Investment Rating - The investment rating for the company is "Buy" and maintained [3] Core Views - The company has released a new stock incentive plan for 2024, which is expected to positively impact its operational development [13][21] - The performance targets for the 2024 stock incentive plan have been set more aggressively compared to the previous year, with revenue growth targets of 23.00%, 61.00%, and 103.00% for 2024, 2025, and 2026 respectively [5][17] - The company anticipates that the new products and the PEEK craniofacial repair products will provide significant revenue growth in the near term [14][47] Financial Summary - The total share capital is 0.66 billion shares, with 0.38 billion shares in circulation [1] - The company's market capitalization is 26 billion yuan, with a circulating market value of 15 billion yuan [12] - The company’s revenue for 2023 was 231 million yuan, with projected revenues of 290 million yuan, 388 million yuan, and 529 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 25.61%, 33.79%, and 36.34% [15][45] - The net profit attributable to the parent company is expected to be 55.30 million yuan, 81.62 million yuan, and 121.13 million yuan for 2024, 2025, and 2026, with corresponding growth rates of 35.27%, 47.61%, and 48.40% [15][45] - The company’s EBITDA is projected to be 118.32 million yuan, 157.63 million yuan, and 209.39 million yuan for the same years [15] Stock Incentive Plan - The 2024 stock incentive plan involves granting approximately 576,000 restricted shares, accounting for 0.87% of the company's total share capital [9][30] - The plan aims to motivate core technical and business personnel, with a focus on enhancing operational efficiency and reducing costs [6][21] - The number of shares granted in the 2024 plan is lower than the 2023 plan, which involved 1,868,000 shares [18][54]
迈普医学：公司发布新版股权激励草案，业绩考核目标更积极