\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 584 Jcet Group Co.Ltd(600584) )
Incentive plans and employee stock ownership plans are bound to core employees, with promising prospects, and maintain the “buy” rating
On April 13, 2022, the company issued the announcement of 2022 stock option incentive plan (Draft), which plans to grant 31130000 shares to 1382 technical (business) backbone and middle-level managers of the company, accounting for about 1.75% of the total share capital of the company, and the exercise price is 19.71 yuan / share. Exercise conditions: at the company level, the average operating revenue and the average net profit deducted from 2020 to 2021 are taken as the performance base. The cumulative average operating revenue growth target values in 2022 / 2023 / 2024 are 19.4% / 24.6% / 33.4% respectively, and the cumulative average net profit deduction growth target values are 63% / 75% / 94% respectively; At the same time, the company issued the announcement of employee stock ownership plan (Draft) in 2022, which plans to raise no more than 183 million yuan, target no more than 46 senior executives and core management backbones of the company, and the total number of corresponding shares is about 7.93 million shares (calculated based on the closing price on April 13, 2022), accounting for about 0.45% of the total share capital of the company. The performance assessment objectives at the company level are the same as those in the equity incentive plan. The equity incentive plan and employee stock ownership plan fully bind the core technical (business) backbone and management personnel of the company, covering a wide range. It is expected to mobilize the enthusiasm of employees, improve the cohesion of employees and the core competitiveness of the company, further improve corporate governance, and the assessment objectives show that the company has sufficient confidence in business development. The company continues to develop advanced packaging, continuously improve profitability and have sufficient growth momentum. We maintain the performance forecast for 20222024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 3.623/4.013/4.725 billion, corresponding to EPS of RMB 2.04/2.26/2.66, and the current share price corresponding to PE of 11.3/10.2/8.7 times, maintaining the “buy” rating.
5g, automotive electronics and high-performance computing have made efforts in many fields to help the company grow continuously
The company has industry-leading advanced packaging technology, mixed signal / RF IC testing and resource advantages in important fields such as 5g communication, high-performance computing, consumer, automobile and industry, and has realized large-scale mass production. With the evolution of Moore’s law, advanced packaging has become an important way to improve chip performance. In 2022, the company will promote the implementation of the five-year plan for technology development, and carry out forward-looking research and development on more than 30 advanced technologies in eight categories, such as 5g / 6G RF high-density system packaging and testing, super large-scale high-density QFN packaging, 2.5d/3dchiplet, high-density multi stack storage technology, and plans to invest 6 billion yuan in fixed assets in 2022, with sufficient growth momentum. The company has industry-leading advanced packaging technology, and the company is expected to benefit from the dividends brought by advanced packaging for a long time.
Risk warning: the development of customers is less than expected, the market demand is less than expected, and the integration and improvement of Xingke Jinpeng is limited.
