Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 60.00 [12]. Core Views - The recent implementation of equity incentive and performance assessment mechanisms is expected to benefit the company's long-term development [2][3]. - The performance targets set for the incentive plans are both achievable and challenging, with a projected revenue CAGR of approximately 19% and a net profit CAGR of about 15% from 2024 to 2026 [12][14]. - The equity incentive plan covers the president and eight other senior management personnel, while the performance assessment mechanism has a broader scope, indicating the company's commitment to strengthening its own brand and energizing talent [12][14]. Summary by Sections Incentive Plans - The company has announced two incentive plans: 1. Equity Incentive: Up to 2.177 million restricted shares will be granted at RMB 25.93 per share, accounting for 0.544% of the total share capital. The performance targets include revenue growth of no less than 19%/42%/68% and net profit growth of no less than 21%/39%/59% for the years 2023 and beyond [2]. 2. Performance Assessment Mechanism: If the performance targets for 2024-2026 are met, up to 15% of the annual net profit attributable to the parent company will be allocated as incentive bonuses [2]. Financial Projections - The company forecasts the following financial performance: - Revenue (RMB million): 2022: 3,398; 2023: 4,327; 2024E: 5,416; 2025E: 6,523; 2026E: 7,822, with year-on-year growth rates of 31.93%, 27.36%, 25.18%, 20.43%, and 19.91% respectively [4]. - Net Profit (RMB million): 2022: 266.88; 2023: 428.84; 2024E: 599.70; 2025E: 728.01; 2026E: 919.22, with year-on-year growth rates of 90.25%, 60.69%, 39.84%, 21.40%, and 26.27% respectively [4]. - EPS (RMB): 2022: 0.67; 2023: 1.07; 2024E: 1.50; 2025E: 1.82; 2026E: 2.30 [4]. Market Position - The company is positioned as a leader in the domestic pet food sector, with a focus on brand development and a commitment to enhancing its high-end product offerings [12][14].
乖宝宠物：股权激励及绩效考核机制落地，利好长远发展