][5]. - The delay in the employee stock ownership plan allows the company to better assess external conditions and operational status, leading to more objective and scientific profit target settings [3]. Financial Forecasts - The company anticipates revenue growth of 19% in 2024, 15% in 2025, and 12% in 2026, reaching 4.2789 billion, 4.9196 billion, and 5.5101 billion respectively [5][6]. - Net profit is expected to grow by 22% in 2024, 21% in 2025, and 21% in 2026, amounting to 342.36 million, 414.84 million, and 502.48 million respectively [5][6]. - The report projects a decrease in the company's price-to-earnings ratio (P/E) from 17X in 2024 to 11X in 2026, indicating improved valuation over time [5][6]. Financial Data Summary - The company's revenue for 2023 is projected at 3.582 billion, with a growth rate of 42.87% compared to 2022 [6][13]. - The EBITDA for 2024 is estimated at 691.77 million, with a net profit of 342.36 million, reflecting a significant increase from previous years [6][13]. - The report highlights a projected increase in earnings per share (EPS) from 1.19 in 2023 to 2.13 in 2026, indicating strong growth potential [6][13].