\u3000\u3 Jiangsu Eastern Shenghong Co.Ltd(000301) 129 Runa Smart Equipment Co.Ltd(301129) )
The company issued an equity incentive plan to maintain the “buy” rating
The company is a leading provider of intelligent heating overall solutions, with the ability of software and hardware integrated solutions. The company has been deeply engaged in the industry for many years, has a deep understanding of all links of the heating industry, has a deep technical accumulation and takes the lead in market share. According to the performance forecast of the company in 2021, we lowered the profit forecast for 2021 and maintained the profit forecast for 20222023. It is estimated that the net profit attributable to the parent company in 20212023 will be 174, 251 and 331 million yuan respectively (formerly 180, 251 and 331 million yuan), the corresponding EPS will be 236, 341 and 4.50 yuan respectively (formerly 244, 341 and 4.50 yuan), and the corresponding PE of the current stock price will be 22.6, 15.7 and 11.9 times respectively. The equity incentive scheme will be bound to the core team of the company, In the future, it is expected to fully benefit from the improvement of industry prosperity brought by double carbon and maintain the “buy” rating.
Event: the company issued the 2022 restricted stock incentive plan (Draft)
On March 28, the company issued the restricted stock incentive plan (Draft) for 2022. The company plans to grant a total of 900000 shares to 24 incentive objects, accounting for 1.22% of the total share capital of the company on the announcement date, and the grant price is 20.00 yuan / share. The 24 incentive objects are directors, senior managers, core technical (business) personnel and other core backbones in the company. The performance assessment objective is that based on the operating revenue in 2021, the revenue growth rate from 2022 to 2024 shall not be less than 20.0%, 44.0% and 72.8% respectively.
The company is a leader in heating and carbon reduction, and is expected to fully benefit from the improvement of prosperity brought by double carbon
The total carbon emission in the field of heating accounts for nearly 10% of the total carbon emission of the whole society. Under the background of double carbon, carbon reduction and energy saving in the heating link is the only way. The demand for the construction of heating system comes from the transformation of old residential areas and the construction of new residential areas. We estimate that the heating transformation scale of old residential areas in stock is 200 billion yuan, and the heating construction scale of new residential areas is 50 billion yuan every year, which has a broad space. Heating belongs to supporting infrastructure, which will be supported by the central government; In January 2022, the State Council issued the comprehensive work plan for energy conservation and emission reduction in the 14th five year plan. Heating and carbon reduction have been mentioned many times. Under the catalysis of the old reform and double carbon policy, smart heating is at the right time. The company has been deeply engaged in the heating industry for many years, has a deep understanding of customer needs, and has accumulated high-quality customer resources. With the release of the equity incentive plan, it is expected to bind the core team of the company and stimulate the vitality of the company. In the future, it is expected to fully benefit from the improvement of industry prosperity brought by double carbon.
Risk warning: risk of industrial policy change; Technology development risks; Market competition intensifies risks.
