BROADEX(SZ:300548) Minsheng Securities·2024-04-21 08:30Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company has announced a stock incentive plan with high performance targets, reflecting confidence in future growth. The plan involves granting 4.3 million restricted shares, representing 1.5% of the current total share capital, at a price of 13.29 yuan per share. The performance targets for 2024 are set at a minimum net profit of 1.30 billion yuan, with further targets for 2025 and 2026 indicating significant growth expectations [1]. - The company is focusing on breakthroughs in the data communication sector while continuing to serve the traditional telecommunications market. The acquisition of Changxinsheng is expected to enhance the company's product offerings in consumer and industrial interconnect applications, thereby expanding future growth opportunities [1]. - The financial forecasts have been adjusted upwards, with expected net profits of 1.75 billion yuan, 2.62 billion yuan, and 3.20 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE multiples of 37X, 25X, and 20X [1]. Financial Summary - The company's projected revenue for 2024 is 2,226 million yuan, representing a growth rate of 32.8% compared to 2023. The net profit for 2024 is expected to be 175 million yuan, a significant increase of 114.8% from 2023 [2][5]. - The company's gross margin is projected to improve from 19.45% in 2023 to 22.19% in 2024, indicating enhanced profitability [5]. - The total assets are expected to grow from 3,216 million yuan in 2023 to 5,022 million yuan by 2026, reflecting a strong upward trend in the company's financial position [8].