\u3000\u3000 Yijiahe Technology Co.Ltd(603666) (603666)
Events
On February 22, 2022, the company issued the 2022 equity incentive plan, which plans to grant 176 incentive objects a total of 3.9363 million rights and interests, accounting for 1.91% of the total share capital of the company on the announcement date.
Key points
Equity incentives relay smoothly, and options and restricted stocks are carried out simultaneously
The equity incentive plan includes stock options and restricted stocks, including 1.91 million stock options with an exercise price of 52.38 yuan / share; There are 2.0263 million restricted shares, and the grant price is 32.74 yuan / share. The performance assessment objective of this equity incentive is that the growth rate of the company's revenue from 2022 to 2024 compared with that in 2020 is not less than 60%, 90% and 120% respectively. The smooth relay of the 2019 equity incentive plan shows the confidence of the company's long-term development.
Deeply bind core talents, with 22300 per capita rights and interests
By the end of 2020, the company had 297 R & D personnel, accounting for 45.27% of the total employees, covering all kinds of high-end software and hardware fields related to artificial intelligence and Siasun Robot&Automation Co.Ltd(300024) . The incentive objects of this plan are mainly core management / technical / business personnel, with 22300 per capita rights and interests. According to the closing price on February 21, the per capita grant value is about 1.4 million yuan, and the incentive is strong. We think it will help to attract and retain core talents and bind the interests of shareholders, the company and the core team.
Benefiting from the general trend of intelligent power grid, the product volume is smooth
Under the general trend of intelligent development of power grid, as a high-quality supplier of special power Siasun Robot&Automation Co.Ltd(300024) , with the support of leading technology, the company realizes the integration of patrol inspection and operation, the live line operation Siasun Robot&Automation Co.Ltd(300024) is bound to the sales channel of State Grid, and the projects such as fire search and rescue Siasun Robot&Automation Co.Ltd(300024) , medical orthopaedic surgery navigation Siasun Robot&Automation Co.Ltd(300024) (under Tuodao medical) are carried out smoothly, It will open up market space in non power field for the company.
Profit forecast and valuation
We estimate that the net profit attributable to the parent company from 2021 to 2023 will be 443, 611 and 811 million yuan, corresponding to EPS (diluted) of 2.14, 2.96 and 3.93 yuan / share. The current share price corresponds to PE of 31, 22 and 17 times, maintaining the "buy" rating.
Risk warning: the intelligent transformation of power grid is not as expected; Industry competition intensifies; Application field, business area and customer concentration are high risk.
