CHACHA FOOD CO.,LTD(SZ:002557)2024-09-23 11:39Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company has launched a stock option incentive plan for 29 core personnel, granting a total of 4.78 million stock options, which represents 0.94% of the current share capital. The exercise price is set at 19.97 yuan per share [4]. - The earnings forecast for the company remains stable, with projected net profits for 2024-2026 at 929 million, 1.127 billion, and 1.281 billion yuan, respectively, reflecting year-on-year growth rates of 16%, 21%, and 14% [4]. - The company is expected to leverage its brand and channel advantages to increase market share in the sunflower seed business and maintain double-digit growth in the nut business [4]. - The incentive plan is designed to align employee interests with company growth, with specific revenue and profit targets set for 2024-2026 [4]. Financial Summary - The company's total revenue for 2024 is projected to be 7.486 billion yuan, with a year-on-year growth rate of 10% [5]. - The net profit for 2024 is estimated at 929 million yuan, representing a 15.7% increase compared to the previous year [5]. - The earnings per share (EPS) for 2024 is forecasted to be 1.83 yuan, with a price-to-earnings (PE) ratio of 15x based on the latest closing price [4][5]. - The company’s gross margin is expected to improve to 29% in 2024, up from 26.8% in 2023 [5]. Organizational Changes - The company is undergoing organizational restructuring to enhance efficiency and is actively recruiting talent to support its growth strategy [5]. - The sales organization is adopting a more streamlined management approach, focusing on provincial units for better resource allocation and business planning [5].