\u3000\u3 China Vanke Co.Ltd(000002) 126 Zhejiang Yinlun Machinery Co.Ltd(002126) )
Core view
Event: the company plans to implement the stock option incentive plan.
The equity incentive plan covers a large number of people, which helps to improve the long-term incentive and restraint mechanism. The company announced on March 9 that it plans to carry out stock option incentive plan. The incentive plan plans to grant 51.3 million stock options, of which 49.78 million are granted for the first time, 1.52 million are reserved, and the exercise price is 10.14 yuan. The number of people to be granted in this equity incentive plan for the first time is 388, including 11 company executives and 377 core backbone employees. The number of stock options to be granted accounts for about 6.48% of the total share capital of the company, and the lock-in period is 12 months. The equity incentive plan will keep the interests of the company, the management and all shareholders highly consistent, help the company establish and improve the long-term incentive and restraint mechanism, fully mobilize the enthusiasm of the management and core employees, and ensure the smooth realization of the company’s development strategy and business objectives.
The assessment objective of equity incentive is clear, which shows the confidence of the company’s management in the future development. The assessment objectives of the equity incentive plan to be implemented in 20222025 are that the net profit attributable to the parent company in the current year is not less than 400 million yuan, 540 million yuan, 780 million yuan and 1.05 billion yuan, and the operating income is not less than 9 billion yuan, 10.8 billion yuan, 13 billion yuan and 15 billion yuan. The equity incentive plan to be implemented puts forward the business objectives for the next four years, fully demonstrates the management’s confidence in the long-term development of the company, and helps to strengthen the confidence of all shareholders and market investors.
With the integrated supply capacity of new energy thermal management system, the revenue and profit proportion of new energy vehicle thermal management business are expected to increase. Following the development trend of new energy vehicles, the company has made greater efforts to expand the field of thermal management of new energy vehicles. It has the supply capacity of integrated modules of new energy heat pump air conditioning system and battery cooling system. The heat pump air conditioning project has been designated by automobile enterprises such as Geely, Volvo, Jiangling new energy and North American customers. The company has researched and developed waterway integration module system integration and matching technology, and obtained the recognition of new power customers. It has won the heat management supporting projects of new energy vehicle enterprises such as North American new energy benchmark vehicle enterprises, Xiaopeng, Weilai, Chang’an new energy, yingche technology and so on. As the sales volume of new energy vehicles continues to grow, it is expected that the revenue and profit proportion of the company’s new energy vehicle thermal management business are expected to increase.
Profit forecast and investment suggestions
Slightly adjust the expense rate. It is predicted that the EPS from 2021 to 2023 will be 0.36, 0.52 and 0.69 yuan (formerly 0.39, 0.55 and 0.73 yuan), which will be valued according to 22 years. The comparable company is related to the automobile heat exchanger and new energy vehicle industry chain. The average PE valuation of the comparable company in 22 years is 26 times, and the target price is 13.52 yuan, maintaining the buy rating.
Risk tips
The supporting amount of tail gas post-treatment is lower than expected, the supporting amount of heat management system of new energy vehicles is lower than expected, and the supporting amount of heat exchanger is lower than expected.
