\u3000\u3 China Vanke Co.Ltd(000002) 180 Ninestar Corporation(002180) )
Event: the company disclosed the Ninestar Corporation(002180) 2022 restricted stock incentive plan (Draft) on February 28, 2022. The announcement showed that the number of restricted shares to be granted to incentive objects in the incentive plan was 5.365 million shares, accounting for 0.38% of the total capital stock of the company at the time of announcement of the draft incentive plan; The grant price of restricted shares granted for the first time in the incentive plan is 24.82 yuan / share, that is, after meeting the grant conditions, the incentive object can purchase the company’s shares at the price of 24.82 yuan per share.
The performance assessment objectives exceed the previous prediction, demonstrating the company’s confidence. The incentive plan will conduct annual performance evaluation in the three fiscal years from 2022 to 2024, and determine the proportion of lifting sales restrictions at the company level according to the results of performance evaluation. The company’s assessment target for the year 22 / 23 / 24 is that the company’s net profit will increase by 60% / 116% / 196% compared with the same period in 2021. According to the early performance forecast, the company expects to achieve a profit of 1.11-1.31 billion yuan in 2021. The calculated performance assessment target is that the company’s net profit will reach 1.78-2.1 billion yuan in 22 years, 2.40-2.83 billion yuan in 23 years and 3.29-3.88 billion yuan in 24 years, exceeding our early prediction.
There are many incentive objects, which helps the company attract and retain excellent talents. Among the incentive objects this time, the middle-level managers, core backbone personnel and other personnel (462 people) deemed necessary by the board of directors of the company were granted 4.1392 million shares this time, accounting for 77.15% of the total number of restricted shares granted. Kong Dezhu, the director and senior deputy general manager, was granted 696000 shares this time, accounting for 12.97% of the total number of restricted shares granted. Yin Aiguo, the technical director, was granted 294000 shares this time, Accounting for 5.48% of the total number of restricted shares granted.
The company has achieved the coverage of the whole industrial chain of “consumables + chip + complete machine + service”, which is expected to mobilize the enthusiasm of core employees and help long-term development Ninestar Corporation(002180) was founded in 2000 and has focused on the printing and imaging industry for 21 years. At present, it has become the fourth laser printer manufacturer in the world. At the same time, it is also the leading enterprise with the highest market share in the global compatible consumables and consumables chip industry. Its business covers more than 150 countries and regions around the world, including “aipaike apexmic”, “gezhige”, “G & G”, “static control” “Lexmark”, “pantum” and other well-known brands in many industries. Starting from the production of printer general consumables, the company has realized the whole industrial chain coverage from printing consumables, consumables chips, printer machines to services. This incentive is expected to mobilize the enthusiasm of core employees and help long-term development.
Investment rating: we continue to be optimistic about the company’s leading position in the industry. Taking into account the company’s business progress, we slightly adjust the company’s forecast of net profit attributable to the parent company from 2021 to 2023 from 1400 / 1765 / 2348 million to 12002 / 1938 / 2491 million yuan, with a corresponding PE multiple of 58.58/36.33/28.26 times, maintaining the “overweight” rating.
Risk tips: increased trade friction, technological innovation less than expected, exchange loss risk, acquisition and integration risk
