\u3000\u3 China Vanke Co.Ltd(000002) 508 Hangzhou Robam Appliances Co.Ltd(002508) )
Issue stock option incentive plan to demonstrate the company's business confidence. The company issued the 2022 stock option incentive plan (Draft), which plans to grant 4.81 million stock options to 285 middle managers and core technical backbones, accounting for about 0.51% of the total share capital of the company. The exercise price is 29.27 yuan / share. The exercise assessment year is 20222024, and the assessment is conducted once every fiscal year. The assessment indicators are divided into company level performance assessment and individual level performance assessment, The assessment objectives at the company level are: Based on the operating income in 2021, the compound growth rate of revenue in 2022 / 2023 / 2024 shall not be less than 15%, and the assessment at the individual level shall be implemented in accordance with the relevant assessment standards formulated by the company. From 2019 to 2021, the compound growth rate of the company's revenue was 9.35%. This incentive target exceeded the growth rate in recent three years, reflecting the company's sufficient business confidence.
The launch of new integrated stoves will solve the problems of traditional integrated stoves such as control and oil pollution cleaning, which is expected to contribute to the company's increment. The company has released new products of integrated stoves, with the layout of steaming and baking and disinfection cabinet, and the price of steaming and baking is 13999 yuan. The company's new products solve the problem of integrated stove control: the central control window system adopts a 23 ° inclination design, and all controls are integrated; Superior product performance: 20m3 / min air volume and 1000Pa air pressure continue the brand label of "great suction" of the company, with 5.0kw firepower and 63% thermal efficiency to accurately control the fire; Comprehensive functional design: steaming, roasting and air frying functions are both available to meet the cooking needs of young consumer groups. The company plans to launch two series and a total of 10 new products throughout the year. Relying on the company's brand and channel advantages, the integrated stove business is expected to achieve large volume and help the company open a new round of growth.
The impairment of bad debts is fully accrued, and the company goes into battle with light equipment. In 2021, the company's revenue recovered a high growth of nearly 25% year-on-year. After excluding the impact of bad debts, the annual profit remained stable. We expect that the company's traditional cigarette stove business will still maintain steady growth in 2022, and new products such as integrated steaming and baking, dishwasher and integrated stove will continue to make efforts. The revenue side will continue to maintain excellent growth, and the profit improvement can be expected after the bad debt provision is completed.
Investment suggestion: the multi category layout helps the company maintain high growth in revenue. After the bad debt provision is completed, there is a strong certainty of profit improvement. The option incentive plan shows the company's business confidence. It is expected that the company will realize a net profit attributable to the parent company of RMB 1.334/22.51/2.596 billion from 2021 to 2023, maintaining the "buy" rating.
Risk tip: the performance of new products is lower than expected, the price of raw materials fluctuates, and the market competition intensifies.
