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研報掘金丨國信證券:股權激勵有望激發公司活力,近期經營出現明顯改善 維持倍輕鬆“買入”評級
格隆匯5月26日丨日前,倍輕鬆(688793.SH)擬推122.78萬股限制性股票激勵計劃,股票激勵的考核年度為2023-2024年,分為公司層面業績考核和個人層面績效考核。國信證券研報指出,公司此次股權激勵涵蓋董事、高管、核心員工在內的165人,其中核心技術員工及核心員工份額達到76.8%,激勵更偏向中層。公司設立的考核目標也分為三段,各自對應不同的歸屬比例,既保證了核心員工與公司利益的一致,也能更充分激發出員工的經營活力,有助於公司的良性增長。在新品助推下,公司4月線上收入實現翻倍增長,預計線下隨着客流量的恢復也在逐漸修復當中。公司此前在618及雙十一大促之前均會有新品面世,Q2公司已推出眼部按摩器 X2Pro、N2按摩披肩、頭皮按摩梳等新品,有望打造差異化的產品優勢,持續拉動公司規模的可持續增長。該行指出,此次股權激勵有助於綁定公司與核心員工利益,激發員工的能動性,推動公司更好更快的增長。倍輕鬆是我國局部按摩器龍頭,隨着線下客流的恢復及消費的復甦,經營情況有望加速好轉,維持盈利預測,預計公司2023-25年歸母淨利潤為0.9/1.3/1.5億,維持“買入”評級。
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