Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1]. Core Views - The company has launched a restricted stock incentive plan for 2024, aiming for annual revenue growth of 20% to 25% from 2023 levels over the next three years [1][2]. - The company expects to achieve a revenue of approximately 60.2 to 61 billion yuan in 2023, representing a year-on-year growth of 10.35% to 11.82%, with Q4 2023 revenue projected to be between 18.8 billion and 19.6 billion yuan, indicating a growth of 40.9% to 46.9% year-on-year [1][2]. - The company is focusing on expanding its presence on various e-commerce platforms, including SHEIN, TikTok, and otto, in addition to Amazon, to enhance sales [1]. Financial Summary - The company’s total revenue for 2023 is estimated to be between 60.23 billion and 61 billion yuan, with a year-on-year growth rate of 10.4% [2]. - The net profit attributable to the parent company is projected to be 413 million yuan in 2023, reflecting a significant year-on-year increase of 65.1% [2]. - The company’s gross margin is expected to improve to 37.0% in 2023, with a slight increase to 37.2% in 2024 [2]. - The earnings per share (EPS) is forecasted to be 1.03 yuan in 2023, increasing to 1.24 yuan in 2024 and 1.48 yuan in 2025 [2].
发布股权激励草案，彰显发展信心成长可期