Hangzhou Silan Microelectronics Co.Ltd(600460) (600460)
Event: Hangzhou Silan Microelectronics Co.Ltd(600460) today released the equity incentive plan, which plans to grant 21.5 million stock options, corresponding to 21.5 million shares, accounting for 1.52% of the total share capital.
comment:
This is the first equity incentive plan of the company in recent ten years! In the early stage, the market believed that the company's incentive mechanism was not flexible enough and it was not easy to retain talents. The release of this equity incentive has effectively broken the early market doubt! And the exercise conditions with wide coverage and high performance requirements help to bind the interests of employees with the overall interests of the company and enhance the cohesion and centripetal force of the company.
Wide coverage to stimulate employees' enthusiasm: the total number of incentive objects this time is 2467, and the proportion of total employees covered is as high as 40.05%. In addition to Li Zhigang and other three executives, the other 2464 middle-level managers and core backbones were granted a total of 2006 million shares, with a per capita shareholding of 8100 shares. Based on the closing price of 59.57 yuan on November 29, the current people hold a stock market value of up to 485000 yuan
The performance appraisal goal shows confidence: according to the calculation of the growth rate index set in the exercise appraisal, the revenue is expected to be no less than 69.35/90.32/100.59/11.087 billion yuan in 21-24 years, of which the year-on-year growth rate in 21 / 22 is 62% / 30%. In addition, from the perspective of exercise price, the exercise price of the stock option granted by the company for the first time is 51.27 yuan / share, which is close to the current stock price, which also shows the confidence that the company's operation will continue to be good. IGBT and other high-end products have been steadily upgraded, and huge production capacity ensures supply. In terms of IGBT progress, the company has made full efforts in the home appliance, automobile, industrial control, photovoltaic and wind power markets. At present, the IPM module of household appliances is fully replacing Japanese manufacturers, and the company plans to double its production capacity in 22 years; Supply of industrial control equipment to Huichuan, Shenzhen Invt Electric Co.Ltd(002334) ; Automobile IGBT is in Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) , Zero run and other batches, and has verification cooperation with Chinese mainstream automobile enterprises; Photovoltaic has also been in-depth cooperation with major customers such as sunshine. It is particularly noteworthy that in 22 years, the company's new production capacity of 20000 12 inch wafers will be fully used for IGBT. With the progress of subsequent customer verification, it is expected to usher in revenue exceeding the expected volume.
Profit forecast and investment rating: Hangzhou Silan Microelectronics Co.Ltd(600460) as one of the leading power IDM companies in China, it has prominent capacity advantages and fully benefits from the high prospect of the industry. However, more attention should be paid to the fact that at this opportunity, the company makes every effort to promote the high-end upgrading of products, the business progress of IGBT, MEMS and third-generation semiconductor is progressing steadily, and the growth potential is worth looking forward to. We estimate that the net profit attributable to the parent company from 2021 to 2023 will be 1.039 billion / 1.342 billion / 1.846 billion respectively, corresponding to 84 / 65 / 47 times of PE. Maintain the "buy" rating of the company.
Risk factors: the risk of cyclical fluctuations in the industry, the risk that the technical iteration is not as expected, the risk that the production capacity climbs and the customer development is not as expected
