\u3000\u3 Shengda Resources Co.Ltd(000603) 786 Keboda Technology Co.Ltd(603786) )
Announcement of the company: the company issued the restricted stock incentive plan (Draft) for 2022. The number of restricted shares to be granted is 4 million, accounting for about 1.00% of the total share capital of the company at the time of announcement of the draft incentive plan, and the exercise price is 24.6 yuan / share. This grant is a one-time grant without reserved rights and interests.
Equity incentive is bound to the core backbone to escort the long-term development of the company. The total number of incentive objects of this incentive plan is 463, including 2 senior managers, 461 middle managers, technical backbone personnel and business backbone personnel. The company level assessment indicators include revenue growth rate and net interest rate growth rate, in which the revenue growth rate accounts for 80% of the assessment coefficient and the net interest rate growth rate accounts for 20% of the assessment coefficient. In terms of performance indicators, taking the revenue and net profit of 2021 as the performance base, the corresponding revenue growth rate from 2022 to 2024 shall not be less than 15% / 32% / 52% and the net profit growth rate shall not be less than 10% / 21% / 33% respectively. The total expenses to be amortized for the restricted shares granted by the incentive plan are expected to be 70.8 million yuan, of which 275333 million yuan / 27.14 million yuan / 12.98 million yuan / 3.467 million yuan will be amortized from 2022 to 2025 respectively. This equity incentive plan is expected to improve the company’s long-term incentive and restraint mechanism, fully mobilize the enthusiasm and creativity of senior managers and core technical / business personnel, effectively improve the cohesion of the core team and the core competitiveness of the enterprise, combine the interests of shareholders, the company and the core team, and pave the way for the long-term and steady development of the company.
Automobile controller leader to create a matrix of on-board control products. The company is the world’s leading supplier of automotive controllers. Focusing on electronic control technology and featuring lamp control, the company has more than 100 products in the fields of motor control, energy management, on-board electrical appliances and electronics. With the development of automotive electrification, intelligence and networking technology, the functional richness of traditional medium and high-end vehicles and new energy vehicles has been continuously improved, the number of single vehicles and system design of automotive controllers have become more and more complex, and the value of products has continued to increase. Taking the lamp control as an example, the LED penetration rate continues to improve, and the configuration of atmosphere lamps increases, which improves the overall lamp control value. We expect that the light control products include main light source controller, auxiliary light source controller, tail light controller and atmosphere light controller. The total value of a single vehicle is 5001000 yuan, and the market space of light controller is nearly 100 billion yuan. In addition to lamp control, the company has made smooth progress in new business development. It has launched new products such as motor control + on-board electronics + domain controller, and the value of single vehicle has further increased. The company focuses on subdividing individual fields, improves professional technology and service quality, and is expected to become the leader of vehicle controller with global competitiveness.
Set up a British subsidiary to speed up the introduction of new customers. The company plans to use its own capital of £ 5000 to establish a wholly-owned subsidiary in the UK, so as to promote the smooth development of Jaguar Land Rover global platform USB and other subsequent projects, and actively do a good job in sales supporting services. At the same time, strive for the fixed point of new projects of customer platforms such as Jaguar Land Rover, Bentley and Rolls Royce to ensure the long-term development of the company’s automotive electronics business. The company’s customers cover Volkswagen, Audi, Porsche, Mercedes Benz, BMW, Ford, Renault, Nissan, Cummins, etc. it is the main supplier of Volkswagen light control products, and its market share in Volkswagen Group continues to increase. The top three customers of the company are all Volkswagen system, which accounted for 74% of the company’s revenue in the first half of 2019. At the same time, the company promotes the global customer market strategy, and has successively expanded to Mercedes Benz, BMW, GM, Ford, Renault, Nissan, PSA and other world-famous customers. The BMW tail lamp, Renault headlamp and Ford headlamp, which are fixed in the early stage, will also enter the ramp of mass production, which will play a positive role in the growth of the company’s performance. Japanese customers developed the fixed-point of Infiniti headlamp controller, obtained the fixed-point project of Suzuki auxiliary light source controller, and actively expanded the existing mature products to new customer groups.
Investment suggestion: the company is the world’s leading vehicle controller leader. Its penetration in the mass market system continues to improve, new customers continue to make breakthroughs, and its products extend from light control to other control system products. With the alleviation of the shortage of automotive chips, the epidemic has been gradually controlled, the production scheduling of vehicle factories has resumed, and the performance is expected to enter a high growth period. Considering the impact of the epidemic and the Russian Ukrainian war on the industrial chain, we adjusted our profit forecast. It is estimated that the net profit of the company from 2021 to 2023 will be 422 million yuan / 646 million yuan / 905 million yuan respectively (original forecast: 422 million yuan / 753 million yuan / 1019 million yuan), and the corresponding EPS will be 105 yuan / 161 yuan / 226 yuan respectively, maintaining the “buy” rating.
Risk warning: the development of new customers is less than the expected risk; New product introduction is less than expected risk; The risk of global auto sales falling short of expectations; Risk of decline in gross profit margin due to price rise of upstream raw materials
