Opt Machine Vision Tech Co.Ltd(688686) (688686)
event
The company issued the 2021 restricted stock incentive plan (Draft) on November 23, 2021, which plans to grant 372800 restricted shares to the incentive object, accounting for 0.45% of the total share capital, of which the first grant accounts for 84.99% of the total equity of the incentive plan, and the grant price is 60 yuan / share.
Key investment points
The release of equity incentive plan shows confidence, and the compound growth rate of revenue target in the next three years is about 21%
The first grant in the incentive plan is unlocked in three years, and the ownership proportion is 40% / 30% / 30% respectively; The reserved grant is unlocked in two years, and the ownership proportion is 50% / 50% respectively. The exercise conditions are based on the operating revenue in 2021, and the growth rate of revenue in the next three years from 2022 to 2024 is the performance assessment target. The year-on-year growth rate of revenue in 2021 is not less than 30% / 60% / 90% respectively. According to this calculation, the corresponding revenue in 2022, 2023 and 2024 is no less than RMB 1108 / 13.63/1619 million respectively, with a year-on-year growth rate of 30% / 23% / 19%, and the revenue CAGR from 2022 to 2024 is about 21%.
A total of 272 senior managers and core technicians were encouraged, covering a wide range and boosting their enthusiasm
The total number of incentive objects this time is 272, Accounting for 15.67% of the total number of employees of the company (as of June 30, 2021, the total number of employees of the company is 1736), the incentive coverage is wide, including 1 Senior Manager (chief financial officer, awarded 1.68%), 2 core technicians (respectively awarded 2.24% / 1.68%), and other personnel that the board of directors deems necessary to be encouraged, which helps to boost the enthusiasm of the management.
Three core competitiveness of technology, products and services, and strengthen the leading position of the industrial chain
The company has three core competitive advantages in the field of machine vision: 1) leading technology: enabling the downstream based on the two technology platforms of imaging and visual analysis; 2) Comprehensive product line: strong supporting sales ability and flexible service form and content; 3) Obvious service advantages: high product added value improves the profitability of the company.
The machine vision track is highly prosperous, and actively layout the new energy market to help the company maintain high growth
As a key component of intelligent manufacturing, machine vision has a wide range of downstream applications. The machine vision industry has a huge development space. As a machine Visual China Group Co.Ltd(000681) leader, the company relies on high-quality large customers, fully benefits from the industry growth and import substitution dividends, and achieves a steady increase in market share. In the field of 3C consumer electronics, the company is the main domestic supplier of Apple’s machine vision, and the cooperative relationship between the two sides is stable and sustainable. At the same time, the company has actively arranged the field of lithium new energy, directly connected with lithium battery production equipment manufacturers, and customer terminals include leading enterprises in catl, ATL, Byd Company Limited(002594) , Funeng and other industries. In the process of development, the company continued to increase investment in technology R & D. by the third quarter of 2021, it had obtained 27 invention patents, 154 utility model patents, 23 design patents and 65 software copyrights.
Profit forecast and valuation
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 300 / 400 / 520 million respectively, with a year-on-year increase of 21% / 34% / 31%; EPS is 3.59/4.83/6.34 yuan, corresponding to 88 / 65 / 50 times of PE, maintaining the “overweight” rating.
Risk statement
Large fluctuations in the industry; Industry competition intensifies and the company’s profit margin declines; New product R & D and marketing are not as expected
