Anhui Honglu Steel Construction(Group) Co.Ltd(002541) (002541)
Release the employee incentive plan to ensure medium and long-term growth and maintain the "buy" rating
On January 4, 2022, the company announced the employee incentive plan. More than 90 people, including the company's core management personnel, technical backbone, base general manager, factory director and sales personnel, formed two partnerships. It is expected to invest 236 million yuan to purchase no more than 5.2 million shares of the company (accounting for 0.98%), of which the source of shares is Mr. Shang Xiaobo, the major shareholder, who transferred them in bulk, The sources of funds are employees' own funds, loans from financial institutions and loans from Mr. Shang Xiaobo, the major shareholder. We believe that this is another confirmation of the further improvement of the company's institutionalization after the resignation of Chairman Shang Xiaobo. In the future, with the optimization and blessing of the incentive system, the medium and long-term growth will be more guaranteed. We will continue to be optimistic about the company's investment value and maintain the "buy" rating.
The major shareholders reveal their benefits and show their support for the incentive and development of the company's employees
In this transaction, the major shareholder is expected to transfer shares at about 10% of the market price. After paying taxes, or a large part of the funds obtained will be lent to the above employees to contribute to the partnership. At the same time, the major shareholder, Mr. Shang Xiaobo, promises that if the employee's partnership receives and holds the company's shares, Mr. Shang Xiaobo will compensate for any loss; The value-added income is owned by all partners of the partnership, and the major shareholders get the bottom of the income. We believe that the above transaction plan reflects the confidence of major shareholders and employees in the future development of the company, as well as Mr. Shang Xiaobo's strong support for employee motivation and the development of the company.
Information construction continued to advance, and the system side guaranteed the orderly expansion of production capacity
With the expansion of the company's production capacity, the company actively promoted the information construction. In November 2021, the company successfully promoted the Honglu Zhizao management information system, which has basically realized the clear accounting of each employee's daily salary, the quality traceability of each component can be clear, the responsibility can be in place, and the price budget, final account and cost of each component can be analyzed in place, which will improve the management efficiency in the future, And production and operation. In addition, the company has promoted the production capacity schedule of each base and factory through the information management system, and reasonably and effectively arranged the order and production according to the production capacity, so as to effectively improve the customer's integrity and enhance the ability to perform the contract.
Continue to be optimistic about the medium and long-term growth of the company and maintain the "buy" rating
We believe that the subsequent boom of the steel structure industry is expected to pick up, and the company's Q4 capacity utilization is expected to rise month on month. We expect the company's net profit attributable to the parent company in 21-23 to be RMB 1.14/14.9/1.86 billion. The company is expected to benefit from industries brought about by steady growth and affordable housing in 2022 β， oneself α It also continues to reflect that the double increase of output and net profit per ton is expected to continue to be realized. Referring to the current comparable company's 22-year wind, it is unanimously expected that the PE is 13.6 times. Considering that the company's business model and cost control ability are significantly better than the industry average, it is given 25 times PE in 22 years, and the target price is raised from 64.50 to 70.03 yuan to maintain the "buy" rating.
Risk tip: the continuous rise of steel price has a greater impact on profits than expected; The improvement rate of the company's capacity utilization is lower than expected; The new supply of the industry exceeded expectations.
