\u3000\u3 China Vanke Co.Ltd(000002) 180 Ninestar Corporation(002180) )
Core view
The company plans to implement two equity incentives: 1) the listed company plans to issue 5.365 million restricted shares, of which nearly 5.13 million shares are granted to 464 employees at 24.82 yuan per share for the first time, with a total amortization cost of 130 million yuan (calculated based on the closing price on February 25 as the fair value forecast). The company level performance assessment requires that the proportion of 100% lifting the restriction on sales in 22-24 years is 60%, 116% and 196% respectively compared with the net profit in 21 years. Assuming that the net profit in 21 years is the lowest 1.11 billion yuan in the company’s performance forecast, the net profit in 22-24 years is at least about 1.78 billion yuan, 2.40 billion yuan and 3.29 billion yuan respectively. From the perspective of business comparability, based on the minimum 1.45 billion yuan of 100% consolidation and chart preparation in the whole year of 21 years, the growth rates in 22-24 years are 22%, 35% and 37% respectively, showing a rapid growth trend year by year. We believe that this reflects the uniqueness of the company’s business: with the growth of Bento printer ownership, the growth of selenium drum consumables sales with high gross margin will accelerate the growth of the company’s profit. 2) The listed company plans to transfer the 2.07% equity of aipaike to aipaike employee stock ownership platform, with the grant price of 32 yuan / unit of registered capital, and the incentive objects to be granted for the first time shall not exceed 300 people. The company is expected to lock in two long-term core interests of the company through incentives.
Bento’s products are highly competitive and have sustained high growth: the company estimates that Bento’s revenue has increased by more than 70% to about 3.9 billion yuan in 21 years, and its net profit has increased by more than 130% to about 680 million yuan. Bento has further expanded its product lines of A4 color laser printer and A4 medium and high-speed black-and-white laser printer, and the enrichment of high-end product lines is also expected to improve the company’s profitability. The company plans to invest 5 billion yuan to build a production base, regional headquarters and R & D center with an annual output of 2 million printers and supporting consumables in Hefei, so as to help the company hit the goal of 25% of the global laser printer market share within five years.
Accelerate the development of chip business: aipaike, a subsidiary, has formed upstream and downstream collaboration similar to Huawei and Hisilicon in printing chips, with a revenue of more than 1.4 billion yuan and a net profit of about 680 million yuan in 21 years. The 21-year revenue of Jihai, a subsidiary of aipaike that focuses on non printing chips, is about 300 million yuan. It actively expands the applications of new energy, industrial control and automobile, and supplies KONE elevator, Huichuan, SAIC Wuling, Xiaopeng and Great Wall in batches. Jihai expects to carry out aecq100 vehicle regulation certification of several 32-bit MCU in the first half of the year, and smoothly promote iso26262 vehicle functional safety system certification and new product research and development. The company plans to invest 2.2 billion yuan to build Shanghai Lingang Holdings Co.Ltd(600848) chip R & D project, with 1 Yihua Healthcare Co.Ltd(000150) 0 people. The products include high-end industrial general MCU / MPU, high-end automotive general MCU / MPU, industrial general signal chain data processing chip and embedded CPU, high-end printer master SOC, and the annual revenue is expected to reach 1-2 billion yuan.
Profit forecast and investment suggestions
We predict that the company’s earnings per share in 21-23 years will be 0.79/1.45/1.99 yuan respectively, maintaining 45 times the valuation level of comparable companies in 22 years, and the corresponding target price is 65.23 yuan, maintaining the buy rating.
Risk tips
Goodwill impairment risk; Industry demand is less than expected; The risk of M & a falling short of expectations; Exchange gain / loss risk.
