Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 11.20 CNY from a previous 13.85 CNY [26]. Core Insights - The company's stock incentive plan is expected to enhance employee motivation and deliver more efficient and sustainable returns to shareholders. The company is actively expanding into overseas markets while continuously introducing new products domestically, which is anticipated to drive future growth. However, due to a slow recovery in industry demand and intense competition, the earnings forecast has been slightly revised downwards [10][25]. - The projected EPS for 2024-2026 is 0.40 CNY, 0.52 CNY, and 0.66 CNY, reflecting year-on-year growth of +70%, +29%, and +28% respectively [10][14]. Financial Summary - Revenue for 2023 is expected to be 3,153 million CNY, a decrease of 4.6% from 2022. The revenue forecasts for 2024, 2025, and 2026 are 3,440 million CNY, 3,788 million CNY, and 4,195 million CNY, indicating growth rates of 9.1%, 10.1%, and 10.7% respectively [14]. - The net profit attributable to shareholders for 2023 is projected at 109 million CNY, down 42.9% from 2022. The net profit forecasts for 2024, 2025, and 2026 are 185 million CNY, 239 million CNY, and 306 million CNY, showing significant recovery with growth rates of 70.3%, 29.1%, and 28.0% respectively [14]. - The company’s net asset return (ROE) is expected to improve from 3.9% in 2023 to 9.2% by 2026 [14]. Market Data - The stock price has fluctuated between 8.23 CNY and 15.74 CNY over the past 52 weeks, with a current market capitalization of 4,053 million CNY [12]. - The company has a net asset value per share of 6.09 CNY and a current price-to-book ratio of 1.4 [12]. Incentive Plan Details - The company plans to grant a total of 4.15 million restricted shares to 59 key personnel, representing approximately 0.90% of the total share capital, with a grant price of 4.50 CNY per share. The performance targets for the incentive plan include revenue growth of 20%, 44%, and 73% for 2024, 2025, and 2026 respectively, and net profit growth of 38%, 82%, and 135% over the same period [10][25].
德尔玛：公司股权激励事件点评：公司发布股权激励，健全长效激励机制