舍得酒业：逆势激励，注入信心-20250328

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has announced a restricted stock incentive plan for 2025, granting up to 2.0366 million shares, representing approximately 0.61% of the company's total equity as of the announcement date, with a grant price of 28.78 yuan per share [1] - The performance assessment targets for the incentive plan include a revenue growth of no less than 20% or a net profit growth of no less than 164% for 2025 compared to 2024 [2] - The company is expected to face challenges in achieving revenue growth due to ongoing adjustments in the liquor industry, with a projected revenue decline of 24% in 2024 [3][4] - Despite the challenges, there is an expectation for profit recovery, with a projected net profit of 916 million yuan for 2025, which would result in a net profit margin of 17.0% [6] Financial Performance Summary - The company's total revenue for 2023 was 7.087 billion yuan, with a year-on-year growth of 17.0%. However, a significant decline of 24.4% is expected in 2024 [5] - The net profit attributable to the parent company for 2023 was 1.769 billion yuan, with a year-on-year growth of 5.0%. A drastic decline of 80.5% is anticipated for 2024, followed by a recovery of 164.8% in 2025 [5][6] - The projected earnings per share (EPS) for 2025 is 2.75 yuan, with subsequent increases to 3.54 yuan in 2026 and 4.73 yuan in 2027 [6]