证券研究报告·公司点评报告·医疗器械 联影医疗（688271） 发布新一期股权激励，彰显长期增长信心 2025 年 06 月 15 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,411 | 10,300 | 11,599 | 13,892 | 16,493 | | 同比（%） | 23.52 | (9.73) | 12.61 | 19.77 | 18.72 | | 归母净利润（百万元） | 1,974 | 1,262 | 1,587 | 2,139 | 2,654 | | 同比（%） | 19.21 | (36.08) | 25.75 | 34.82 | 24.07 | | EPS-最新摊薄（元/股） | 2.40 | 1.53 | 1.93 | 2.60 | 3.22 | | P/E（现价&最新摊薄） | 54.06 | 84.58 | 67.26 | 49.89 | 40.21 | [Table_ ...

在如今竞争激烈的商业环境中， 股权激励已成为企业吸引和留住人才、推动持续发展的重要手段 。数 据显示，2024年A股股权激励计划总公告数达 610 个，其中制造业占比高达 77.21% ，像计算机、通 信等细分领域公告激励计划数量居前，凸显出股权激励在各行业受重视的程度。 那么，企业该 如何设计一套适配自身的股权激励方案？ 我们梳理了实操中必须关注的几大要素供大参 考： 一、股权激励的基本工具 11111.....股股股股股票票票票票期期期期期权权权权权 • 定义 ：指授予激励对象在未来一定期限内以预先确定的价格和条件购买本公司一定数量股票的权 利。激励对象有权行使这种权利，也有权放弃这种权利，但不得转让、抵押、质押、担保和偿还债 务。 • 核心 ：行权需满足业绩条件，本质是 "未来购买权" 22222.....限限限限限制制制制制性性性性性股股股股股票票票票票 • 定义 ：指公司授予激励对象在授予日按照一定价格购买一定数量的公司股票（股权）， 该等股票 设定锁定期 ，激励对象完成约定的考核指标后，方可按照约定的期限和比例解锁或归属。 二、股权激励方案：汉堡包模型 111... .定定人人：：：：： 方法：对 ...

Core Viewpoint - The legal opinion letter from Guangdong Xinda Law Firm confirms that Guangzhou Fangbang Electronics Co., Ltd. has obtained necessary approvals for the adjustment, cancellation, and exercise of stock options under its incentive plans, ensuring compliance with relevant regulations and protecting the interests of the company and its shareholders [4][16]. Summary by Sections 1. Legal Opinion and Authorization - Guangdong Xinda Law Firm has been appointed as a special legal advisor for the implementation of the 2022 and 2024 stock incentive plans [1]. - The firm confirms that all necessary procedures for the adjustment, cancellation, and exercise of stock options have been duly followed and authorized [4][16]. 2. Adjustment of Stock Option Prices - The adjustment of stock option prices is based on the company's profit distribution plan, which includes a cash dividend of 1.8676 yuan per 10 shares [6][9]. - The adjusted exercise price for the 2022 stock option plan is 33.6273 yuan per share, down from 33.8141 yuan, while the adjusted grant price for the 2024 plan is 25.7532 yuan per share, down from 25.94 yuan [9][10]. 3. Cancellation of Stock Options - The cancellation of stock options is due to the departure of 13 incentive targets who no longer qualify, resulting in the cancellation of 214,000 stock options and 34,000 reserved options [10][16]. - A total of 437,500 stock options are to be canceled as per the board's resolution [10][16]. 4. Conditions for Exercising Stock Options - The second exercise period for the stock options will end on July 10, 2025, and the conditions for exercising these options have been met as of the date of the legal opinion [11][16]. - The company has achieved the necessary performance targets, with 2023 revenue reported at 345 million yuan, which is below the target but meets the conditions for the exercise of options [12][14]. 5. Information Disclosure - The company is required to disclose relevant documents related to the adjustments, cancellations, and exercises in accordance with applicable laws and regulations [15][16].

