lolo(000848) 海通证券·2024-03-17 16:00Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Viewpoints - The company has released a draft employee stock ownership plan, aiming to drive historical performance breakthroughs through incentives [6] - The employee stock ownership plan involves a total fund of up to 78 million yuan, with 169 participants including key management and core technical personnel [6] - The plan is divided into three unlocking periods with specific revenue and net profit targets for 2024-2026 [7] - The company has historically shown stable performance with strong financial indicators, though revenue has not yet surpassed 3 billion yuan [7] - The company is expanding its product matrix and entering new markets, enhancing its brand competitiveness and risk resistance [8] Financial Projections - Revenue for 2023-2025 is projected to be 2.84 billion, 3.25 billion, and 3.61 billion yuan respectively [8] - Net profit for 2023-2025 is expected to be 655 million, 668 million, and 736 million yuan respectively [8] - EPS for 2023-2025 is forecasted to be 0.62, 0.64, and 0.70 yuan per share [8] - The company is given a PE valuation range of 15-18 times for 2024, with a reasonable value range of 9.60-11.52 yuan [8] Historical Performance - The company's average revenue from 2014-2022 was 2.39 billion yuan, with an average net profit margin of 472 million yuan [7] - The average ROE (diluted) from 2014-2022 was 23.92%, and the average net sales margin was 20.01% [7] Market Expansion - The company is optimizing its product matrix and expanding into new markets such as Zhejiang, Jiangsu, Anhui, Sichuan, and Shanghai [8] Financial Indicators - The company's revenue in 2022 was 2.69 billion yuan, with a net profit of 602 million yuan [9] - The gross margin in 2022 was 44.9%, and the net profit margin was 22.4% [9] - The ROE in 2022 was 21.8%, and the asset return rate was 15.8% [9] Valuation Comparison - The average PE ratio for comparable companies in 2024 is 20.65 times [10]