\u3000\u3 Shengda Resources Co.Ltd(000603) 236 Quectel Wireless Solutions Co.Ltd(603236) )
Matters:
The company issued the 2022 stock option incentive plan (Draft). The company plans to grant a total of 148 senior managers and core technical / business personnel serving in the company with 2.8959 million stock options. The exercise price of stock options is RMB 177.57 per share. The company level performance assessment goal is that the operating revenue from 2022 to 2025 will not be less than RMB 14.9 billion, 19.3 billion, 24.1 billion and 30.2 billion respectively, with a year-on-year growth rate of not less than 33%, 30%, 25% and 25%, and a compound growth rate of not less than 28% in 21-25 years.
Guoxin communication's view: the company issued the equity incentive plan for the first time, which is mainly for core technical / business personnel, and the company's performance evaluation objectives are set reasonably. It is necessary to ensure that employees benefit from the equity incentive plan as much as possible, which is conducive to maintaining and enhancing the cohesion of the core team, ensuring the continuous improvement of the company's market development ability and R & D innovation ability, and improving the company's competitiveness. It is optimistic that the company will maintain the leading position of global modules, continue to benefit from the dividends of the Internet of things, and continue to open the growth ceiling through the expansion and extension of the industrial chain. Maintaining the previous profit forecast, it is expected that the net profit attributable to the parent company in 22-23 years will be 640 million yuan and 1.07 billion yuan respectively, corresponding to 40 times and 24 times of PE respectively, maintaining the "buy" rating.
