Autel Intelligent Technology Corp.Ltd(688208) equity incentive + partner system, two doses of heart booster to accelerate the future development of the company

Autel Intelligent Technology Corp.Ltd(688208) (688208)

Event: on the evening of December 16, 2021, the company issued the draft of restricted stock incentive plan for 2021, which plans to grant 6.2 million restricted shares at a grant price of 52 yuan / share, Among them, 216 objects were granted for the first time (9.06% of the total number of the company on September 30, 2021), and 5963000 shares were granted for the first time. In addition, the company also issued the measures for the management of venture partner plan of Shenzhen daotonghe innovative energy Co., Ltd. (hereinafter referred to as the "measures"), and introduced the venture partner shareholding platform for daotong new energy, holding 40%.

Regain 50% compound income or gross profit confidence and inject a booster into the market. The company released the last incentive plan in August 2020, based on the data of 2019, The compound growth rate of revenue or gross profit from 2021 to 2023 corresponds to 50% (Grade A) or 30% (Grade B +), the final 2020 annual report shows that the company will achieve a year-on-year revenue growth of 31.9% and a year-on-year gross profit growth of 36.0% in 2020. Therefore, if the company wants to achieve grade A in 2021, the year-on-year revenue growth and gross profit growth in 2021 need to reach 70.56% and 65.4% respectively. Since the revenue and gross profit growth in the first three quarters of 2021 are 52.3% and 35.9% respectively, it can be seen that the probability of completing grade A in the whole year Very low (the fourth quarter is the traditional peak season of the company's business, with a relatively high base), which may significantly reduce the enthusiasm of employees to challenge the 50% compound growth rate of Grade A. This new incentive scheme takes the income and gross profit of 2021 as the base. When grade A and B + require the compound growth rate of 2022-2024 to reach 50% and 30% respectively, it rekindles the desire of employees to impact the assessment target of Grade A Confidence, and there is the possibility of completing grade A in the last 2020 incentive plan again in the case of exceeding expectations in the future (the incentive cost of Grade A in both incentives is twice that of grade B +). We believe that the implementation of this incentive plan injects a strong shot into the market, fully mobilizes the enthusiasm of employees and lays a foundation for exceeding expectations of the company's performance in the future.

The partnership system deeply binds the interests of core employees and accelerates the long-term development of the new energy sector. The measures aims to establish a mechanism for the transformation of core employees from professional managers to partners and stimulate their enthusiasm for innovation and entrepreneurship. The measures also mentioned that Autel Intelligent Technology Corp.Ltd(688208) listed companies are responsible for "approving the independent listing of daotong new energy". Core employees hold 40% shares of daotong new energy through the shareholding platform, which will greatly stimulate their fighting spirit and passion and accelerate the long-term development of the new energy sector.

Maintain the "buy" rating. It is predicted that from 2021 to 2023, the company will achieve an operating revenue of RMB 2.315 billion, RMB 3.540 billion and RMB 5.359 billion, a net profit attributable to the parent of RMB 506 million, RMB 754 million and RMB 1.091 billion, and maintain the "buy" rating.

Risk warning: the risk of deterioration of international trade environment; Risks of backward technology R & D and investment not meeting expectations; Raw material supply risk; Risks of intellectual property disputes; There is a risk of errors in key assumptions.

 

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