\u3000\u3 China Vanke Co.Ltd(000002) 410 Glodon Company Limited(002410) )
On April 13, 2022, the company issued the employee stock ownership plan (Draft) for 2022. The participants of this employee stock ownership plan are the company’s core managers and core business (technical) personnel.
Wide coverage is conducive to the comprehensive binding of important talents, and the enthusiasm of employees under personal assessment objectives is expected to be fully mobilized. The total number of employees participating in the employee stock ownership plan is expected to be no more than 841. At the same time, the stock ownership plan is mainly for core managers and core business (technical) personnel. The company’s directors, supervisors and senior managers do not participate in the employee stock ownership plan. The company had 9486 employees at the end of 2021. According to this data, the number of employees covered by the employee stock ownership plan has reached about 9% of the total number of employees of the company. A wide range of incentives is conducive to fully covering the company’s talents and fully mobilizing enthusiasm.
At the same time, the employee stock ownership plan sets individual assessment objectives. The assessment year is 2022 and 2023, and the assessment is conducted once in each accounting year. If the assessment is unqualified, the corresponding underlying stock rights and interests shall not be unlocked. The strict assessment system will further stimulate the enthusiasm of the company’s employees and help the company accelerate its overall development.
The total capital of the shareholding plan is nearly 70 million yuan. According to the latest closing price, the number of shares involved accounts for about 0.12% of the total share capital. The total capital of the employee stock ownership plan does not exceed 677908 million yuan. According to the closing price of the company’s shares on April 13, 2022, the upper limit of the number of subject shares that can be held by the employee stock ownership plan is 1.3756 million shares, accounting for about 0.12% of the total share capital of the company at the time of the announcement of the draft employee stock ownership plan. At the same time, we sorted out the repurchase situation of the company. Up to now, the repurchase amount of the company has reached about 850 million yuan, accounting for 85% of the expected repurchase amount. The positive repurchase reflects the company’s confidence in the long-term development prospect.
The marginal improvement policies of real estate and infrastructure are gradually implemented, and the recovery of the downstream is conducive to the development of leading enterprises. 1) Real estate: the central level supports meeting the reasonable housing demand, and some cities at the local level adjust the purchase restriction policy. At present, many cities in China have begun to adjust the real estate regulation. 2) Infrastructure: as an important part of the steady growth policy, it is expected to continue to work. In the 2022 government work report, it is proposed to “carry out infrastructure investment moderately ahead of schedule, build key water conservancy projects, comprehensive three-dimensional transportation network, important energy bases and facilities”, “strengthen the infrastructure construction of the county, start the rural construction action, strengthen the planning guidance, and strengthen the infrastructure construction such as water, electricity, gas, letter and mail”. The recovery of the downstream is expected to bring sustained benefits to the demand side of the company and become one of the important driving forces supporting growth.
Investment suggestion: Glodon Company Limited(002410) is a leading enterprise in the field of engineering cost. The SaaS transformation value of cost business is prominent. The digital construction business is expected to become a new core growth momentum of the company in the future. The design, digital supply and procurement and other businesses are gradually promoted to verify their development potential. It is estimated that the company’s revenue in 22-24 years will be 6.912/83.67/10.182 billion yuan, and the net profit attributable to the parent company will be 976, 1.289 and 1.698 billion yuan. The closing price on April 13 corresponds to pe60x, 46x and 35x. The long-term value and growth space of cloud leader are worth looking forward to, so it maintains the “recommended” rating.
Risk warning: the industry competition intensifies and the product R & D progress is less than expected; Affected by the epidemic, the recovery of real estate and infrastructure was less than expected.
