拱东医疗：公司发布第一期员工持股计划，彰显长期发展信心

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company has launched its first employee stock ownership plan, reflecting confidence in long-term development. The plan targets key management and technical personnel, with performance targets set for revenue growth of no less than 20% and 22% for the years 2025-2026 [11][12] - The employee stock ownership plan aims to enhance the alignment of interests among shareholders, the company, and employees, thereby improving corporate governance and employee motivation, which is expected to positively impact long-term performance [12] - The company is anticipated to experience rapid growth in orders due to the resolution of inventory backlogs in the industry and potential collaborations with high-quality overseas medical clients [13] Financial Forecast - Revenue projections for 2024-2026 are estimated at 1.124 billion, 1.315 billion, and 1.604 billion yuan, with year-on-year growth rates of 15.27%, 16.99%, and 21.98% respectively [13][15] - The net profit attributable to the parent company is expected to be 180.19 million, 220.89 million, and 270.56 million yuan for the years 2024-2026, with growth rates of 65.12%, 22.59%, and 22.48% respectively [13][15] - The company’s price-to-earnings (P/E) ratios for 2024-2026 are projected to be 26.70, 21.78, and 17.78 [13][15]