股权激励指引高成长，芯屏共举进入放量期

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 708 million yuan in Q1 2024, representing a year-on-year increase of 29.50% and a quarter-on-quarter decrease of 10.90%. The net profit attributable to the parent company was 82 million yuan, up 134.86% year-on-year and 78.31% quarter-on-quarter [1]. - The stock option incentive plan targets 296 individuals with 25 million stock options, accounting for 2.64% of the total share capital, indicating strong confidence in long-term growth. The plan sets ambitious profit growth targets for 2024-2026, aiming for a cumulative net profit of 5 billion yuan in 2024, 12 billion yuan in 2025, and 22 billion yuan in 2026, with a projected CAGR of 65% over three years [1]. - The semiconductor materials business is expected to grow significantly due to downstream wafer fabs expanding production capacity. In Q1 2024, the company’s polishing pads generated 135 million yuan in revenue, a 110% increase year-on-year, while polishing and cleaning liquids contributed 36 million yuan, up 206% year-on-year [1]. - The display materials segment has entered a harvest phase, with revenue from display materials reaching 70 million yuan in Q1 2024, a staggering 436.49% increase year-on-year. The company has increased its stake in its subsidiary, enhancing profitability from this segment [2]. Financial Summary - The company’s projected revenues for 2024-2026 are 3.34 billion yuan, 3.90 billion yuan, and 4.76 billion yuan, respectively, with year-on-year growth rates of 25.2%, 16.9%, and 22.0% [3]. - The net profit attributable to the parent company is forecasted to be 469 million yuan in 2024, 627 million yuan in 2025, and 953 million yuan in 2026, with growth rates of 111.2%, 33.7%, and 52.1% respectively [3]. - The report indicates an increase in the company's P/E ratio from 44.9 in 2024 to 22.1 in 2026, reflecting expected growth in earnings [3].