Glonghui, May 24 丨According to the Huaan Securities Research Report, McLander (688273.SH) will launch a number of new products in the second half of 2022 to provide impetus for next year's performance growth. The equity incentive plan points the direction for the company's medium- to long-term growth in 2023-2026. After listing, the company launched a medium- to long-term equity incentive plan. The incentive plan assesses the net profit returned to the mother for the four fiscal years 2023-2026. Based on the net profit returned to the mother in 2022, the net profit growth rate of 2023-2026 was not less than 30%/69%/120%/186%, and the compound growth rate of 2023-2026 was not less than 30%. The company's revenue and profit increased by more than 30% in 2023Q1. On the one hand, it is related to the recovery in industry demand after the pandemic, and on the other hand, it is also related to the company's launch of new products and improved product structure. Based on the company's 2022 annual report and the company's equity incentive plan, Huaan Securities expects the company's 2023-2025 revenue to reach 518 million yuan, 687 million yuan and 933 million yuan respectively, with year-on-year growth rates of 37.4%, 32.6% and 35.8% respectively. In 2023-2025, net profit to the mother will reach 138 million yuan, 193 million yuan and 258 million yuan respectively, with year-on-year growth rates of 13.4%, 39.6% and 33.8% respectively. Based on the favorable policy environment of the company's industry and the strong synergistic effect of the company's product portfolio, the company's medium- to long-term equity incentives point the direction for performance growth and maintain the “buy” rating.