洽洽食品：股权激励超预期，三年锚定百亿收入

Investment Rating - The report assigns a "Buy" rating to the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [8]. Core Views - The company has launched a stock option incentive plan, granting 4.78 million stock options, which is 0.94% of the total share capital. The plan aims for a revenue target of 10 billion yuan over three years, exceeding market expectations [2][6]. - The stock option exercise price is set at 19.97 yuan per share, with a discount rate of 80% compared to the announcement date closing price of 24.82 yuan [2]. - The revenue growth targets for 2024-2026 are set at 10.8%/25.9%/43.3% for the trigger values and 12%/28.8%/48.1% for the target values, with corresponding net profit growth rates [2][3]. - The company is expected to see improved performance in July and August, with a focus on expanding into lower-tier markets and increasing promotional activities [2][6]. Financial Summary - The company’s projected revenue for 2024 is 7.641 billion yuan, with a growth rate of 12.28%. By 2026, revenue is expected to reach 10.025 billion yuan, with a growth rate of 14.15% [3]. - The net profit for 2024 is projected at 966 million yuan, with a growth rate of 20.33%, and is expected to reach 1.399 billion yuan by 2026, with a growth rate of 20.91% [3]. - The earnings per share (EPS) are forecasted to be 1.91 yuan in 2024, 2.28 yuan in 2025, and 2.76 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 14x, 12x, and 10x respectively [2][3].