豫园股份:发布股权激励+第四期员工持股,双管齐下绑定骨干

（以下内容从天风国际证券《豫园股份:发布股权激励+第四期员工持股,双管齐下绑定骨干》研报附件原文摘录）
　　Shanghai Yuyuan Tourist Mart (600655 CH) 发布股权激励+第四期员工持股，双管齐下绑定骨干 Shiny potential: maintaining gold jewelry edge; 2-pronged stock incentive plans to motivate backbone personnel BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司发布限制性股票激励计划草案，拟向董事、高管共20人授予不超过509万股（占总股本约0.13%），价格为3.79元/股（约为8月3日收盘价5折），股票来源为公司回购专用账户回购的A股普通股。 该股票激励计划业绩考核目标为： （1）2023年归母净利不低于48亿元（同增约26%）或2023年营收不低于561亿元（同增约12%）； （2）2023-2024年归母净利累计不低于101亿元或2024年营收不低于587亿。 Dual stock incentive plans to motivate both vanguard and key talents Vanguard: Yuyuan Tourist Mart recently released a draft plan for restricted stock incentives on up to 5.09m of its shares (about 0.13% of total share capital) for 20 directors and executives priced at RMB3.79 per share (about 50% off the closing price as of 3 Aug). The source is common A-shares repurchased by the company’s special account for repurchases. The stock incentive plan is tied to the following performance assessment objectives: ·2023 net profit of at least RMB4.8bn (up about 26% yoy) or 2023 revenue of at least RMB56.1bn (up about 12% yoy); and ·2023-24 cumulative net profit of at least RMB10.1bn or 2024 revenue of at least RMB58.7bn. 同时，公司发布第四期员工持股计划草案，拟筹集资金上限5615万元，资金来源为员工薪酬、自筹资金等，股票来源为公司回购专用账户回购的A股普通股；员工持股计划受让价格为3.79元/股（约为8月3日收盘价5折）。 公司已于2022年5月完成回购，已实际回购约2000万股，占总股本约0.5%，成交金额约2亿，成交均价约10元/股。 本轮发布股权激励计划与员工持股计划，有利于促进建立、健全激励约束机制，完善合伙人群体议事机制，激发合伙人企业家精神，充分调动公司管理者积极性，吸引和保留优秀管理人才和核心骨干，提高公司的凝聚力和竞争力，健全公司长效激励机制。 Key talents: the company also released a draft for phase 4 of its employee stock ownership plan. It plans to raise up to RMB56.15m and funding sources include employee compensations and self-funding. The source of stock is common A-shares repurchased by the company’s special account for repurchases. The transfer price is RMB3.79 per share (about 50% off the closing price on 3 Aug). The company completed share repurchases in May 2022 of about 20m shares, amounting to about 0.5% of total share capital. The transactions amounted to about RMB200m, averaging roughly RMB10 per share. We expect both plans for equity incentives and the current round of employee stock options will drive what is essentially an incentive-and-curtailment mechanism. We believe the long-term incentives will improve Yuyuan’s team partnerships and collaborations, boost partners’ entrepreneurial spirit, mobilize company managers’ enthusiasm, attract and retain management talents and core backbone personnel, while improving cohesion and competitiveness. 定位“东方生活美学”，布局多个消费板块 公司是围绕全球家庭的消费需求，以东方生活美学为置顶的快乐时尚消费产业集团。坚定践行“产业运营+产业投资”双轮驱动，置顶“东方生活美学”战略，持续构建“线上线下会员及服务平台+家庭快乐消费产业+城市产业地标”的“1+1+1”战略布局，逐步形成了面向家庭消费，具有独特竞争优势的产业集群，主要包括珠宝时尚、文化商业、文化餐饮和食品饮料、美丽健康、国潮腕表、文化创意、复合功能地产、商业管理等业务板块。 