Ge Long Hui·2026-02-24 05:59Core Viewpoint - The report from Huaxi Securities indicates that Tanshan intends to grant 6.7268 million restricted stocks to 72 incentive targets, accounting for 0.76% of the company's total share capital, with a grant price of 7.08 yuan per share. This stock incentive plan marks the first incentive under the new chairman since his appointment in 2021 and is expected to boost market confidence [1] Group 1: Company Developments - The outdoor industry has been rapidly developing, becoming the next growth point in the apparel sector, succeeding previous sports trends [1] - Tanshan is focusing on enhancing product functionality, increasing marketing investment, and improving store efficiency, with expectations for improved terminal discount rates to enhance brand strength and profitability [1] - The acquisition of G2Touch has been successful, benefiting from technology development and expansion of downstream customers, with potential growth in the automotive sector [1] Group 2: Product Innovations - The company has launched four outdoor smart equipment products: lower limb exoskeleton, 5G smart outdoor watch, smart skiing helmet, and suspended mirror high-definition outdoor cinema, all showing improvements in assistive effects, battery life, adaptability, lightweight design, and smart interaction [1] Group 3: Financial Projections - The company maintains its profit forecast for 2025-2027, with revenue projections of 2.011 billion, 2.829 billion, and 3.342 billion yuan respectively; net profit forecasts of 237 million, 369 million, and 454 million yuan; and EPS forecasts of 0.26, 0.42, and 0.51 yuan [1] - As of February 13, 2026, the closing price of 13.72 yuan corresponds to PE ratios of 52, 33, and 27 for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [1]