DAYE(300879) 第一财经· Di Yi Cai Jing·2025-05-13 16:18Core Viewpoint - The stock price of Daye Co., Ltd. surged over 139% within a month, driven by a stock incentive plan and strong quarterly performance, raising questions about potential financial adjustments prior to the earnings announcement [1][2][3]. Group 1: Stock Performance - From April 23 to May 9, Daye's stock price increased from 17.26 yuan to 41.25 yuan, a rise of approximately 140% [1]. - The stock price doubled in just four trading days from April 29 to May 7, reaching a five-year high [1][6]. - The stock experienced a rapid ascent, with a maximum increase of nearly 1.7 times over 20 days, peaking at 41.25 yuan [6]. Group 2: Earnings and Financial Performance - In Q1, Daye reported revenue of 1.518 billion yuan, a year-on-year increase of 138.72%, and a net profit of 194 million yuan, up 326.94% [3]. - The significant growth was attributed to increased order volume and the consolidation of AL-KO's financials, which was acquired for 20 million euros [3][4]. - The company did not disclose specific performance data for AL-KO in its Q1 report, leading to investor skepticism regarding the legitimacy of the reported earnings [4]. Group 3: Stock Incentive Plan - The stock incentive plan announced on April 23 involved granting 2 million shares at a price of 8.65 yuan, which is 50% of the closing price on the day before the announcement [1][6]. - The performance targets for the incentive plan require net profits to grow by 70% and 105% in 2025 and 2026, respectively, which are easily achievable given the current performance [2][8]. - The plan raised concerns among investors about potential financial adjustments to meet the incentive targets, especially since the Q1 net profit was already close to six times the 2026 target [2][8].