\u3000\u3 China Vanke Co.Ltd(000002) 508 Hangzhou Robam Appliances Co.Ltd(002508) )
Event: the company issued the 2022 equity incentive plan, which plans to grant 4.81 million stock options, accounting for 0.51% of the company's current total share capital of 949 million shares. The exercise price is 29.27 yuan / share.
Overview of this equity incentive scheme: 1) unlocking period: the exercise proportion of the first exercise period (12 months to 24 months from the date of option grant) is 30%, and the number of rights in the corresponding period is 1443000, accounting for 0.15% of the total share capital of the company at present; 2) The exercise proportion in the second exercise period (24 months to 36 months from the date of option grant) is 30%, and the number of rights in the corresponding period is 1443000, accounting for 0.15% of the total share capital of the company at present; 3) The exercise proportion in the third exercise period (36 months to 48 months from the date of option grant) is 40%, and the number of rights in the corresponding period is 1.924 million, accounting for 0.20% of the total share capital of the company. 2) Incentive objects: 285 middle-level managers and core technical (business) backbones in total. 3) Unlocking conditions: Based on the revenue of 21 years, the CAGR of revenue from 21 years to 22 / 23 / 24 years shall not be less than 15%. According to the company's 21-year performance express, the revenue is 10.15 billion yuan, corresponding to the minimum revenue target of 22-24 years is 11.67/134.2/15.43 billion yuan respectively.
The 21-year equity incentive plan is still in existence. The unlocking conditions are as follows: Based on the 20-year revenue, the CAGR of the revenue from 20 years to 21 / 22 / 23 is not less than 10% (corresponding to the minimum revenue target of 22-23 years is 9.84 billion yuan and 10.82 billion yuan respectively), and the net profit deducted from non parent company in 21-23 years is not less than the 20-year level (1.58 billion yuan).
The company raised the minimum income growth target in the medium and short term, demonstrating its confidence in long-term development. The number of incentive objects of the company's stock option incentive plan has increased from 142 in 21 years to 285. The total number of options to be granted has increased from no more than 3.13 million in 21 years to 4.81 million. We will continue to increase the deep binding of middle-level managers and technical backbones. Through the splitting of the company's different product lines, we believe that the incentive target is appropriate. According to the performance express, the annual operating revenue of Hangzhou Robam Appliances Co.Ltd(002508) 21 is expected to be 10.15 billion yuan. We believe that the company is more likely to achieve an increase of more than 15% in revenue in 22 years, and the source of revenue increment may be split as follows: the growth of smoke stove is more than 5%, and the contribution of revenue increment is more than 400 million yuan; Dishwasher increased by 100% and contributed 400500 million yuan in revenue increment; The growth of integrated stoves has more than doubled, and the contribution of income increment may reach 500 million yuan; The revenue increment contributed by the integrated steaming and baking machine is about 200300 million yuan.
Investment suggestion: the leading position of the company's traditional smoke stove is stable, and the advantages of channel and brand strength are significant; High growth category dishwasher + steamer and roaster continue to be in high volume, and the penetration space is broad in the long run; Yesterday, the Hangzhou Robam Appliances Co.Ltd(002508) press conference announced that 10 new integrated stoves and 1 refrigerator will be launched in the next 22 years, which will inject new varieties. It is expected to contribute considerable revenue increment and help achieve the incentive goal by relying on the brand strength. We are optimistic about the company's high-quality and outstanding operating ability and steady and sustainable growth space. It is estimated that the net profit attributable to the parent company in 22 / 23 years will be 2.216 billion yuan / 2.538 billion yuan respectively, with a year-on-year increase of + 66.1% / + 14.6% (the 22-year growth rate of the reduction plan is 14.3%), and the corresponding valuations are 12.50x/10.91x respectively, maintaining the "buy" rating.
Risk warning: there may be differences between the performance express data and the financial data audited by the accounting firm; Macroeconomic fluctuation risk, especially in the real estate market; Market competition risk; Risk of sharp fluctuations in raw material prices; Overseas business and exchange rate change risk; Risk of loss of human resources; Risks of engineering channel customers.
