\u3000\u3000 Maxscend Microelectronics Company Limited(300782) (300782)
The draft equity incentive was launched, the long-term growth was determined, and the "buy" rating was maintained
Event: on January 28, 2022, the company issued the 2022 restricted stock incentive plan (Draft), which plans to grant about 274100 restricted shares to the incentive objects, accounting for about 0.08% of the current total share capital of the company, and the grant price is 173.57 yuan / share. The main incentive objects of this restricted stock incentive plan shall not exceed 62 people, including middle-level managers and technical (business) backbone personnel. The first batch shall be awarded 80% and 20% shall be reserved. The first award of this incentive plan takes the cumulative total operating income during 2022-2025 as the assessment index. The target values of lifting the ban in 2022-2025 are RMB 58 / 127 / 211 / 31.1 billion respectively. Corresponding to the consistent prediction of wind in 2021, the company's total operating income (RMB 4.971 billion) has increased by 16.68% / 155.48% / 324.46% / 525.63% respectively. Assuming the first grant by the company at the end of February 2022, the expenses to be amortized from 2022 to 2026 are 10.3426 million yuan, 7.7715 million yuan, 4.4129 million yuan, 2.1061 million yuan and 283800 yuan, totaling 24.917 million yuan. This restricted stock incentive plan has established and improved the company's long-term incentive mechanism, effectively combined the interests of shareholders, the company and the personal interests of the core team, and demonstrated the company's sufficient confidence in the future long-term development. We believe that the short-term competition in the RF chip industry has intensified, and the profit forecast has been lowered. The net profit attributable to the parent company from 2021 to 2023 is expected to be 2.004 (- 0.76) / 27.85 (- 2.64) / 3.529 (- 326) million yuan, and the EPS is expected to be 601 (- 0.23) / 8.35 (- 0.79) / 10.58 (- 0.98) yuan. In the medium and long term, as a leader in China, the company has a comprehensive layout and strong long-term competitiveness, The current share price corresponding to PE is 43.1 / 31.0 / 24.5 times, maintaining the "buy" rating.
The products are continuously upgraded and the layout is comprehensive. In 2021, the performance increases rapidly and the growth momentum is sufficient
Focusing on the forward-looking R & D layout, the company continued to promote the improvement and upgrading of product lines, benefited from the incremental market demand for RF front-end products generated by the development of 5g communication technology, and combined with the company's advantageous layout in supply chain management, the company's operating performance increased significantly compared with that in 2020. On January 11, 2022, the company announced the performance forecast for 2021, In 2021, the company expects to realize a net profit attributable to the parent company of RMB 2.05 billion ~ 2.157 billion, with a year-on-year increase of + 91.09% ~ + 101.06%. The company's traditional advantageous product - RF discrete device products realize further volume through continuous upgrading and rapid iteration; The company's new product - RF module products at the receiving end, with the advantages of good product performance, sufficient and stable supply and delivery capacity, has rapidly increased the volume and continued penetration at the client, promoted the steady development of the business, and the company has sufficient growth momentum.
Risk warning: the risk of decline in industry demand; Industry competition intensifies risks and product verification is less than expected.
