拟推股权激励，彰显发展信心

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 18.94 CNY and a target price of 30.15 CNY [1]. Core Views - The company has announced a restricted stock incentive plan aimed at motivating employees, which is expected to drive steady performance growth. The plan includes granting 16.722 million shares at 9.82 CNY per share to 114 individuals, representing 5.78% of the total share capital [3][4]. - The company is expected to benefit from the acquisition of Tongtuo Technology, which will enhance its product offerings and sales channels, particularly in Walmart and independent platforms [4][14]. - Revenue growth targets are set at a minimum of 30% for 2024, 56% for 2025, and 71.6% for 2026, with a calculated three-year CAGR of no less than 19.7% [3][14]. Financial Data and Valuation - Projected revenue for 2023-2025 is 65.72 billion CNY, 83.11 billion CNY, and 103.05 billion CNY, with growth rates of 48.79%, 26.46%, and 23.99% respectively [5][14]. - The projected net profit for the same period is 3.43 billion CNY, 4.59 billion CNY, and 5.93 billion CNY, with growth rates of 58.56%, 33.83%, and 29.31% respectively [5][14]. - Earnings per share (EPS) are expected to be 1.19 CNY, 1.59 CNY, and 2.05 CNY for 2023, 2024, and 2025, respectively, with a three-year CAGR of 40% [5][14]. - The company is valued at a 2024 PE ratio of 19 times, leading to a target price of 30.15 CNY [14].