Investment Rating - The investment rating for the company is "Hold" with a downward adjustment [5] Core Views - The company has launched a 2024 employee stock ownership plan, covering up to 83 key personnel, which aims to strengthen the development foundation by deeply binding the core team [1][2] - The employee stock ownership plan is expected to incur costs of approximately 18.84 million yuan, which will be allocated to current costs during the lock-up period [1] - The stock source for the plan comes from shares repurchased at an average price of 50.83 yuan per share, with an employee purchase price set at 38.34 yuan per share, representing a discount of about 24% [3] - The plan is structured to vest over three years (40%+30%+30%) and will assess performance from 2025 to 2027, potentially driving long-term performance [3] - The plan aims to consolidate technical barriers and support growth targets in the rapidly developing connector field, particularly in the automotive sector [4] Financial Data and Valuation - The company's revenue for 2022 was 480.29 million yuan, with a projected increase to 535.30 million yuan in 2024 and 615.59 million yuan in 2025, reflecting a growth rate of 10% and 15% respectively [4] - The net profit attributable to the parent company is expected to decline from 130.35 million yuan in 2023 to 104.86 million yuan in 2024, before recovering to 126.11 million yuan in 2025 and 161.57 million yuan in 2026 [4] - The earnings per share (EPS) is projected to decrease from 1.19 yuan in 2023 to 0.95 yuan in 2024, with a gradual recovery to 1.15 yuan in 2025 and 1.47 yuan in 2026 [4] - The price-to-earnings (P/E) ratio is expected to be 49.86 in 2024, decreasing to 41.46 in 2025 and further to 32.36 in 2026 [4] Summary of Key Financial Metrics - Total revenue is projected to grow from 480.29 million yuan in 2022 to 738.71 million yuan in 2026 [4] - The company's EBITDA is expected to decline from 180.32 million yuan in 2023 to 108.28 million yuan in 2024, before recovering to 166.85 million yuan in 2026 [4] - The company's total assets are projected to increase from 2,005.81 million yuan in 2022 to 2,342.82 million yuan in 2026 [10]
维峰电子：推出员工持股计划，夯实发展基础-20250225