Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2023-2025 projected at 1.00 billion, 1.31 billion, and 1.84 billion RMB, reflecting year-on-year growth of +20.89%, +31.35%, and +40.34% respectively [11]. Core Insights - The company's stock option incentive plan demonstrates confidence in its steady development, with performance targets set for revenue and net profit growth over the next few years [11]. - The company is focusing on strengthening partnerships with existing high-quality clients while expanding into new markets, particularly in the new energy and photovoltaic sectors [11]. - The domestic shift towards local suppliers for microelectronic welding materials is expected to benefit the company as it positions itself as a leading domestic manufacturer [11]. Financial Summary - Revenue is projected to grow from 1,045 million RMB in 2022 to 1,428 million RMB by 2025, with a growth rate of 18.99% in 2025 [25]. - The net profit is expected to increase from 83 million RMB in 2022 to 184 million RMB in 2025, with a significant growth rate of 40.34% in 2025 [25]. - The diluted earnings per share are forecasted to rise from 1.411 RMB in 2022 to 3.143 RMB in 2025 [25]. - The company's P/E ratio is projected to decrease from 37.93 in 2022 to 17.02 in 2025, indicating an improving valuation [25].
股权激励落地，未来成长可期