Milkground(600882) 华鑫证券·2025-03-06 08:25Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company has launched a stock option incentive plan and an employee stock ownership plan, demonstrating strong confidence in its future performance [5][6] - The performance targets set for the incentive plans are ambitious, indicating the company's confidence in achieving significant revenue and profit growth over the next few years [7] - The company is focusing on expanding its product offerings in the consumer market while maintaining steady growth in the business-to-business segment [8] Summary by Sections Incentive Plans - The stock option plan involves granting 8 million options, representing approximately 1.56% of the total share capital, with a strike price of 15.83 CNY per option [6] - The employee stock ownership plan also targets 8 million shares, with a purchase price of 9.90 CNY per share, involving 209 participants [6] Performance Targets - Revenue targets for 2025, 2026, and 2027 are set at no less than 56 billion, 65 billion, and 78 billion CNY, respectively, with net profit targets of 2.10 billion, 3.20 billion, and 4.60 billion CNY [7] - Trigger values for the same years are set at 50.4 billion, 58.5 billion, and 70.2 billion CNY for revenue, and 1.89 billion, 2.88 billion, and 4.14 billion CNY for net profit [7] - The company aims for a compound annual growth rate (CAGR) of at least 18.02% for revenue and 48.00% for net profit from 2025 to 2027 [7] Market Performance - The company is enhancing its product mix with successful new consumer products while achieving stable growth in its business-to-business operations [8] - The integration with Mengniu in the B2B segment is expected to improve operational efficiency and cost management [11] Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 0.22, 0.39, and 0.59 CNY, respectively, reflecting a positive outlook for the company's profitability [11] - The current stock price corresponds to price-to-earnings (PE) ratios of 90, 51, and 34 for the respective years [11]