Xianheng International(SH:605056) 光大证券研究·2025-09-13 00:06Core Viewpoint - The company has announced a restricted stock incentive plan for 2025, aimed at motivating its management team and retaining key talent, which is crucial for its long-term development [3][4]. Group 1: Incentive Plan Details - The company plans to grant 6 million restricted stocks, accounting for approximately 1.46% of the total share capital as of the announcement date, with a grant price of 7.29 yuan per share [3]. - The incentive plan includes three phases of unlocking from 2025 to 2027, with unlocking ratios of 40%, 30%, and 30% respectively, contingent on achieving specific revenue and net profit targets [4]. - The revenue targets for the unlocking phases are set at 4.5 billion yuan for 2025, 6 billion yuan for 2026, and 7.5 billion yuan for 2027, while the net profit targets are set at 260 million yuan, 290 million yuan, and 330 million yuan for the respective years [4]. Group 2: Strategic Expansion and Market Trends - The company is focusing on the trend of centralized and e-commerce procurement among state-owned enterprises, aiming to expand into new sectors such as oil and gas and power generation while deepening its presence in the electric grid sector [5]. - The company is committed to enhancing its product offerings and technical services to meet the evolving needs of customers in the MRO (Maintenance, Repair, and Operations) sector, thereby positioning itself as a leader in integrated services for energy, transportation, and emergency sectors [5].