Milkground(600882) 华鑫证券·2025-03-06 08:47Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company has launched a stock option incentive plan and an employee stock ownership plan, reflecting strong confidence in its future performance [5][6] - The performance targets set for the incentive plans are ambitious, indicating the company's confidence in achieving significant revenue and profit growth over the next few years [7] - The company is focusing on expanding its product offerings in the consumer market while maintaining steady growth in the business-to-business segment [8] Summary by Sections Incentive Plans - The stock option plan involves granting 8 million options, representing approximately 1.56% of the total share capital, with a strike price of 15.83 CNY per share [6] - The employee stock ownership plan also targets 8 million shares, with a purchase price of 9.90 CNY per share, involving 209 participants [6] Performance Targets - Revenue targets for 2025, 2026, and 2027 are set at no less than 56 billion, 65 billion, and 78 billion CNY, respectively, with net profit targets of 2.10 billion, 3.20 billion, and 4.60 billion CNY [7] - The company aims for a compound annual growth rate (CAGR) of at least 18.02% for revenue and 48.00% for net profit from 2025 to 2027 [7] Market Performance - The company has seen positive performance in its consumer segment, with new products like cheese bites and single-serving cheese performing well [8] - In the business segment, strategic partnerships have evolved from seasonal collaborations to more integrated strategic alliances, enhancing operational efficiency [8] Earnings Forecast - The company is expected to achieve earnings per share (EPS) of 0.22, 0.39, and 0.59 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 90, 51, and 34 [11] - The revenue forecast for 2024, 2025, and 2026 is set at 48.17 billion, 53.33 billion, and 61.10 billion CNY, with growth rates of 19.0%, 10.7%, and 14.6% [13]