Intretech(SZ:002925) Changjiang Securities·2025-03-13 05:51Investment Rating - The investment rating for the company is upgraded to "Buy" [6] Core Views - The company has significant revenue growth potential, particularly in the electronic cigarette business, which is expected to see substantial volume growth [4][9] - The company has set ambitious revenue targets for 2025 and the following years, with cumulative revenue goals of 44.625 billion, 92.82 billion, and 144.585 billion yuan for 2025, 2025-2026, and 2025-2027 respectively [2][4] Summary by Sections Equity Incentive and Employee Stock Ownership Plans - The company has proposed a 2025 equity incentive plan, granting stock options to up to 921 middle management and key technical personnel at a price of 13.70 yuan per option, totaling no more than 21.65 million options, which accounts for 2.79% of the total share capital [2][4] - An employee stock ownership plan has also been proposed, allowing six executives, including the chairman, and up to 455 middle management personnel to purchase up to 12.35 million repurchased shares at a price of 11.3 yuan per share, representing 1.59% of the total share capital [2][4] Revenue Growth Potential - The electronic cigarette business is expected to contribute the majority of revenue growth, with a projected revenue increase of over 100% in 2025 due to resolved labor issues affecting 2024 orders [9] - The automotive electronics business is anticipated to grow by approximately 30% in 2025, driven by rapid development in rearview mirrors and cockpit control modules [9] - Other existing businesses are expected to maintain steady growth, with increased orders in engraving machines and recovery in health and environmental sectors [9] Profitability Outlook - The increase in the proportion of high-margin electronic cigarette business and the dilution of expense ratios due to scale effects are expected to drive net profit margins higher [9] - The company aims to achieve net profits of 2.5 billion, 5.0 billion, and 6.6 billion yuan for the years 2024 to 2026, corresponding to P/E ratios of 54, 27, and 21 respectively [9]