\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 19 Cngr Advanced Material Co.Ltd(300919) )
The equity incentive scheme will be implemented in 2022, covering a wide range, which is conducive to the long-term development of the company. The company plans to implement a 22 year equity incentive plan to grant 6.05 million restricted shares, accounting for 0.2% of the total share capital, and 1113 directors, senior executives and core technical backbones. The sales restriction period is 12 / 24 / 36 months from the date of completion of the registration of the grant of restricted shares, and the grant price of restricted shares is 63.97 yuan / share. It is required that the operating revenue of 22 / 22-23 / 22-24 years is 26 / 626 / 113.9 billion yuan respectively (corresponding to 260 / 366 / 513 in 22-24 years, with a year-on-year increase of 41% / 40%), and the net profit is 18 / 48 / 9.8 billion yuan respectively (corresponding to 18 / 30 / 50 in 22-24 years, with a year-on-year increase of 67% / 67%). If the performance assessment conditions at the company level in each year meet the standards, the individual plans to lift the sales restriction in that year × Proportion of sales restrictions lifted at the company level × The proportion of sales restrictions lifted at the individual level.
Adopt the mode of income assessment and profit assessment, with high profit target, fully motivate employees and highlight the confidence of the management. The operating revenue and profit are selected as the performance evaluation indicators at the company level. The corresponding operating revenue in 22 / 22-23 / 22-24 years is 26 / 626 / 113.9 billion yuan respectively (corresponding to 260 / 366 / 513 in 22-24 years, with a year-on-year increase of 41% / 40%), and the net profit is 18 / 48 / 98 billion yuan respectively (corresponding to 18 / 30 / 50 in 22-24 years, with a year-on-year increase of 67% / 67%). The completion of one of the operating revenue or net profit objectives can meet the conditions for lifting the sales restriction. The equity incentive net profit target is high and challenging, which fully demonstrates the confidence of the management.
The newly added expenses from 2022 to 2025 need to be amortized by about 138 million yuan in 2022. Assuming that the company grants restricted shares at the end of April 22, according to the calculation of the company, 1.38/1.13/0.54/0.1 yuan will be apportioned in 22-25 years, which will be disbursed in recurring profits and losses.
Technological advantages continue to take the lead, deeply bind international head battery enterprises, and high quality continues to grow. The proportion of high nickel products of the company has increased significantly, and the company's cobalt free single crystal products, a variety of 7-series products, 8-series products and 9-series products have made breakthroughs. The company has established stable cooperative relations with many customers. The company deeply binds LG, Tesla, dangsheng, Xiamen tungsten and other customers, and enters the Ningde supply chain. We expect the company's shipment to exceed 300000 tons in 22 years, with a year-on-year increase of 70%.
China's external production expansion and speed-up, vertical integrated layout, horizontal expansion of lithium iron phosphate and all-round development. At the end of 2021, the company's production capacity of ternary precursor was about 200000 tons and that of Co3O4 was about 30000 tons, double that at the beginning of the year. The 180000 ton ternary precursor investment project in the southern base is under construction. With the 60000 ton western base put into operation in Q1 2022, the 35000 ton precursor material and recycling project in the central base and the 180000 ton production capacity in the southern base are completed and put into operation. The company expects that the company's production capacity will exceed 500000 tons by 2023, We expect the company to ship 300000 tons + in the whole year, with a year-on-year increase of 70%.
Profit forecast and investment rating: the company's equity incentive target is ultra-high and the growth is higher than expected. We expect the net profit attributable to the parent company to be RMB 1.859/30.80/4.321 billion from 2022 to 2024, with a year-on-year increase of 98% / 66% / 40%. The corresponding current price PE is 41x / 25X / 18x respectively. 55xpe is given in 2022, the corresponding target price is RMB 168.9, and the "buy" rating is maintained.
Risk tip: the sales volume of electric vehicles is lower than expected, and the price of raw materials fluctuates.