Core Viewpoint - The company has announced adjustments to the exercise price of its 2022 stock option incentive plan and the grant price of its 2024 restricted stock incentive plan due to a dividend distribution, ensuring compliance with relevant regulations and maintaining shareholder interests [1][8][9] Summary by Relevant Sections 1. Adjustment Details - The exercise price for the 2022 stock option plan has been adjusted from 33.8141 CNY per share to 33.6273 CNY per share [1][8] - The grant price for the 2024 restricted stock plan has been adjusted from 25.94 CNY per share to 25.7532 CNY per share [1][8] 2. Approval Procedures - The company’s board and supervisory board have reviewed and approved the adjustments, confirming that all necessary internal procedures were followed [4][8][9] - Independent directors and the supervisory board have provided opinions affirming that the adjustments do not harm the interests of the company or its shareholders [8][9] 3. Impact of Adjustments - The adjustments are in accordance with the "Management Measures for Equity Incentives of Listed Companies" and will not have a substantial impact on the company's financial status or operational results [8][9] 4. Legal Opinions - The legal counsel has concluded that the adjustments have followed necessary internal decision-making processes and comply with relevant regulations, ensuring no detriment to the company or its shareholders [9]

Key Points - The company plans to repurchase and cancel a total of 230,800 restricted stocks due to the termination of labor relations with 12 original incentive targets who have retired or left the company [1][2][3] - The total repurchase price for the stocks is approximately RMB 2,518,773.81 [1][2] - After the cancellation, the remaining restricted stocks will amount to 9,372,920 shares [3][4] - The company has opened a special securities account for the repurchase and has applied for the transfer procedures for the 230,800 restricted stocks [3] - The expected completion date for the cancellation of the restricted stocks is June 18, 2025 [3] - The company's share structure will change as follows: total shares will decrease from 1,003,285,687 to 1,003,054,887 after the cancellation [4] - The board of directors confirmed that the decision-making process and information disclosure comply with relevant laws and regulations [4][5] - Legal opinions confirm that the repurchase and cancellation have received necessary approvals and meet regulatory requirements [5]

Core Points - The company has approved the 2025 stock option and restricted stock incentive plan, including the list of incentive recipients [1][2] - The incentive plan was publicly disclosed on June 5, 2025, and the public notice period lasted until June 14, 2025, allowing for feedback on the recipients [2][3] - The compensation and assessment committee verified that all proposed recipients meet the legal and regulatory requirements for participation in the incentive plan [3][4] Disclosure and Verification - The company disclosed the list of incentive recipients on the Giant Tide Information Network and internally, with a public notice period of at least 10 days [2] - No objections were received regarding the proposed incentive recipients during the public notice period [2][3] - The committee reviewed the qualifications of the recipients, ensuring compliance with relevant laws and regulations [3][4] Eligibility Criteria - The committee confirmed that all listed recipients meet the necessary qualifications and do not fall under any disqualifying conditions outlined in the relevant laws [3][4] - Specific disqualifying conditions include being deemed inappropriate by the stock exchange or the China Securities Regulatory Commission within the last 12 months, or having significant legal violations [3][4]

Core Viewpoint - Western Mining (601168) has shown a slight increase in stock price, closing at 16.52 yuan, with a market capitalization of 39.367 billion yuan, ranking 8th in the industrial metals sector and 340th in the A-share market [1] Weekly Focus - The company conducted an institutional survey on June 12, discussing key topics such as hedging strategies, capital expenditures, and future development plans [1][2] - The company has a hedging ratio of approximately 50% for externally purchased raw materials to mitigate price fluctuations [1] - Annual capital expenditure is around 3 billion yuan, with the capital expenditure for the third phase of Yulong Copper's construction estimated at 5 billion yuan [1][6] - Currently, there are no plans for share buybacks or equity incentive programs, but the company will disclose any future plans [1] Resource Potential - Yulong Copper Mine has significant resource reserve potential, particularly in the unsealed areas of the ore body, with ongoing geological research and exploration efforts [2] Announcements - The company will participate in an online investor reception day on June 18, 2025, to discuss its 2024 annual performance and future strategies [3] - A cash dividend of 1 yuan per share will be distributed, with the record date set for June 19, 2025, and the payment date on June 20, 2025, totaling 2.383 billion yuan [4][6]

