罗莱生活：新一轮激励计划发布，25年经营拐点将至

Investment Rating - The report upgrades the investment rating for 罗莱生活 (002293) from "Outperform" to "Buy" [3][4][5] Core Views - The company has launched a new incentive plan, indicating confidence in the recovery of its domestic home textile business, signaling a potential turning point in 2025 [3][4] - The third quarter results show a narrowing decline in net profit, suggesting that the profit margin may have reached its bottom [3][4] - The introduction of consumer subsidies for home textile products in Shanghai is expected to boost retail performance for leading brands [3][4] Summary by Sections Market Data - Closing price as of November 8, 2024, is 7.22 yuan, with a one-year high of 10.24 yuan and a low of 6.12 yuan [1] - The company has a market capitalization of 5,969 million yuan and a dividend yield of 8.31% [1] Financial Performance - For the first three quarters of 2024, the company reported revenue of 3,201 million yuan, a year-on-year decline of 14.7% [4][6] - The net profit attributable to shareholders for the same period was 262 million yuan, down 37.1% year-on-year [4][6] - The gross margin for the first three quarters was 45.9%, reflecting a slight increase of 1.2 percentage points year-on-year [4][6] Future Projections - The report forecasts net profits of 402 million yuan for 2024, with expected growth rates of 30.1% and 15.1% for 2025 and 2026, respectively [4][6] - The projected revenue for 2025 is 5,091 million yuan, indicating a recovery trend [4][6] Incentive Plan Details - The new incentive plan involves granting a total of 23.375 million shares, representing 2.81% of the total share capital, with specific performance targets set for the years 2025 to 2027 [3][4] - The plan aims to align the interests of management and key personnel with the company's long-term growth objectives [3][4]