洽洽食品：底部激励，目标积极

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 30 CNY [1]. Core Views - The company is launching a stock option incentive plan for 2024, granting 4.78 million stock options, which is 0.94% of the total share capital. The exercise price is set at 19.97 CNY per share, which is 80.5% of the current price [1][5]. - The performance targets for the incentive plan are ambitious, with a required revenue growth rate of no less than 12%/28.8%/48.1% and a net profit growth rate of no less than 24%/49%/78.8% from 2024 to 2026 [1][5]. - The company has been actively repurchasing shares and has seen significant insider buying, indicating strong confidence in its operations [1]. - The management is implementing various strategies to address challenges such as weak demand and increased competition, including upgrading raw materials and expanding market reach [1]. Financial Summary - Total revenue for 2023 is reported at 6,806 million CNY, with projected growth rates of 11.8% in 2024, 13.4% in 2025, and 13.3% in 2026 [2]. - The net profit for 2023 is 803 million CNY, with expected growth rates of 20.7% in 2024, 19.8% in 2025, and 19.2% in 2026 [2]. - Earnings per share (EPS) are forecasted to be 1.58 CNY for 2023, increasing to 1.91 CNY in 2024, 2.29 CNY in 2025, and 2.73 CNY in 2026 [2][9]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 16 times in 2023 to 9 times in 2026 [2][9]. Market Position - The company has a total market capitalization of approximately 125.84 billion CNY, with a debt-to-asset ratio of 38.79% [3]. - The stock has shown a performance of -1.1% year-on-year for 2023, with a significant recovery expected in the following years [4].