Eastern life aesthetics global positioning; coverage of multiple consumer sectors Yuyuan is positioned in the family-oriented consumer global industry and its ethic of Eastern life aesthetics translates into products that reflect joyful current trends. Its Eastern life aesthetics ethic is driven in tandem by both industrial operations and industrial investments. It continues to drive a three-pronged strategic framework: (1) online and offline membership and service platforms; (2) positioning in the “happy family” consumer industry; and (3) urban business landmarks. Over time, the company has gained a scarce competitive advantage with its cluster of family-oriented markets, including jewelry and fashion, cultural commerce, refined dining and F&B products, health and beauty, trendy Chinese watches, cultural initiatives, integrative real estate and business management. 品牌优势+区位优势，聚焦主业打造产业群 公司旗下拥有丰富的品牌资源，其中“豫园商城”商业旅游文化品牌已经成为上海标志性的城市文化名片。公司拥有老庙、亚一、南翔馒头店、上海老饭店、绿波廊酒楼、松鹤楼、童涵春堂、海鸥表、上海表等一系列具有充分知名度和美誉度的老字号品牌。 公司核心商业物业位于上海市中心的豫园商圈内圈（豫园商城一期），在豫园内圈拥有约 10 万平方米的商业物业（已建成），年人流量约 4500 万人次（正常年份），具有极强的区位优势。未来，公司旗下豫园商城一期、豫园商城二期、福佑路地块项目将形成大豫园片区联动开发，打造东方生活美学客厅，构筑具有国际影响力的文化地标。 Brand and geographical advantages: main business spawns an industry cluster Brands: the company’s trove of brand resources include its iconic Yuyuan Tourist Mart, a commercial and cultural brand that has become a Shanghai landmark. Its reputed longtime brands include Laomiao, First Asia, Nanxiang Steamed Bun Restaurant, Shanghai Lao Restaurant, Lubolang Restaurant, Songhelou Restaurant, Tonghanchuntang, Seagull Watch and Shanghai Watch. Location: the company’s main commercial property, the first phase of its Yuyuan Tourist Mart project, is located in the Yuyuan business district’s inner circle in the center of Shanghai city, and covers about 100,000sqm of commercial property area (completed). This bustling location sees annual footfall of about 45m people (in normal years). Future plans will jointly develop the Yuyuan Tourist Mart phases I and ll as well as its Fuyou Road project into a larger Yuyuan area. It aims for this to become a global landmark with Eastern living aesthetic vibes. 投资建议/Investment Ideas 上调盈利预测，维持买入评级 公司聚焦主业，黄金珠宝维持高增速，老庙、DJULA（法国）与亚一三大主要品牌为支撑；同时布局培育钻石，孵化品牌露璨（LUSANT）；餐饮+大豫园片区双发力，拉动发展引擎。考虑股权激励目标，我们适当上调公司23-25年盈利预测，我们预计公司23-25年EPS分别为0.90/1.08/1.29元/股（原值为0.79/0.93/1.23元/股），对应PE分别为8/7/6x。 Valuation and risks Yuyuan Tourist Mart plans to maintain high growth in its core business of gold jewelry, which is supported by three major brands: Laomiao, Djula (France) and First Asia. It has also made a foray into cultivated diamonds and incubated the Lusant brand. And the dining and Yuyuan area businesses synergistically drive its development engine. To reflect its equity incentive targets, we raise our forecast accordingly. We project EPS will arrive at RMB0.90/1.08/1.29 in 2023/24/25E (previously RMB0.79/0.93/1.23), corresponding to PE of 8/7/6x. We maintain our BUY rating on the stock. 风险提示：经营区域集中风险；原材料价格波动风险；消费力恢复不足风险；股权激励与持股计划但能否达到计划规模、目标存在不确定性等。 Risks include: business area concentration; raw material price fluctuations; weaker-than-expected consumer market recovery; and uncertainties over whether equity incentives and shareholding plans will meet scale and profit targets. 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