员工激励落地，稳步发展可期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.74 yuan [4] Core Views - The company plans to repurchase shares for an employee stock ownership plan, with a maximum repurchase amount of 753 million yuan and a maximum repurchase price of 30 yuan per share, expected to repurchase no more than 25.114 million shares [1] - The employee stock ownership plan will be granted to 459 employees, including 8 senior executives, with a grant price of 12.27 yuan per share and a total of no more than 29.094 million shares, accounting for 2.2% of the company's total shares [1] - The company's performance unlock assessment targets a growth rate of no less than 35.83%/49.94%/66.41% from 2024 to 2026, with trigger values of no less than 22.25%/34.95%/49.77% [1] - The company's global market share in TV shipments has steadily increased, with a global market share of 13.23% in 2023, up 1.17 percentage points year-on-year [2] - The company's retail sales market share in TVs reached 29.05% in 2023, up 3.43 percentage points year-on-year [2] - The company plans to increase its 2023 annual cash dividend compared to 2022, with a dividend of 840 million yuan in 2022 and a dividend ratio of 50% [2] Financial Data and Valuation - The company's revenue is expected to grow from 53.3825 billion yuan in 2023E to 66.63625 billion yuan in 2025E, with growth rates of 16.71%, 12.18%, and 11.27% respectively [3] - Net profit attributable to the parent company is expected to grow from 2.076 billion yuan in 2023E to 2.87101 billion yuan in 2025E, with growth rates of 23.64%, 19.06%, and 16.15% respectively [3] - EPS is expected to increase from 1.59 yuan in 2023E to 2.20 yuan in 2025E [3] - The P/E ratio is expected to decrease from 15.56x in 2023E to 11.25x in 2025E [3] - The P/B ratio is expected to decrease from 1.69x in 2023E to 1.42x in 2025E [3] Industry and Market Position - The company is a global leader in the display industry, with a strong product and brand matrix, a tiered pricing strategy, and forward-looking technology layout [2] - The company has strengthened its global leadership in laser display, achieved initial results in commercial display brand building and overseas market expansion, and expanded its chip product categories [2] - The company has enhanced its capabilities in virtual reality display and AIGC [2] Financial Forecast - The company's operating income is expected to grow from 53.3825 billion yuan in 2023E to 66.63625 billion yuan in 2025E [6] - Net profit attributable to the parent company is expected to grow from 2.076 billion yuan in 2023E to 2.87101 billion yuan in 2025E [6] - The company's cash flow from operating activities is expected to be -2.10632 billion yuan in 2023E, 8.28246 billion yuan in 2024E, and -2.24162 billion yuan in 2025E [8]