Autel Intelligent Technology Corp.Ltd(688208) (688208)
event:
On the evening of December 16, 2021, the company issued the 2021 restricted stock incentive plan (Draft) and the measures for the administration of the venture partner plan of Shenzhen daotonghe innovative energy Co., Ltd.
comment:
The draft of equity incentive is issued, and the performance assessment objectives are divided into a and B+
According to the draft incentive plan, the company plans to grant 6.2 million restricted shares to incentive objects, accounting for 1.38% of the total share capital of the company. There are 216 incentive objects, accounting for about 9.06% of the total number of the company, including senior managers and core technicians of the company. The grant price of this equity incentive is 52 yuan / share, and the assessment period is from 2022 to 2024. The performance assessment objectives are divided into a and B +, corresponding to 100% and 50% of the ownership proportion at the company level respectively. The performance assessment objectives of each year corresponding to assessment objective a are: with 2021 as the base period, the growth rate of operating revenue or gross profit will reach 50%, 125% and 238%; Assessment objective B + corresponding performance assessment objectives of each year are: with 2021 as the base period, the growth rate of operating revenue or gross profit will reach 30%, 69% and 120%.
The implementation of incentives is expected to further enhance the cohesion and enthusiasm and ensure the long-term development of the company
Based on the closing price on December 16, assuming that the grant is completed by the end of December 2021, the amortization amounts from 2022 to 2024 are 71.6699 million yuan, 36.8082 million yuan and 18.08 million yuan respectively. The amortization of equity incentive expenses will have a certain impact on the company’s performance in the future. However, after the implementation of incentive, it will further improve the company’s salary structure, improve the cohesion and team stability of employees, effectively stimulate the enthusiasm of the management team, improve operation efficiency and bring higher business performance and internal value to the company.
Launch the venture partner plan of daotong new energy, bind the interests of the core team and stimulate the entrepreneurial spirit
According to the management measures of the venture partner plan, relevant employees involved in the venture partner plan of daotong new energy participate by setting up a venture partner shareholding platform, and a total of two partnerships are established. Autel Intelligent Technology Corp.Ltd(688208) directly operates and manages daotong new energy, holds at least 51% of the shares and maintains the controlling position. We believe that the establishment of entrepreneurial partner program is helpful to: 1) establish an innovation platform to stimulate the entrepreneurial spirit and innovation motivation of core employees; 2) Embody the values of CO creation, sharing and sharing, and establish a good and balanced value distribution system; 3) Fully mobilize the enthusiasm of core employees and support the strategic realization and long-term sustainable development of listed companies. In addition, it is worth noting that the company mentioned in the document: “if daotong new energy develops and grows and meets the conditions for independent listing, its listing can be considered and supported.”
Investment advice and profit forecast
Relying on product quality and technical advantages, the company has established a good brand awareness in the world. Under the background of great changes in the global automobile industry, the company has made forward-looking layout, issued new energy strategy, and continuously launched vertical and horizontal products, with broad space for sustainable growth in the future. It is predicted that the operating revenue of the company from 2021 to 2023 will be RMB 2202, 3.015 and 4.011 billion, the net profit attributable to the parent company will be RMB 606, 828 and 1.116 billion, the EPS will be RMB 135, 1.84 and 2.48/share, and the corresponding PE will be 59.63, 43.64 and 32.39 times. Since its listing, the company’s PE has mainly operated between 50-90 times. At present, the pettm of the computer (Shenwan) index is 52.7 times, maintaining the company’s target PE of 55 times in 2022, with the corresponding target price of 101.20 yuan, maintaining the “buy” rating.
Risk statement
Covid-19 recurrent pneumonia; Sino US trade friction escalating; Intellectual property disputes; The progress of China’s market expansion is lower than expected; The promotion of new energy strategy is less than expected; Competition in the automotive aftermarket has intensified.
