隆鑫通用（603766）：发布员工持股计划，彰显长期发展信心

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has launched its third employee stock ownership plan, demonstrating confidence in long-term development [2][3] - The employee stock ownership plan is tied to performance targets for the years 2026 to 2028, indicating a commitment to future growth [4] - A mid-term profit distribution plan for 2025 has been proposed, with a cash dividend of RMB 0.20 per share, totaling approximately RMB 4.11 billion [5] Summary by Sections Employee Stock Ownership Plan - The total amount for the third employee stock ownership plan is capped at RMB 400 million, with approximately 25.94 million shares to be granted to up to 500 key personnel [3] - The unlocking of shares will occur in three phases: 40%, 30%, and 30% [3] Performance Targets - The performance targets for the employee stock ownership plan include: - 2026: 15% year-on-year growth in revenue from proprietary brands, 10% overall revenue growth, and 10% growth in net profit attributable to shareholders [4] - 2027: 15% growth in proprietary brand revenue or 30% growth compared to 2025, with similar targets for overall revenue and net profit [4] - 2028: 15% growth in proprietary brand revenue or 50% growth compared to 2025, with corresponding targets for overall revenue and net profit [4] Profit Distribution Plan - The proposed cash dividend of RMB 0.20 per share is based on a total share capital of 2.054 billion shares, representing 26.05% of the net profit attributable to shareholders for the first three quarters of 2025 [5] Financial Forecast - Revenue projections for 2025-2027 are RMB 200 billion, RMB 233.6 billion, and RMB 268.7 billion, with growth rates of 18.9%, 16.8%, and 15.0% respectively [6] - Net profit attributable to shareholders is forecasted to be RMB 20.3 billion, RMB 24.5 billion, and RMB 28.9 billion for the same period, with growth rates of 81%, 20.5%, and 18.3% respectively [6] - Earnings per share (EPS) are expected to be RMB 0.99, RMB 1.19, and RMB 1.41 for 2025-2027 [6]