Co-Founder or First Employee

Hello, I know this might be a recurring question you get but I would like some help to ease my decision. Me (CEO) and a friend (CTO) cofounded a company 1.5 years ago. At the end of first year we didn't have insane amount of revenue (around 150k) and around 20% profitability. Now halfway through year 2, we are on our way to increase revenue by around 60% this year and are aiming for a similar growth rate if not even higher because we aim to launch a new product at the beginning of year 3. We recruited a friend to help us about 6 months ago and he is receiving normal market salary but has been contributing a lot to the company in terms of energy and ideas. Recently, he asked us if he could join the company as a cofounder and asked for 30%. The thing is I do not see him as a cofounder since he joined when things were less risky and the salary he is already receiving. I understand we are not necessarily unicorn level with our revenue, but since we are already generating profits are a aimed in a right direction, I am not sure how to deal with his request. My feel is that he shouldn’t get more than maybe 1% for being an early employee and that’s it. I think he might feel insulted by this offer and leave which would cause us some temporary problems in terms of project delivery, but it wouldn’t be catastrophic. Am I being selfish? I feel like I would much rather keep my equity for more important people hires in the future (strong business development person, etc.) as well as potential investors.