Investment Rating - The report maintains a "Buy" rating for the company with a current price of 22.27 CNY [1] Core Insights - The company has released a draft for an equity incentive plan, reflecting confidence in business expansion. The plan aims to grant incentives to up to 47 individuals, including directors and key personnel, with a total of 4.015 million shares, representing 1% of the company's total share capital [7] - Revenue growth targets for 2024-2026 are set at 20%-25%, indicating strong expectations for future performance [7] - The company is actively expanding into new markets and channels, particularly in the U.S., where revenue growth is expected to outpace that of Europe [7] - The company is focusing on product updates and new launches to drive sales, enhancing user appeal through unified design and functionality [7] - Profitability is expected to remain stable despite uncertainties related to shipping costs and exchange rates, with measures in place to mitigate these impacts [7] - The company is projected to achieve net profits of 414 million CNY in 2023, 511 million CNY in 2024, and 624 million CNY in 2025, with corresponding PE ratios of 22X, 18X, and 14X [7] Financial Summary - The company's revenue is forecasted to grow from 5,455 million CNY in 2022 to 8,927 million CNY by 2025, with a compound annual growth rate (CAGR) of approximately 20% [4][6] - The net profit attributable to shareholders is expected to increase from 250 million CNY in 2022 to 624 million CNY in 2025, reflecting a strong growth trajectory [4][6] - The company's gross margin is projected to improve slightly, with a gross margin of 33.82% in 2024 and 33.83% in 2025 [9] - The company's total assets are expected to grow from 3,478 million CNY in 2022 to 5,867 million CNY in 2025, indicating robust asset growth [17]
事件点评：发布股权激励草案，彰显业务扩张信心