顾家家居：发布限制性股票激励（草案），绑定团队赋能成长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [5][14]. Core Insights - The company has introduced a restricted stock incentive plan aimed at binding the core team to drive growth, with a total of 9.835 million shares to be granted at a price of 11.84 CNY per share [1]. - The company is actively implementing a "trade-in" program to stimulate domestic sales, offering consumers up to 2,000 CNY in shopping subsidies [2]. - The company is focusing on enhancing its international trade operations and diversifying its business model, including the establishment of new marketing centers and distribution departments [2]. - The financial forecasts for the company indicate a steady growth in net profit, with projections of 2.086 billion CNY, 2.324 billion CNY, and 2.597 billion CNY for the years 2024, 2025, and 2026 respectively [3][4]. Financial Data and Valuation - The company's revenue is projected to grow from 19.212 billion CNY in 2023 to 24.952 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of approximately 11.03% [4]. - The net profit attributable to the parent company is expected to increase from 2.006 billion CNY in 2023 to 2.597 billion CNY in 2026, with corresponding growth rates of 10.70%, 11.40%, and 11.72% [4][10]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 9.51 in 2023 to 7.35 in 2026, indicating an improving valuation over time [4][10]. Strategic Initiatives - The company is committed to its "One Body, Two Wings" strategy, which emphasizes innovation in soft goods and balanced development across its business segments [2][3]. - The management's confidence is reflected in significant stock purchases by executives and the introduction of the stock incentive plan, which aims to align employee interests with shareholder value [3].