发布限制性股票计划（草案），指引成长节奏

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [14][21]. Core Insights - The company has launched a restricted stock incentive plan, granting 471,000 shares at a price of 8.16 yuan per share, which is approximately 50% of the closing price prior to the announcement [1][11]. - The performance targets for the incentive plan include a net profit growth rate of 6% for 2024 and a cumulative growth rate of 237.46% over three years from 2024 to 2026 [12]. - The company is focusing on enhancing its competitive edge through product innovation, channel development, and brand value communication, which is expected to strengthen its market position [3][13]. Financial Data and Valuation - The company's projected revenue for 2023 is 4,075.19 million yuan, with a growth rate of 11.23%, and is expected to reach 5,178.64 million yuan by 2025, reflecting a growth rate of 13.31% [4]. - The net profit attributable to the parent company is forecasted to be 381.28 million yuan in 2023, increasing to 496.44 million yuan by 2025, with corresponding growth rates of 37.03% and 15.10% respectively [4]. - The earnings per share (EPS) are projected to be 1.45 yuan in 2023, increasing to 1.89 yuan by 2025, with price-to-earnings (P/E) ratios of 11.64, 10.29, and 8.94 for the respective years [4][19]. Performance Metrics - The company has established a robust dual-channel strategy, enhancing both online and offline sales capabilities, which is expected to drive market share growth [3][13]. - The financial ratios indicate a healthy operating environment, with a projected return on equity (ROE) of 14.50% by 2025 and a net profit margin of approximately 9.59% [18][26].