ANGEL YEAST(SH:600298) KAIYUAN SECURITIES·2024-06-04 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The implementation of a new stock incentive plan is expected to deepen employee engagement and enhance revenue certainty [6] - The stock incentive plan involves 1,189,000 restricted shares granted to 1,006 employees, representing 1.37% of total shares, with a grant price of 15.41 CNY per share, approximately 50% of the current price [6] - The revenue targets for 2024-2026 are set at 149.6 billion, 164.5 billion, and 180.6 billion CNY, with year-on-year growth rates of 10.2%, 9.9%, and 9.8% respectively [6] - The expected net profit for 2024-2026 is projected at 13.66 billion, 17.07 billion, and 21.57 billion CNY, corresponding to EPS of 1.57, 1.97, and 2.48 CNY [6][9] Financial Summary - The company's total revenue for 2022 was 12,843 million CNY, with a projected increase to 14,760 million CNY in 2024, reflecting a year-on-year growth of 8.7% [9] - The net profit for 2022 was 1,321 million CNY, with a forecasted net profit of 1,366 million CNY for 2024, indicating a slight decline of 3.9% [9] - The gross margin is expected to improve from 24.8% in 2022 to 25.5% in 2024, while the net margin is projected to be 9.3% in 2024 [9] - The company's P/E ratio is forecasted to decrease from 20.4 in 2022 to 19.7 in 2024, indicating a potential undervaluation [9][10]