Core Viewpoint - Hengbo Holdings Co., Ltd. has announced a restricted stock incentive plan for 2025, aiming to enhance employee motivation and align their interests with the company's long-term goals through performance-based assessments [1][2]. Group 1: Incentive Plan Details - The company plans to grant a total of up to 1.11375 million shares, with 588,750 shares classified as the first type of restricted stock at an initial grant price of 43.13 yuan per share, and 525,000 shares as the second type at a price of 51.75 yuan per share [1]. - The incentive plan targets no more than 89 individuals, including senior management, middle management, and key technical (business) personnel within the company and its subsidiaries [1]. Group 2: Performance Assessment - The incentive plan incorporates performance assessments, setting target and trigger values to ensure high goals and strict requirements, which will help motivate employees and support the achievement of future strategic and operational objectives [1]. - In addition to company-level performance assessments, the plan includes annual performance indicators for divisions and subsidiaries, allowing for the release of restrictions on stock grants based on achieving specific performance targets [1]. Group 3: Industry Insights - Experts suggest that Hengbo Holdings' approach of linking net profit growth targets with multi-dimensional performance assessments enhances employees' sense of responsibility and belonging, thereby improving organizational execution efficiency and team stability [2]. - In the context of the rapidly evolving electric vehicle industry, the stock incentive plan is seen as a means to stabilize the core team and promote technological iteration and strategic implementation [2].

Core Viewpoint - The Supervisory Board of Shanghai United Imaging Healthcare Co., Ltd. has reviewed and approved the draft of the 2025 Restricted Stock Incentive Plan, confirming the company's eligibility to implement the plan under relevant laws and regulations [1][2][3] Group 1: Eligibility and Compliance - The company meets the qualifications to implement the stock incentive plan, with no disqualifying conditions present, such as being deemed inappropriate by the stock exchange or regulatory authorities in the past 12 months [2] - The incentive plan's recipients do not include independent directors or supervisors, ensuring compliance with the relevant regulations [3] - The granting arrangements for restricted stocks, including quantity, grant date, price, and vesting conditions, adhere to legal requirements and do not infringe on the interests of the company or its shareholders [3] Group 2: Objectives and Benefits - The incentive plan aims to motivate employees and align the interests of shareholders, the company, and the core team, fostering a focus on long-term development [3]

Core Viewpoint - The legal opinion letter confirms the legality and compliance of Shanghai Zhongchen Electronic Technology Co., Ltd.'s 2025 second phase restricted stock incentive plan, ensuring it aligns with relevant laws and regulations [2][38]. Group 1: Company Overview - Shanghai Zhongchen Electronic Technology Co., Ltd. is a publicly listed company with a total share capital of RMB 1,487.71851 million [7]. - The company is engaged in the research, design, production, and sales of frequency converters and electrical machinery [7]. Group 2: Incentive Plan Details - The incentive plan involves granting 406,500 restricted stocks, accounting for 0.27% of the company's total share capital [8][10]. - The plan is designed to motivate and retain key technical personnel, with a total of 9 individuals identified as incentive recipients, representing 1.06% of the total workforce [9][36]. Group 3: Legal Compliance and Procedures - The plan has undergone necessary legal checks and complies with the Securities Law, Company Law, and relevant regulations [3][38]. - The company has fulfilled the required procedures for implementing the incentive plan, including board and supervisory committee approvals [32][34]. Group 4: Performance and Vesting Conditions - The vesting of restricted stocks is contingent upon meeting specific performance targets, including revenue growth rates of at least 15%, 30%, and 45% over different periods [28][30]. - The granting price for the restricted stocks is set at RMB 20.72 per share, which is compliant with the stipulated pricing regulations [20][21]. Group 5: Impact on Stakeholders - The incentive plan aims to align the interests of shareholders, the company, and the core team, promoting long-term development [35]. - The plan does not involve providing financial assistance to the incentive recipients, ensuring no detriment to the company's interests [37].