\u3000\u3000 Suzhou Jinhong Gas Co.Ltd(688106) (688106)
Event: on January 27, the company issued the announcement of the restricted stock incentive plan in 2022, and announced the announcement of appointing senior managers in early January.
Introduce core executives to help the development of the company. Mr. Kang Lizhong was appointed as the deputy general manager of the company. Mr. Kang joined the global gas giant Air France in 2008. He once served as the general manager of South China & Central China of electronic gas business in China and the general manager of South China of general industrial business. We believe that President Kang has rich experience in world-famous gas leading enterprises, which can bring great help to the company in operation and management, technology improvement and market development, and help the company develop in the future.
High target equity incentive shows confidence in future development. The company granted no more than 5.25 million shares to 59 incentive objects, including 5 senior executives and 3 core technicians, accounting for 1.1% of the total share capital. The grant price was 27.27 yuan / share, including 4.2 million shares for the first time. At the same time, the company has set a high performance assessment target, with the trigger value of 30% / 60% increase in the net profit attributable to the parent company in 22 / 23 compared with 21 years, and the target value of 50% / 100% increase in the net profit attributable to the parent company in 22 / 23 compared with 21 years. The appraisal of the company’s future performance shows the company’s confidence in the development of the company’s performance targets and full recognition of the company’s future performance. Since 21q3, the price of upstream chemicals has been significantly reduced. With the continuous improvement of the company’s varieties and shares in special gases, electronic bulk gases and bulk gases, it is expected to usher in high performance growth in the next 22 years.
Investment suggestion: according to the operation of the company in the first three quarters, we adjusted the profit forecast. It is estimated that the net profit attributable to the parent company in 2021 / 22 / 23 will be 180 / 260 / 350 million yuan, corresponding to 68 / 47 / 35 times of PE, maintaining the “recommended” rating.
Risk tip: the industry boom is less than expected; Price fluctuation of upstream raw materials; Market expansion was less than expected.
