3Peak Incorporated(688536) (688536)
Event: 3Peak Incorporated(688536) issued a restricted stock incentive plan to grant no more than 1021000 shares, with a total number of 259 people and a grant price of 366 yuan / share.
comment:
The performance appraisal objectives demonstrate the company's confidence in development. Based on the performance evaluation indicators of the first grant and the reserved grant, it is expected that the revenue in 21-24 years will not be less than RMB 1.2/17/22.8/3 billion, and the revenue CAGR will be 51.70%; The net profit was RMB 4.8/6.1/7.5/9 billion, and the net profit CAGR was 48.76%. High growth expectations highlight strong confidence in future product progress and customer development.
Wide coverage and effective binding of core employees. A total of 259 people were granted this incentive plan, accounting for 65.40% of the employees. Comprehensive coverage of equity incentive helps to enhance the cohesion of the company and attract external talents to join.
Continue to enrich the product line, and the platform analog IC giant set sail. The company has gradually grown into a platform company integrating the full layout of signal chain IC and power management IC, and has increased the layout of isolation and MCU. The first multi-channel digital isolator has been mass produced, and the subsequent plans will launch isolation operational amplifier, isolation ADC, isolation interface, etc.
Downstream, the company has increased its efforts to develop pan industries such as inverters, energy storage, automotive electronics and servers. At present, it has realized small batch supply in the vehicle specification market. In the short term, the business layout of Pan industry makes the company have high performance certainty, while in the long term, the broad market of Pan industry makes the company enjoy high profit space.
Investment suggestion: 3Peak Incorporated(688536) as the IC leader of China's signal chain, the technical level is outstanding, and the company is increasing talent introduction and product expansion, continuously strengthening the leading advantage of signal chain, expanding power supply and other fields, and developing isolation, MCU and AFE product lines. We are optimistic about the long-term development of the company. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 470 million / 668 million / 986 million respectively, corresponding to 154.72/109.01/74.73 times of PE.
Risk factors: product R & D risk / industry prosperity decline risk / market competition risk
