EWPT(SZ:300115) Hua Yuan Zheng Quan·2025-12-25 05:27Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has launched its sixth employee stock ownership plan and a restricted stock incentive plan, which are expected to enhance the incentive system and demonstrate confidence in long-term development [6] - The employee stock ownership plan involves a maximum holding of 2.918 million shares, accounting for approximately 0.21% of the total share capital, with a subscription price of 20.56 yuan per share [6] - The stock option plan proposes to grant 14.262 million stock options, representing 1.048% of the total share capital, with an exercise price of 36.47 yuan per share [6] - The incentive plans aim to motivate employees and retain key talents, thereby improving the company's competitiveness and promoting stable long-term growth [6] - The company has set ambitious growth targets for the incentive plans, with revenue growth rates of no less than 18% for 2026 and 28% for 2027 [6] - The company has established a dual pillar business structure in consumer electronics and new energy, along with artificial intelligence, achieving a revenue of 13.510 billion yuan in the first three quarters, a year-on-year increase of 11.68% [6] - The total cost of the incentive plans is estimated at 103 million yuan, which will be amortized over 2026-2028, with minimal impact on net profit [6] - The company expects net profits of 763 million yuan, 1.020 billion yuan, and 1.350 billion yuan for 2025-2027, with corresponding growth rates of -1.09%, 33.70%, and 32.28% [6] Financial Summary - The company's total market capitalization is approximately 51.428 billion yuan, with a closing price of 37.79 yuan [2] - The company's total assets are projected to reach 25.807 billion yuan by 2027, with total liabilities of 15.745 billion yuan [7] - The company's revenue is forecasted to grow from 16.934 billion yuan in 2024 to 25.900 billion yuan in 2027, with a compound annual growth rate of 17.23% [5][7] - The company's return on equity (ROE) is expected to improve from 9.68% in 2024 to 14.31% in 2027 [5][7]