Autel Intelligent Technology Corp.Ltd(688208) (688208)
event:
1. The company announced the venture partner plan of its subsidiary daotonghe innovative energy Co., Ltd
2. The company announced the restricted stock incentive plan for 2021
comment:
The employees of new energy subsidiary increased their capital and held 18.5% shares, demonstrating their confidence in the development of new energy business
Daotonghe innovative energy is a wholly-owned subsidiary of the company. It is the main business body related to new energy of the company and carries the business related to new energy infrastructure, energy storage and new energy operation and maintenance platform. According to the company's announcement, the company plans to increase the capital of daotonghe innovative energy by 23.7586 million yuan and obtain 18.5% equity. After the capital increase, the listed company holds 81.5% equity of daotonghe innovative energy. The employees of the venture partner plan include the core employees of daotong new energy, as well as the directors, supervisors, senior executives and core employees of listed companies. At the expiration of 3 years from the effective date of the incentive, the listed company has the right to decide whether to repurchase as a whole, which shall be implemented in accordance with the provisions of the performance commitment.
We believe that new energy products are expected to become the second growth curve of the company. At present, relevant products are in a critical period of R & D and sales. This plan will help the company bind the core employees of new energy, ensure the stability and enthusiasm of the team, and increase capital and shareholding also demonstrate employees' confidence in the development of new energy business.
Issue a high standard equity incentive plan to bind the interests of core employees
The company issued the restricted stock incentive plan for 2021. It plans to grant 6.2 million restricted shares to 216 core employees, accounting for 1.38% of the current total share capital, of which 5.963 million shares are granted for the first time, 237000 shares are reserved, and the grant price is 52 yuan / share. The granted restricted shares are vested in three phases, with the ownership proportion of 30% / 30% / 40% respectively. The performance assessment objectives of equity incentive are divided into two grades: A / B + based on 2021. The revenue or gross profit growth of Grade A from 2022 to 2024 is not less than 50% / 125% / 238%, and that of grade B + is 30% / 69% / 120%. The corresponding ownership proportion at the company level is 100% and 50% respectively. The company expects the total amortization expense to be about 126.56 million yuan, 7167 / 3681 / 18.08 million yuan respectively from 2022 to 2024.
We believe that since its listing in February 2020, the company has launched equity incentive for two consecutive years to bind the interests of core employees. The performance appraisal target of this equity incentive plan is high and consistent with that of 2020, demonstrating the company's confidence in future development.
Profit forecast and investment suggestions: we believe that the company's traditional fuel vehicle related business will maintain high growth, new energy products will become the company's second growth pole, and charging pile is expected to become the company's benchmark product facing the new energy era. We maintain the previous profit forecast. It is estimated that the net profit of the company from 2021 to 2023 will be 510 / 755 / 1061 million yuan respectively. In 2022, the target market value of the company will be 51.3 billion yuan and the target price will be 114 yuan, maintaining the "buy" rating.
Risk warning: the increase rate of electric vehicle ownership is lower than expected; The promotion of the company's new energy products is less than expected; Systemic risk
