\u3000\u3000 Han’S Laser Technology Industry Group Co.Ltd(002008) (002008)
Event: the company released the adjustment plan of Han’s photovoltaic equity incentive scheme, and plans to transfer 5% of Han’s photovoltaic equity to Zu Chuanghui talent at RMB 3 million. Zu Chuanghui talent set up an employee stock ownership platform for Ning Yanhua, the new person in charge of special equipment business in the company’s photovoltaic industry, and his team. At the same time, it is agreed that if Han’s PV achieves the business objectives of the year from 2022 to 2025 and meets the assessment, the company will transfer the equity of Han’s PV to Han’s PV at the agreed price and proportion, with a total of no more than 15%.
Comments: Han’s photovoltaic equity incentive plan was adjusted to refine the sales and net profit targets + bind the interests of the core team, which fully demonstrated the company’s confidence in the development of photovoltaic business. The company adjusted the equity incentive plan of Han’s PV, a subsidiary, and planned to transfer 5% of Han’s PV equity to Zu Chuanghui talent at RMB 3 million. Zu Chuanghui talent set up an employee stock ownership platform for Ning Yanhua, the new person in charge of special equipment business in the company’s PV industry, and his team. At the same time, it is agreed that if Han’s PV achieves the business objectives of the current year from 2022 to 2025 and meets the assessment standards, the assessment objectives correspond to the sales revenue of RMB 4 / 6 / 10 / 1.5 billion, yoy + 198% / + 50% / + 67% / + 50% and the net profit of RMB 1 / 2000 / 8000 / 120 million in 2022 / 2023 / 2024 / 2025, and the corresponding net interest rate is 0.3% / 3.3% / 8% / 8%, Han’S Laser Technology Industry Group Co.Ltd(002008) will transfer 1% / 4% / 5% / 5% equity to family foreign exchange earning materials at the price of 60 / 400 / 800 / 1400 yuan / share. In 2021, Han’s photovoltaic revenue was 134 million yuan, with a loss of 16 million yuan. The equity incentive scheme refined the sales and net profit objectives. The high superposition of performance assessment objectives bound the interests of the core team of photovoltaic equipment, which fully demonstrated the company’s determination to expand and strengthen the photovoltaic business.
Continue to be optimistic about the growth of the company under the dual logic of internal reform + platform attribute strengthening:
1) initial results of internal reform: the company reorganized its organizational structure, shifted its core structure from three levels to two levels, flattened its organizational structure, enhanced the autonomy of the business team, and had full decision-making power at the bottom. The main body of PCB business Han’s CNC successfully passed the meeting + equity incentive scheme of subsidiaries represented by Han’s optoelectronics and Han’s photovoltaic + equity incentive plan of listed companies. The internal incentive mechanism is gradually improved, which is expected to fully mobilize the enthusiasm of all business departments of the company and ensure the long-term development of the company.
2) the multi track layout has broad growth space, and the platform attribute is expected to continue to strengthen: the company is a platform laser processing equipment manufacturer with the largest variety and performance in China. It has long adhered to the “laser + X” strategy, horizontal and vertical integration, covering upstream core components such as lasers, laser marking / cutting / welding equipment, in PCB, lithium battery, led, photovoltaic, panel Semiconductors have accumulated product lines, multi track layout and broad growth space. For a long time, the downstream growth space of the company’s photovoltaic, semiconductor, display panel and other businesses has been sufficient, but it has made little contribution to the company’s revenue. Internal reform + equity incentive is expected to promote the rapid growth of relevant businesses. At the same time, the company continues to accumulate core technical capabilities (lasers, etc.) + flat organizational structure to provide strong technical support and institutional guarantee for the company’s new business expansion. The platform attribute is expected to be further strengthened and accumulate growth momentum for long-term development.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 2.010/24.04/2.956 billion, the target share price will be RMB 79.84, and the “buy” rating will be maintained.
Risk warning: capacity release, customer progress is less than expected, and downstream demand is less than expected
