\u3000\u3000 Arctech Solar Holding Co.Ltd(688408) (688408)
Event: the company issued the 2022 restricted stock incentive plan (Draft).
The company plans to grant incentive objects with no less than 42.19 yuan / share. Arctech Solar Holding Co.Ltd(688408) 39.85% of the average trading price of the company’s shares on the trading day before the announcement of the draft incentive plan is taken as the minimum grant price, that is, a total of 1860700 shares are granted to the incentive object at no less than 42.19 yuan / share, accounting for about 1.37% of the total share capital of the company on the announcement date of the draft incentive plan, of which 1521500 shares are granted for the first time, accounting for 81.77% of the total equity to be granted by the incentive plan; 339200 reserved granted rights and interests, accounting for 18.23% of the total rights and interests to be granted under the incentive plan.
There are 156 equity incentive objects, and the target value of net profit in 22 / 23 / 24 years is no less than 4 / 55.5/700 million yuan. The incentive is granted to 156 directors, senior managers, core technicians and core management (Technology / business) backbones of the company and its subsidiaries to issue additional A-share common shares. The incentive plan sets the target value of operating revenue from 2022 to 2024 not less than 5 billion yuan, 6 billion yuan and 7.5 billion yuan respectively; Or the target value of net profit from 2022 to 2024 shall not be less than the performance assessment target of 400 million yuan, 550 million yuan and 700 million yuan respectively.
Incentives are expected to bind core employees, and the company’s future profits are expected to reverse. The incentive covers 156 people, accounting for 13.31% of the total number of employees, fully mobilize the enthusiasm of the company’s core team, combine the interests of shareholders, the company and the personal interests of the core team, and maintain personnel stability. In 21 years, due to the price rise of the industrial chain, the installation of global centralized photovoltaic power stations was delayed, which affected the company’s shipment, the cost of superimposed steel, international freight and other costs increased sharply, and the company’s profitability decreased significantly. The company is currently at the bottom of profit and is expected to achieve both volume and profit in the future.
Investment suggestion: it is estimated that the net profit attributable to the parent company of the company in 21-23 years will be RMB 0.36/593/920 million, a year-on-year increase of – 87.4% / + 1550.9% / + 55.2%, and the EPS in 21-23 years will be RMB 0.26/4.37/6.78 respectively, maintaining the “overweight” rating.
Risk tip: the installed capacity of photovoltaic is less than expected, and the price of the industrial chain rises.
