Core Viewpoint - The company has implemented a second phase of its restricted stock incentive plan to enhance its long-term incentive mechanism and motivate its core team, with a target price adjustment to 113.0 yuan and a rating of "Accumulate" [1][2]. Group 1: Incentive Plan Details - The second phase of the restricted stock incentive plan involves granting up to 556,000 shares at a price of 47.55 yuan per share, representing 0.139% of the total share capital, with 522,500 shares granted initially and 33,500 shares reserved [2]. - The total expense for the stock incentive plan is estimated at 25.84 million yuan, to be amortized over the years 2025 to 2028 [2]. Group 2: Management and Performance Targets - The initial grant recipients include senior management, with the president receiving 175,100 shares, accounting for 31.5% of the total shares granted [3]. - The performance targets for the second phase include revenue growth of 25%, 53%, and 84% for the years 2025 to 2027 compared to the same period in 2024, and net profit growth of 16%, 32%, and 45% respectively [3]. Group 3: Market Position and Product Strategy - During the 618 shopping festival, the company's brands ranked highly in various e-commerce platforms, indicating strong market presence [4]. - The company is expected to continue its high-end strategy, with an increase in the proportion of high-end products and the introduction of new brands emphasizing natural ingredients [4]. Group 4: Profit Forecast Adjustments - The profit forecasts for 2025, 2026, and 2027 are adjusted to 780 million, 930 million, and 1.16 billion yuan respectively, reflecting year-on-year growth rates of 24.3%, 20%, and 24.2% [4]. - The earnings per share (EPS) estimates for the same years are projected to be 1.94 yuan, 2.33 yuan, and 2.90 yuan, with corresponding price-to-earnings (PE) ratios of 48x, 40x, and 32x [4].
群益证券：下调乖宝宠物目标价至113.0元，给予增持评级