2024年员工持股计划（草案）点评：激发员工积极性，助力新战略目标

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company has launched an employee stock ownership plan, allowing the purchase of up to 850,000 shares at a price of 7.5 yuan per share, which is expected to enhance employee motivation and align with the new strategic goals [9]. - The plan targets a growth rate of no less than 18% for revenue in 2023 and 2025, indicating a strong growth outlook driven by new product launches and brand rejuvenation [9]. - Short-term performance is expected to improve sequentially, with a focus on brand renewal and channel expansion, particularly in the sweet milk segment, which has become a billion-level product [9]. Financial Summary - Revenue projections are as follows: 2023E at 1,439.61 million yuan, 2024E at 1,670.66 million yuan, and 2025E at 1,942.07 million yuan, reflecting a growth rate of 16.05% in 2024 and 16.25% in 2025 [9]. - Net profit estimates are 255.04 million yuan for 2023E, 296.37 million yuan for 2024E, and 346.13 million yuan for 2025E, with profit growth rates of 15.39% and 16.20% for the respective years [9]. - The report anticipates a diluted EPS of 0.65 yuan in 2023E, 0.75 yuan in 2024E, and 0.88 yuan in 2025E, with corresponding PE ratios of 15.19, 13.07, and 11.19 [9].