双重股权激励发布，迈向三年200亿

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 29.98 CNY over the next six months [3][31]. Core Views - The company is undergoing a transformation towards a "high-end cost-performance" strategy, which is expected to gradually realize growth potential. This strategy is supported by a unique operational model that integrates production and sales across all categories and channels [22][31]. - The company has set ambitious revenue targets of 11.5 billion CNY for 2023, 15 billion CNY for 2024, and 20 billion CNY for 2025, with a focus on enhancing revenue scale and improving profit margins [30][31]. - The implementation of employee stock ownership and stock option incentive plans is aimed at aligning the interests of the team with the company's long-term strategic goals, thereby enhancing team stability and motivation [22][30]. Financial Summary - The company's revenue is projected to grow from 7,114.6 million CNY in 2023 to 10,192.5 million CNY in 2024, representing a growth rate of 43.3% [14][15]. - Net profit is expected to increase from 219.8 million CNY in 2023 to 343.4 million CNY in 2024, with a growth rate of 56.3% [14][15]. - The earnings per share (EPS) is forecasted to rise from 0.55 CNY in 2023 to 0.86 CNY in 2024 [14][15]. Market Performance - The company's stock price has shown a relative performance of 4.0% over the past month and 36.6% over the past three months compared to the market index [12]. - The stock has a 12-month price range of 16.0 to 24.78 CNY, indicating potential for upward movement [3]. Strategic Initiatives - The company is focusing on enhancing its supply chain efficiency and product quality to achieve better cost performance, which is expected to drive growth in both online and offline channels [22][31]. - The dual stock incentive plans are designed to share growth dividends with employees, thereby fostering a culture of ownership and accountability within the organization [30][31].