发布新一期股权激励计划，引入利润考核目标

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by 5% to 15% over the next 6-12 months [20][24]. Core Insights - The company has introduced a new equity incentive plan that includes profit assessment targets, with a compound annual growth rate (CAGR) of 35% over two years. This plan aims to enhance corporate governance and retain key management and technical talent [4][21]. - Revenue projections for 2024-2026 are estimated at 22.68 billion, 29.10 billion, and 36.85 billion respectively, with corresponding net profits of 4.82 billion, 6.54 billion, and 8.47 billion. The earnings per share (EPS) are projected to be 0.85, 1.15, and 1.49 respectively [4][16]. Summary by Sections Equity Incentive Plan - The new incentive plan includes performance targets for revenue and installed equipment, with specific goals for non-COVID products and self-produced chemiluminescence business, aiming for a 35% revenue growth in 2024 and 75.5% in 2025 [4][21]. - The plan also sets targets for domestic and overseas chemiluminescence instrument installations, with 1500 units targeted for each of the two performance periods domestically and 1200 units overseas [4]. Financial Forecast - The company forecasts a revenue increase from 2.05 billion in 2023 to 2.27 billion in 2024, representing a 10.49% year-on-year growth. The net profit is expected to rise from 355 million in 2023 to 482 million in 2024, reflecting a 35.89% increase [16]. - The gross margin is projected to improve from 56.81% in 2023 to 61.43% in 2024, with a return on equity (ROE) increasing from 13.87% to 16.79% over the same period [16]. Market Confidence - The introduction of profit as a performance metric in the incentive plan reflects the company's confidence in its future growth prospects, as indicated by the ambitious targets set for revenue and profit growth [4][21].