\u3000\u3 Jiangsu Eastern Shenghong Co.Ltd(000301) 188 Shandong Linuo Technical Glass Co.Ltd(301188) )
On March 24, the company issued an equity incentive announcement. The number of restricted shares granted this time is 6.96 million, accounting for 2.99% of the total share capital. 6.84 million shares were granted for the first time, with a grant price of 10.76 yuan / share, and 214 incentive objects, including directors, senior managers, core backbone personnel and other personnel.
The lock-in period is one year, and the proportion of lifting the ban in three years is 40% / 30% / 30% respectively. The performance evaluation goal is that the net profit returned to the parent after deducting non shares (excluding share based payment expenses) in 22-24 years is not less than 160 million yuan / 200 million yuan / 260 million yuan respectively. The company expects the share based payment expenses to be 31.92 million yuan / 28.6 million yuan / 11.52 million yuan respectively in 22-24 years.
Focus on pharmaceutical packaging and heat-resistant glass, and focus on building the Asian champion of pharmaceutical packaging. At present, the company is a leading enterprise in the high borosilicate heat-resistant glass industry, with the largest production capacity in the world, stable quality and stable supply, occupying a leading position in the industry; At the same time, based on the existing industry, the company will focus on the development of pharmaceutical packaging materials in the next step, increase the investment in strategic resources, and focus on building the Asian champion of pharmaceutical packaging; In addition, the company actively develops high value-added products and products in new fields, such as high borosilicate light source material products, wall breaking cup products, supporting small household appliances series, electronic glass and other new application products.
In 2017, the layout of borosilicate medicinal glass has the first mover advantage in customer resources. In 2017, the company’s marketing team began to lay out the medium borosilicate pharmaceutical packaging materials, attached importance to the consistency evaluation policy, accelerated the substitution opportunities of China’s medium borosilicate pharmaceutical glass for low borosilicate pharmaceutical glass, and focused on the delivery of samples of medium borosilicate pharmaceutical glass. After years of development, some customers have been transformed and achieved rapid growth in performance. The company has the following customer advantages: 1) brand advantages. Since its establishment in 2002, the company has begun to produce borosilicate medicine glass bottles, which is the first in China. After years of development, the company has a good customer base and brand marketing power; 2) Quality assurance advantages: complete system certification, quality implementation of iso15378, national CNAs laboratory and 100% online detection of imported equipment; 3) Green factory guarantee, fast service response, fast delivery, etc.
The raised investment project is progressing smoothly and is expected to contribute significantly to the performance increment in 22 years. In 2020, the annual production capacity of the company’s medium borosilicate medicinal glass bottles / low borosilicate medicinal glass bottles / low borosilicate medicinal glass tubes / heat-resistant glass / electric light source glass will be 690 million, 1988 million, 12000 tons, 55600 tons and 3600 tons respectively. After the company’s 1.6 billion medium borosilicate medicinal glass expansion project and 23300 ton high borosilicate glass production technology transformation project are put into operation, it can form a production capacity of 700 million medium borosilicate ampoules / year, 750 million medium borosilicate vials / year, 150 million medium borosilicate cartridge bottles / year, 192 thousand tons of heat-resistant glass appliances / year and 4100 tons of high borosilicate glass lens blocks / year.
As a leading borosilicate glass product enterprise in China, the growth rate of daily glass is stable, focusing on the enjoyment of borosilicate medicinal glass industry β， The advantages of customer resources, cost efficiency and know-how experience resonate in multiple dimensions and are expected to be enjoyed for a long time α profit! It is estimated that the operating revenue of the company from 2022 to 2023 will be 1.182/1.571 billion yuan, with a year-on-year increase of + 33.02% / + 32.88%, and the net profit attributable to the parent company will be 168 / 223 million yuan, with a year-on-year increase of + 34.12% / + 32.98%.
Risk warning: raw material import risk; Short term stock price fluctuation risk; Market competition intensifies risks.
