洽洽食品：公司点评：出台股权激励，彰显发展信心

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][4]. Core Views - The company has introduced an equity incentive plan, demonstrating confidence in its future development. The plan involves granting 4.78 million stock options to 29 individuals, representing 0.94% of the total share capital at a grant price of 19.97 yuan per share, which is 80.5% of the stock price on September 18, 2024 [2][3]. - The incentive plan is designed to bind the company's executives and core employees, with performance targets set for revenue growth and net profit over the next three years, indicating a challenging yet optimistic outlook for the company's future [3][4]. Summary by Relevant Sections Recent Performance - The company's stock performance over the past month shows a 7.4% increase, while the Shanghai and Shenzhen 300 index has decreased by 4.0% [3]. - The current stock price is 27.29 yuan, with a 52-week price range of 23.67 to 38.72 yuan [3]. Financial Projections - Revenue projections for 2024-2026 are set at 75.41 billion, 82.34 billion, and 89.17 billion yuan, with year-on-year growth rates of 11%, 9%, and 8% respectively [4][5]. - The projected net profit for the same period is 9.58 billion, 11.26 billion, and 12.47 billion yuan, with growth rates of 19%, 18%, and 11% respectively [5][6]. - The earnings per share (EPS) are forecasted to be 1.89, 2.22, and 2.46 yuan for 2024, 2025, and 2026, respectively [5][6]. Incentive Plan Details - The incentive plan includes two performance tiers: achieving a trigger value allows for 70% of options to be exercised, while reaching the target value allows for 100% [3]. - The revenue targets for the trigger value are set at 75.4 billion, 85.7 billion, and 97.5 billion yuan for 2024, 2025, and 2026, with corresponding net profit targets of 8.6 billion, 10.2 billion, and 12.1 billion yuan [3][4].