\u3000\u3 Shengda Resources Co.Ltd(000603) 786 Keboda Technology Co.Ltd(603786) )
The company issued an equity incentive plan to grant 4 million restricted shares to 463 incentive objects
The company issued the draft restricted stock incentive plan for 2022, which plans to grant 4 million restricted shares to 463 incentive objects at the grant price of 24.6 yuan per share, accounting for 1.0% of the total share capital of the company. The incentive targets include senior and middle-level managers, technical and business backbone personnel, accounting for 22.8% of the company’s total employees in 2020. The performance assessment objectives are based on the revenue and net profit of 2021, with the revenue growth rate of no less than 15% / 32% / 52% and the net profit growth rate of no less than 10% / 21% / 33% from 2022 to 2024. The incentive plan covers a wide range of employees and is expected to fully mobilize the enthusiasm of employees. Considering the impact of external uncertainties such as the mass core shortage in 2021, the epidemic in 2022 and the conflict between Russia and Ukraine, we lowered the company’s profit forecast for 20212023. It is estimated that the net profit attributable to the parent company in 20212023 will be 4.0 / 5.2 / 7.2 (original value 4.2 / 6.2 / 8.0) million yuan, EPS will be 1.0 / 1.3 / 1.8 (original value 1.1 / 1.5 / 2.0) yuan / share, corresponding to the current share price PE of 42.4 / 32.5 / 23.5 times. We believe that the company’s products + customers will expand steadily and have broad medium and long-term growth space, Maintain the “buy” rating.
Light control business: the intelligent iteration is accelerated, the customers outside the public are steadily expanded, and the atmosphere light business is performing well
The intelligent upgrading of the company’s light control products is accelerated, and the proportion of the revenue of the third generation led light control that can realize the ADB function is rapidly increased, driving the optimization of product structure and the increase of gross profit margin. The light control business has been successfully expanded to customers outside Volkswagen. In the second half of 2021, Ford / Renault headlamp controller, BMW tail lamp controller and other global projects have been mass produced one after another, which is expected to contribute to a large performance increment. The new product atmosphere light controller has been designated by Volkswagen MEB and ushered in rapid growth.
Non light control business: multi-point flowering of USB, AGS, thermal management, chassis controller, domain control and other products
The company expands the category of automotive electronic products horizontally, and USB is an important incremental product for vehicle electrical and electronic business. In the motor control system business, according to the announcement of the company, the sales volume of active air intake grille (AGS) is expected to be about 10 million by 2021h1, and the customers include Ford, Volkswagen, Weilai, Chang’an, Faw Jiefang Group Co.Ltd(000800) etc; Cooling system controller products are exclusively matched with Volkswagen China MEB platform; Chassis and chassis domain controller have obtained fixed points of Xiaopeng, Geely, Byd Company Limited(002594) etc., and the supporting adaptive suspension controller of Xiaopeng has been mass produced; In 2022, the body domain controller was also designated as the follow-up model of a new energy vehicle enterprise, and the development prospect is promising.
Risk tips: the epidemic situation is repeated, the mitigation of core shortage is less than expected, and the sales volume of passenger cars is declining.
