深度绑定骨干员工，3年200亿目标可期

Investment Rating - The report maintains a "Buy" rating for the company with a target price reflecting a potential upside of over 20% within the next six months [6][22]. Core Insights - The company has introduced a stock option incentive plan and an employee stock ownership plan aimed at 96 core employees, with a total of 2.4386 million stock options granted, representing 0.61% of total shares [1][3]. - The performance targets for the stock options are set at achieving after-tax revenues of 11.5 billion, 15 billion, and 20 billion yuan for the years 2024, 2025, and 2026 respectively, with a 100% exercise ratio if targets are met [1]. - If revenue targets are not met, the alternative targets based on net profit (excluding stock payment expenses) are set at 400 million yuan for the same years, with an 80% exercise ratio [1]. Financial Projections - The company aims for a total revenue of 20 billion yuan over three years, with projected revenues of 10.23 billion, 13.49 billion, and 17.70 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 44%, 32%, and 31% [4][5]. - The net profit attributable to the parent company is expected to reach 3.77 billion, 5.06 billion, and 6.63 billion yuan for the same years, with year-on-year growth rates of 72%, 34%, and 31% [4][5]. - The report adjusts the earnings forecast upwards due to the introduction of the stock incentive plan, with projected earnings per share (EPS) of 0.94, 1.26, and 1.65 yuan for 2024, 2025, and 2026 respectively [4][5]. Financial Data and Valuation - The company reported revenues of 7,293.16 million yuan in 2022, with a projected increase to 10,230.83 million yuan in 2024, representing a growth rate of 43.80% [5][10]. - The EBITDA is projected to grow from 200.18 million yuan in 2022 to 449.44 million yuan in 2024 [5][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 82.71 in 2022 to 28.30 in 2024, indicating improved valuation as earnings grow [5][10].