Xianheng International(SH:605056) EBSCN·2025-09-12 08:51Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has launched a restricted stock incentive plan for 2025, targeting 174 key management personnel with a total of 6 million shares, representing approximately 1.46% of the total share capital as of the announcement date, at a grant price of 7.29 CNY per share [1][2]. - The unlocking ratios for the restricted stock plan for the years 2025 to 2027 are set at 40%, 30%, and 30%, respectively, with specific revenue and net profit targets for each year [2]. - The company is focusing on expanding into new sectors such as oil and gas and power generation while continuing to deepen its presence in the electric grid sector [3]. Financial Projections - The company is projected to achieve a net profit of 266 million CNY in 2025, 316 million CNY in 2026, and 359 million CNY in 2027, with corresponding growth rates of 19.32%, 18.81%, and 13.50% [4][3]. - Revenue is expected to grow from 4.327 billion CNY in 2025 to 6.039 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.99% to 17.27% [4][3]. Market Position and Strategy - The company is positioned as a leading player in the industrial MRO sector, leveraging its expertise in the electric grid to penetrate new strategic industries [3]. - The incentive plan is designed to retain core talent and enhance employee motivation, which is crucial for the company's long-term sustainable growth [3].