SINOLINK SECURITIES·2025-10-09 07:06Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company plans to grant 2.578 million restricted stocks to 11 incentive targets, representing 0.124% of the total share capital, with a grant price of 9.24 yuan per share. The plan includes two vesting periods of 36 and 48 months, with 50% of the stocks vesting in each period. Performance metrics include relative total shareholder return and compound annual growth rate of earnings per share (EPS) [3][4]. - The company intends to repurchase shares worth between 32.25 million yuan and 64.5 million yuan, at a price not exceeding 25 yuan per share, to support the restricted stock incentive plan [3][4]. - The company has decided to terminate plans for a spin-off listing of its overseas subsidiary due to time constraints and to mitigate dilution effects on the parent company, indicating healthy development of its overseas business [4]. - The company will change its name from "华新水泥股份有限公司" to "华新建材集团股份有限公司" to better reflect its business scope beyond cement, marking a strategic shift towards broader building materials [4]. Financial Projections - The company expects net profit attributable to shareholders to be 2.8 billion yuan, 3.5 billion yuan, and 3.7 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16%, 25%, and 7% [5]. - Revenue projections for 2025, 2026, and 2027 are 36.647 billion yuan, 38.620 billion yuan, and 41.221 billion yuan, with growth rates of 7.1%, 5.4%, and 6.7% respectively [10].