\u3000\u3 Shengda Resources Co.Ltd(000603) 666 Yijiahe Technology Co.Ltd(603666) )
Event: in order to further improve the corporate governance structure, establish and improve the company’s long-term incentive and restraint mechanism, attract and retain professional management, core technology and business talents, fully mobilize their enthusiasm and creativity, effectively improve the cohesion of the core team and the core competitiveness of the enterprise, and effectively combine the interests of shareholders, the company and the core team, To make all parties concerned about the long-term development of the company, the company launched an incentive plan.
Bind employees in a wide range to carry out incentive plans and jointly promote the operation efficiency of the company. Since the company entered the power Siasun Robot&Automation Co.Ltd(300024) market in 2014, incentive methods have been widely used to introduce relevant talents Yijiahe Technology Co.Ltd(603666) set up R & D centers in China and overseas successively, aiming to consolidate the company’s product strength through functional iteration, equipment miniaturization and other application upgrades. Core power Siasun Robot&Automation Co.Ltd(300024) products have successively suppressed competitors in key provinces, and the company’s market share has been improved. The incentive plan plans to grant a total of 3.9363 million rights and interests to incentive objects, accounting for about 1.91% of the total share capital of the company. A total of 176 people are involved in the incentive, accounting for 26.83% of the total number of employees in the company.
The unlocking requirements of equity incentive demonstrate the company’s determination to improve quality and efficiency. The company has a high share in Jiangsu Province and continues to promote market expansion in key provinces. In the upward cycle of the industry, the company issued the equity incentive plan, which aims to seize the development opportunities, lock in the interests of core personnel, promote the quality and efficiency of the company’s business, and quickly increase the company’s market share. The unlocking conditions of phase III equity incentive are required to take 2020 as the benchmark, and the corresponding three-year operating revenue growth rate of 22, 23 and 24 is not less than 60%, 90% and 120%.
Investment suggestion: we are optimistic about the development of the company under the trend of intelligent power grid during the 14th Five Year Plan period. From the perspective of orders on hand, it is expected that the sales volume of the company’s core products will increase significantly in recent years. The net profit of the parent company is expected to increase by rmb8.2 billion / + 2.6% to rmb3.0 billion / + 2.6 billion / year, which is expected to be maintained by us at rmb3.0 billion / + 2.0% / year.
Risk tip: demand fluctuation of key customers, default risk of accounts receivable, threat of new entrants in the industry.
