Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company's stock incentive plan is expected to benefit long-term development by binding employee interests and attracting talent [2][11]. - The incentive plan covers 695 key employees, accounting for 21.48% of the total workforce, which includes 20 foreign employees [11]. - The performance targets for the incentive plan are relatively moderate, aiming for revenue growth of 30% in 2025, 15% in 2026, and 10% in 2027 [11]. Summary by Sections Event Description - The company announced a draft for its 2025 stock incentive plan, proposing to grant a total of 1.387146 million restricted shares, representing 0.35% of the total share capital of 40.1 million shares [4]. - The initial grant and reserved grant are 1.155955 million and 231,191 shares, respectively, with a grant price of 148.92 yuan per share, which is approximately 50% lower than the closing price on September 24, 2025 [4]. Financial Projections - The company is projected to achieve net profits of 1.161 billion, 1.838 billion, and 2.700 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 102.25, 64.56, and 43.96 [11][16]. - Revenue forecasts for the same years are 8.567 billion, 12.909 billion, and 18.565 billion yuan [16]. Company Performance - The company has established itself as a leader in the global panoramic and action camera market, driven by a youthful and dynamic organizational structure [11]. - The company is actively expanding its international presence and building a comprehensive channel system, enhancing brand recognition [11].
影石创新（688775）：发布激励计划，利好长期发展