\u3000\u3 China Vanke Co.Ltd(000002) 508 Hangzhou Robam Appliances Co.Ltd(002508) )
Bind the interests of the company's employees and highlight the determination of high income growth
1) the total number of stock options granted to the company's core employees in this equity incentive plan is 4.81 million, accounting for 0.51% of the total share capital, and the exercise price at maturity is 29.27 yuan / share. The incentive objects are 285 middle-level managers and core technical (business) backbones of the company. The stock option plan will be exercised in three phases, and the exercise proportions of the first to third phases are 30%, 30% and 40% respectively. 2) Exercise conditions: during the three exercise periods from 2022 to 2024, based on the operating income in 2021, the compound growth rate of operating income in each year shall not be less than 15%, and the individual employees shall meet the assessment rating of B or above of the company. This incentive plan will stimulate the work enthusiasm of the company's employees and benefit the long-term and stable development of the company.
Increase in the share of old categories + rapid growth of new categories, optimistic about the company's long-term performance growth
1) we are optimistic about the expansion of the leading advantages of Hangzhou Robam Appliances Co.Ltd(002508) traditional smoke stoves and the improvement of market share. According to the industry online data, 2.93 million boss range hoods were shipped in 2021, a year-on-year increase of + 5.02%. The share of sales in boss range hoods in 2021 was 17.88%, an increase of 0.88 PCT compared with 2020. 2) Hangzhou Robam Appliances Co.Ltd(002508) emerging categories create the second growth curve of the company. Take dishwashers as an example. In 2021, the boss's online and offline retail sales of dishwashers were + 120.59% and + 113.55% respectively year-on-year. On March 30, 2022, Hangzhou Robam Appliances Co.Ltd(002508) launched the first boss brand integrated stove at the new technology conference of China's new kitchen. We believe that the integrated stove will open up new growth space for the company.
Profit forecast and valuation
The company's emerging categories have entered the high growth track, the leading position of traditional smoke stove consumption is stable, and the company's omni-channel layout. Therefore, we are optimistic about the 22-year performance restoration of the company as a real estate leader. We estimate that the company's revenue from 2021 to 2023 will be 10.148119.11/13.864 billion yuan respectively, with the corresponding growth rate of 24.84% / 17.37% / 16.40% respectively; The net profit attributable to the parent company is 1.334/2.254/2.648 billion yuan respectively, and the corresponding PE is 24x / 14x / 12x respectively, maintaining the "buy" rating.
Risk tips
The prosperity of real estate has declined significantly; Industry competition intensifies
