\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 346 Hengli Petrochemical Co.Ltd(600346) )
The sixth employee stock ownership plan deeply binds the interests of the company and employees and maintains the “buy” rating
On March 3, the company issued the sixth employee stock ownership plan (Draft), which plans to implement a large-scale employee stock ownership plan for specific objects to demonstrate the company’s development confidence. We maintain the profit forecast for 20212023. It is estimated that the net profit attributable to the parent company in 20212023 will be 17.416 billion yuan, 18.984 billion yuan and 24.935 billion yuan, and the EPS will be 2.47, 2.70 and 3.54 yuan / share respectively. The current share price corresponds to 8.7, 8.0 and 6.1 times of PE in 20212023. The company issued a large-scale employee stock ownership plan to deeply bind the interests of employees with the interests of the company and maintain the “buy” rating.
The total scale of ESOP reached 9.86 billion yuan, demonstrating the strong development confidence of the company as a petrochemical aircraft carrier
The subscription objects of the company’s employee stock ownership plan include senior executives Li Feng and other employees of the company, with a total number of no more than 11000 and a total amount of no more than 3.69 billion yuan. The source of stock is the company’s stock repurchased by the company and the company’s stock obtained through secondary market purchase (including agreement transfer, block trading, centralized bidding, margin trading, etc.). The price of the company’s shares purchased in the secondary market shall be determined within the price limit of the rise and fall of the shares on the trading day, and the price of the shares repurchased by the transferee company in the form of block trading shall be the closing price of the shares on the previous trading day. In addition, some employees of Hengli Group and its affiliated enterprises plan to acquire and hold the company’s shares through special financial products. The amount raised by employees shall not exceed 1.24 billion yuan. The stock source is Hengli Petrochemical Co.Ltd(600346) shares transferred to them by Hengli Group and its concerted actors. The total subscription amount of the above two items is 4.93 billion yuan. The employee stock ownership plan plans to finance through the establishment of special financial products, securities company margin trading, insurance asset management products, etc., and the proportion of the financing amount to the self raised funds of employees shall not exceed 1:1, That is, the total scale of the company’s sixth employee stock ownership plan and the stock ownership plan of the group’s controlling shareholders and employees of their affiliated enterprises reached 9.86 billion yuan. The large-scale employee stock ownership plan shows the company’s strong confidence and determination in the future development as a petrochemical aircraft carrier.
As the leader of refining and chemical industry, the company has the strength to extend to the downstream, and the new material sector will provide new impetus for development
On January 26, the company issued the announcement of investing in the construction of 1.6 million tons of high-performance resin and new materials project and 2.6 million tons of high-performance polyester project, and once again launched the layout in the field of downstream new materials. The 1.6 million ton new material project includes polycarbonate, ABS, ethylene oxide, ethanolamine, PTMEG and other products. Relying on its refining and chemical capacity, the company extends and distributes to the downstream new material sector, providing long-term development power and growth momentum for the company.
Risk tips: sharp rise in oil price, lower than expected production capacity, slowdown in downstream demand, etc
