Autel Intelligent Technology Corp.Ltd(688208) (688208)
Equity incentive is expected to fully stimulate growth vitality and maintain the “buy” rating
The company released the 2021 equity incentive plan, which binds the interests of core employees, is expected to fully stimulate growth vitality and open a new growth curve in the new energy market. We maintain the company’s profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 517, 756 and 1085 million yuan, EPS will be 1.15, 1.68 and 2.41 yuan / share, and the corresponding PE of the current stock price is 68.6, 46.9 and 32.7 times, maintaining the “buy” rating.
Release a high standard equity incentive plan to stimulate growth vitality
(1) High standard equity incentive plan: on December 16, the company issued the 2021 equity incentive plan (Draft), which plans to grant 6.2 million restricted shares to 216 senior executives and technical backbones (accounting for 9.06% of the total number of employees) (accounting for 1.38% of the total share capital at the time of announcement), the grant price is 52 yuan / share. All unlocking conditions of equity incentive are that based on 2021, the growth rate of revenue or gross profit in 2022-2024 is 50%, 125% and 238% respectively, and the compound growth rate is as high as 50%. The high standard shows the growth confidence of the company. (2) Introduction of venture partner platform by new energy subsidiary: the company agrees to increase the capital of the subsidiary in cooperation with innovative energy and introduce the venture partner platform. The partner platform holds 40% of the shares. The employees of the shareholding platform are mainly senior executives and core backbone of listed companies and subsidiaries, which is expected to bind the interests of core employees and stimulate growth vitality.
Release new energy integration solutions and lay out 100 billion automobile aftermarket
(1) In September 2021, the company officially released the digital integrated solution of “diagnosis, inspection, charging and storage”, expanded its business to the field of new energy vehicle maintenance and charging and discharging, committed to building three product systems: new energy diagnosis and detection system, intelligent charging and detection system and energy storage system, and launched a complete tool chain for new energy vehicle diagnosis, detection and maintenance. (2) According to the data of the Ministry of public security, in the first half of 2021, the number of new energy vehicles reached 6.03 million, and the pain points of high risk, difficulty and low efficiency of battery maintenance promoted the development of post market and other related industries. According to the 2020 white paper on maintenance industry in China’s auto post market , it is estimated that the number of new energy vehicles will reach 45 million in 2030, and the post market scale of new energy vehicles will exceed 100 billion, with broad space. Under the incentive of the company’s high standard equity incentive and venture partner platform, it is expected that the new energy market is expected to open a new growth curve.
Risk tip: the sales growth of new automotive diagnostic products slows down; Sales of new energy products were lower than expected.
