Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) (600426)
Event: the company announced the draft restricted stock incentive plan for 2021. The number of shares to be granted in this plan is 13.2 million, accounting for 0.625% of the total share capital of the company. A total of 190 incentive objects were granted for the first time, and the grant price is 17.93 yuan / share.
The equity incentive plan demonstrates the management’s confidence in the development of the company. The incentive objects granted for the first time in the plan include the company’s directors, senior executives and key personnel in core technology, operation, management and skills. The sales restriction period of the plan is 24 months, 36 months and 48 months from the date of completion of the grant registration. The performance evaluation conditions are based on the operating income in 2020, and the growth rate of operating income from 2022 to 2024 shall not be less than 80%, 85% 160% (corresponding to the income of no less than RMB 23607, 24.263 and 34.099 billion from 2022 to 2024 respectively), the pre tax dividend per share shall not be less than RMB 0.4, 0.45 and 0.5, and shall not be lower than the average level of the same industry and higher than the quantile level of the same industry in 2020. Through the restricted stock incentive plan, the company is expected to establish a long-term incentive mechanism to mobilize the enthusiasm of personnel, and the revenue assessment conditions also demonstrate the company’s commitment to Strong confidence in future development.
Scientifically assess the double control of energy consumption, benefit the chemical industry leader, and start the journey again with the company’s energy efficiency leading + high-end new material layout. According to Xinhuanetco.Ltd(603888) , from December 8 to 10, the central economic work conference pointed out that it is necessary to scientifically assess that the new renewable energy and raw material energy consumption will not be included in the total energy consumption control, which also alleviates the expectation that the new incremental raw material end of the chemical industry will “go without rice” in the future. However, it should be noted that at a time when the “new energy” new infrastructure has not been fully formed, The limitation of dual control of energy consumption still exists. In the future, the traditional “two high” new projects should be constructed and implemented according to the energy efficiency benchmark level. For the stock projects whose energy efficiency is lower than the industry benchmark level, the company will not be transformed and upgraded or eliminated during the policy transition period. As a leading coal chemical enterprise that has won the title of “energy efficiency leader” for seven consecutive years, The situation that the strong are always strong is expected to be strengthened in the long run. On the other hand, during the 14th Five Year Plan period, adhering to the steady strategic planning of “going global” + “high-end”, the company continued to layout lithium electric solvent Dec, EMC, NMP and degradable plastic PBAT projects with higher added value, and the growth momentum in the future can be expected.
Investment suggestion: we expect the net profit attributable to the parent company from 2021 to 2023 to be 7.02 billion yuan, 7.22 billion yuan and 8.06 billion yuan respectively, maintaining the Buy-A investment rating.
Risk tip: the product price has fallen sharply, and the project progress is less than expected
