罗莱生活：全新股权激励计划发布，未来三年收入/业绩CAGR预计为5%

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has introduced a new stock incentive plan, targeting a revenue and net profit growth of 5% year-on-year for 2025, 10.25% for 2026, and 15.76% for 2027, based on 2024 data [2][4]. - Despite a challenging consumer environment, the incentive plan is expected to enhance employee motivation and reflects the company's confidence in long-term stable growth [2]. - The company is a leader in the domestic home textile industry, but faces pressure on fundamentals due to fluctuations in domestic and international consumption environments [4]. Financial Performance Summary - For Q3 2024, the company's revenue decreased by 15.6% year-on-year to 1.096 billion yuan, and net profit fell by 21.7% to 103 million yuan. Cumulatively, revenue for the first three quarters declined by 14.7% to 3.2 billion yuan, with net profit down 37.1% to 260 million yuan [3]. - The company expects a revenue decline of 13% and a net profit decline of 31% for the full year 2024 [3]. - Inventory management has improved, with inventory down 17.2% year-on-year to 1.2 billion yuan, and inventory turnover days reduced by 2 days to 198 days [3]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 4.638 billion yuan, 4.900 billion yuan, and 5.225 billion yuan, respectively, with corresponding net profits of 393 million yuan, 476 million yuan, and 535 million yuan [5][4]. - The report indicates a projected P/E ratio of 15 times for 2024 [4].