中国巨石年报点评：电子布量价齐升，员工激励落地彰显发展信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The report highlights that both volume and price of electronic fabrics have risen, and the implementation of employee incentives reflects the company's confidence in its development [1] - The company achieved a revenue of 188.81 billion yuan in 2025, representing a year-on-year increase of 19.08%, and a net profit attributable to shareholders of 32.85 billion yuan, up 34.38% year-on-year [8] - The company is expanding its electronic fabric production capacity, with sales reaching a historical high, and prices are expected to have upward elasticity due to market conditions [8] - A stock incentive plan has been introduced, aiming to motivate key personnel and set ambitious profit growth targets for the coming years [8] - The projected net profit for 2026-2028 is expected to be 47.6 billion yuan, 54.0 billion yuan, and 59.6 billion yuan respectively, with corresponding growth rates of 44.79%, 13.56%, and 10.30% [8] Financial Summary - Revenue projections for 2026, 2027, and 2028 are 23539.81 million yuan, 27093.77 million yuan, and 29782.76 million yuan, reflecting growth rates of 24.68%, 15.10%, and 9.92% respectively [3] - The net profit attributable to shareholders is projected to be 4757.17 million yuan, 5402.32 million yuan, and 5958.70 million yuan for the years 2026, 2027, and 2028, with growth rates of 44.79%, 13.56%, and 10.30% respectively [3] - The earnings per share (EPS) for the same years are expected to be 1.19 yuan, 1.35 yuan, and 1.49 yuan [3]