Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is implementing a restricted stock incentive plan to enhance its long-term incentive mechanism, aiming to align the interests of shareholders, the company, and management for sustainable growth [8] - The company has shown strong sales performance during the Double Eleven shopping festival, entering the sales Top 20 list for the first time, with significant growth in popular products [8] - The company is expanding its product range and increasing its SKU speed, which opens up growth opportunities in various market segments [8] - The company has seen a steady increase in repurchase rates, with a total of approximately 13.4 million online and 5.6 million offline registered members, leading to a comprehensive repurchase rate of 26.8%, up 2 percentage points year-on-year [8] - The company is expected to achieve net profits of 1.21 billion, 1.58 billion, and 2.03 billion RMB for the years 2025 to 2027, representing year-on-year growth rates of 38%, 30%, and 28% respectively [8] Financial Summary - The company's revenue is projected to grow from 2,885.96 million RMB in 2023 to 5,153.06 million RMB in 2025, with a compound annual growth rate (CAGR) of 32.65% [7] - The net profit attributable to the parent company is expected to increase from 661.9 million RMB in 2023 to 1,212.7 million RMB in 2025, with a CAGR of 37.7% [7] - The company's return on equity (ROE) is projected to remain strong, with values of 42.8% in 2023 and around 25% in the following years [7]
毛戈平（01318）：拟发股权激励计划，长效激励机制绑定长期成长