股权激励及员工持股计划点评：激励机制优化，向挑战目标迈进

Investment Rating - The investment rating for the company is "Buy" [4][21][17] Core Views - The company has set ambitious performance targets for its employee stock ownership and stock option incentive plans, aiming for a total revenue of 20 billion yuan over three years, with specific annual revenue targets of 115 billion, 150 billion, and 200 billion yuan for 2024, 2025, and 2026 respectively, reflecting a compound annual growth rate of approximately 32% [2][21] - The net profit targets for the same period are set at 4 billion yuan for each year, with a projected growth rate of 82% for 2024 [2][21] - The company's strategy focuses on high-end cost-performance and multi-channel revenue growth, which has been validated by recent performance [2][21] Financial Summary - The company's market capitalization is approximately 6,889.25 million yuan [2] - Revenue projections for 2024, 2025, and 2026 are 102.35 billion, 133.20 billion, and 155.99 billion yuan respectively, with year-on-year growth rates of 44%, 30%, and 17% [21][22] - The projected net profit for the same years is 3.58 billion, 5.06 billion, and 6.76 billion yuan, with growth rates of 63%, 41%, and 34% respectively [21][22] - Earnings per share (EPS) are expected to be 0.89, 1.26, and 1.69 yuan for 2024, 2025, and 2026 respectively [21][22] - The return on equity (ROE) is projected to increase from 9% in 2023 to 20% by 2026 [22]