GUOXIN MICRO(SZ:002049) Minsheng Securities·2025-09-27 08:35Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The stock option incentive plan reflects the company's confidence, with a target for non-net profit growth of 10%/60%/100%/150% from 2024 to 2028, indicating a compound annual growth rate of approximately 25.74% over four years [2][4]. - The exercise price for the stock options is set at 66.61 CNY, which is 80% of the average stock price prior to the announcement [3]. - The incentive plan is primarily directed towards core management and key personnel, which is expected to enhance employee motivation and drive long-term development [3]. Financial Forecasts - The projected net profits for the company are 1.68 billion CNY in 2025, 2.27 billion CNY in 2026, and 3.03 billion CNY in 2027, corresponding to price-to-earnings (PE) ratios of 45, 33, and 25 respectively [4][5]. - Revenue is expected to grow from 5.51 billion CNY in 2024 to 10.42 billion CNY in 2027, with growth rates of -27.3%, 25.3%, 25.3%, and 20.4% for the respective years [5][10]. - The company's gross margin is projected to improve from 55.77% in 2024 to 59.87% in 2027 [10].