极米科技（688696）：公司信息更新报告：新增持股计划，聚焦净利率及境外市场营收提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has introduced a new employee stock ownership plan, reflecting confidence in long-term development and aims to enhance net profit margins and overseas market revenue [2][3] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 289 million, 365 million, and 431 million yuan respectively, with corresponding EPS of 4.14, 5.21, and 6.16 yuan [2][3] - The current price-to-earnings ratio (PE) is projected to be 31.3, 24.8, and 21.0 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation for a leading consumer projection company [2][3] Summary by Sections Employee Stock Ownership Plan - The 2025 employee stock ownership plan allows for approximately 1.3989 million shares, representing 2.00% of the total share capital [3] - Performance assessment will focus on key product sales, overseas revenue, and net profit margin from 2025 to 2028, with specific targets set for each year [3][4] - The number of employees participating in the plan has increased from 259 to 337, enhancing employee engagement and alignment with company goals [4] Financial Projections - Revenue is projected to grow from 3.906 billion yuan in 2025 to 5.366 billion yuan in 2027, with year-on-year growth rates of 14.7%, 19.3%, and 15.2% respectively [5] - The net profit margin is expected to improve from 7.4% in 2025 to 8.0% in 2027, reflecting a focus on profitability [5][10] - The company anticipates a steady increase in gross margin from 32.2% in 2025 to 34.1% in 2027 [10] Market Outlook - The company is optimistic about expanding its overseas revenue targets, with goals set at 10.8 billion yuan for 2025 and 11 billion yuan for 2026, up from previous estimates [4] - The company’s products are gaining traction in major overseas markets, including the United States and Japan, which is expected to contribute positively to revenue growth [4]