\u3000\u3000 Montnets Cloud Technology Group Co.Ltd(002123) (002123)
The company issued the draft of equity incentive, and the number of underlying shares involved accounted for 1.59% of the total share capital of the company. The company issued the 2022 stock option incentive plan (Draft) on February 13, 2022. The incentive plan intends to grant 12.78 million stock options to the incentive objects, and the number of underlying shares involved accounts for 1.59% of the total share capital of the company on the announcement date of the incentive plan of 802196280.00 shares.
Involving 33 core personnel, according to the assessment objectives, the compound growth rate of income from 2020 to 2023 is expected to reach about 30%. The incentive objects of this incentive plan are directors, senior managers, middle managers and core technology (business) backbone of the company. A total of 33 incentive objects involved in the grant of stock options, including 26 middle managers and core technology (business) backbone. Equity incentive is expected to strengthen the binding of core personnel. When 5g news business is in the key stage of development and expansion, binding core personnel will help product R & D and market development, and help the company take the lead in the new round of competition.
In terms of assessment objectives, the exercise assessment year of stock options granted by the incentive plan is two fiscal years from 2022 to 2023, and the performance assessment is carried out annually. The growth rate of the company's operating revenue in 2022 is not less than 83% compared with that in 2020, and the growth rate of the company's operating revenue in 2023 is not less than 115% compared with that in 2020. According to the performance appraisal target, the compound growth rate of the company's revenue from 2020 to 2023 is expected to reach about 30%.
The 5g commercialization process has been accelerated. According to the official website of China Telecom Corporation Limited(601728) , on January 25, 2022, China Telecom Corporation Limited(601728) 5g news commercial press conference was successfully held in Beijing with the theme of "creating ecology together and win-win future". At the meeting site, China Telecom Corporation Limited(601728) joined hands with the representatives of the guests to jointly launch the official commercial launch of China Telecom Corporation Limited(601728) 5g news. In November 2021, China Mobile Internet Co., Ltd. officially released the product of "SMS applet 2.0". In terms of Unicom, in November 2021, China Unicom launched the trial commercial use of 5g messages across the country.
Montnets Cloud Technology Group Co.Ltd(002123) has a leading edge in the field of 5g message platform service construction. Montnets Cloud Technology Group Co.Ltd(002123) has been shortlisted by CSPs from 13 provinces of China Mobile and the first batch of CSPs from China Unicom, and won the bid for the procurement project supported by the operation of China Mobile Internet message aggregation platform and the upgrading of SMS applet in internal business scenarios (both projects have a winning share of 100%). At the same time, the company also won the "partner recruitment project of China Mobile Internet Co., Ltd. on SMS applet 2.0 terminal analysis service capability", which not only reflects the company's accumulation and industry-leading position, but also is expected to build a new traffic distribution and service distribution mode, which will continue to benefit from the continuous promotion of industrial development.
Investment suggestion: the commercialization of 5g news has taken another key step, which is expected to accelerate the development of the whole ecosystem in the future. As a leading enterprise, the company is expected to benefit for a long time. During the 5g promotion period, the company's performance was under short-term pressure due to cost investment and other reasons, but 5g news business progressed rapidly, and the business volume of 5g rich media news increased to 300% in the same period last year. The short-term pressure on performance did not change the long-term expectation. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 42 / 238 / 395 million yuan respectively, and the corresponding PE will be 288x, 50x and 30x respectively. At present, the company's PE (TTM) is 82x, and the average PE (TTM) in recent three years is 120x. At present, the valuation is lower than the average level in recent three years, so it maintains the "recommended" rating.
Risk tip: the commercial popularization progress of 5g news is less than expected, the industry competition is intensified, and the application form of the industry may change.
