海信视像员工持股计划点评：员工持股计划草案落地，业绩层面考核目标稳健

Investment Rating - The investment rating for Hisense Visual (600060) is "Buy" with a target price of 32.30 CNY, maintaining the previous rating of "Buy" [1][18]. Core Views - The employee stock ownership plan (ESOP) has a solid performance assessment target, and the scope of incentive objects has been expanded, which helps to bind the interests of core employees and stimulate the company's vitality [1][15]. - The company maintains its profit forecast, expecting EPS of 1.59/1.90/2.28 CNY for 2023-2025, representing year-on-year growth of +24%/+20%/+20% [1][18]. - The total market capitalization of the company is 321 billion CNY, with a PB ratio of 1.7x, and the net cash at the end of Q3 2023 is 11.838 billion CNY [1][18]. Summary by Sections Event - On March 11, 2024, the company announced its 2024 employee stock ownership plan draft, changes to the repurchase of shares, and a plan for share repurchase through centralized bidding [9][10]. Employee Stock Ownership Plan - The ESOP targets company directors, senior management, supervisors, middle management, and core personnel, with a total of up to 459 participants and a fundraising cap of 360 million CNY [10][15]. - The plan allows for the purchase of up to 2,909.38 million shares (2.23%) at a price of 12.27 CNY per share, with a vesting period of 48 months [10][15]. Financial Performance - The company expects a steady growth in revenue, with projected operating income of 53.476 billion CNY for 2023, up from 45.738 billion CNY in 2022 [2][18]. - The net profit attributable to shareholders is forecasted to be 2.075 billion CNY for 2023, reflecting a 24% increase from the previous year [2][18]. Market Position - Hisense maintains a strong position in the domestic TV market, with a market share of over 26% in online sales and 28% in offline sales as of early 2024 [17]. - The company is also a sponsor of the 2024 European Championship, which is expected to enhance its global market presence and increase its export market share [17].