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研報掘金丨華安證券:新產品推廣順利,中長期股權激勵為業績增長指明方向,維持麥瀾德“買入”評級
格隆匯5月24日丨華安證券發研報指,麥瀾德(688273.SH)2022年下半年推出多款新產品,為下一年業績增長提供動力。股權激勵計劃為2023-2026年公司中長期增長指明方向。公司上市後推出了中長期的股權激勵計劃,激勵計劃考核2023-2026年四個會計年度的歸母淨利潤,以2022年歸母淨利潤為基數,2023-2026年的歸母淨利潤增長率不低於30%/69%/120%/186%,2023-2026年複合增速不低於30%。2023Q1公司收入和利潤端增長均超過30%,一方面與疫情後行業需求復甦有關,另一方面也與公司推出新產品,產品結構改善有關。結合公司2022年年報以及公司股權激勵方案情況,華安證券預計公司2023-2025收入有望分別實現5.18 億元、6.87億元和 9.33億元,同比增速分別達到37.4%、32.6%和35.8%,2023-2025年歸母淨利潤分別實現1.38億元、1.93億元和2.58億元,同比增速分別達到13.4%、39.6%和33.8%。基於公司所在行業政策環境友好,公司產品組合協同效應強,公司中長期股權激勵為業績增長指明方向,維持“買入”評級。
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