一品红：2025年股权激励计划彰显诚意

Investment Rating - The investment rating for the company is "Buy" with a target price of 22.04 RMB [8][9]. Core Views - The company has announced a 2025 equity incentive plan with performance assessment targets for 2025-2027, including profit growth rates of no less than 32%, 52%, and 75% respectively, based on 2023 [1]. - The company aims for a compound annual growth rate (CAGR) of 15% in its assessed profits from 2024 to 2027, with the incentive plan involving stock options that represent approximately 1.694% of the total share capital [2]. - The company is developing AR882, a URAT1 inhibitor, which is expected to fill a gap in safe uric acid-lowering medications, with potential global sales peak exceeding 10 billion RMB by 2027 [3]. - Continuous innovation is expected, with plans to obtain one new IND approval annually from 2025 to 2027, including a self-developed oral GLP-1 molecule [4]. Financial Forecast and Valuation - The forecasted net profit for the company from 2024 to 2026 is -561.17 million RMB, 255.63 million RMB, and 356.53 million RMB respectively, with corresponding EPS of -1.24 RMB, 0.57 RMB, and 0.79 RMB [5][13]. - The estimated valuation of the company is 9.954 billion RMB, with traditional business valued at 4.492 billion RMB and AR882 valued at 5.462 billion RMB based on DCF [5]. - The company's revenue is projected to decline by 38.10% in 2024, followed by growth of 26.19% in 2025 and 15.31% in 2026 [7][13].