\u3000\u3000 Inkon Life Technology Co.Ltd(300143) (300143)
Event: on January 12, 2022, the company announced the 2022 restricted stock incentive plan (Draft).
The equity incentive plan covers core executives and technicians and promotes the rapid development of medical service business: the company plans to grant 4.189 million restricted shares in this equity incentive plan, accounting for about 0.65% of the company’s share capital. The grant price is 7.27 yuan / share. The total number of incentive objects to be granted in this incentive plan is 131, mainly including 5 directors / general managers, deputy general managers and senior managers in the company, and 126 core backbone employees. Peng Wen served as the director and general manager of the company. From February 2000 to March 2018, Mr. Peng Wen successively served as the director, assistant to the president, vice president and President of the Department of Nephrology and hemodialysis room of Putuo District Central Hospital, Shanghai. From March 2018 to April 2020, he served as the vice president of the medical platform of Haier Group Financial Holdings Co., Ltd. and the vice president of Shanghai Society of traditional Chinese medicine Vice president of Shanghai Society of integrated traditional Chinese and Western medicine, etc., with rich experience in the medical industry. We believe that the equity incentive plan is conducive to stimulate the enthusiasm of core executives and technicians, especially for the business of the company’s medical service sector.
The performance evaluation indicators show the company’s confidence, and the company’s revenue is expected to grow steadily and rapidly: the stock options granted by the company in this incentive plan are exercised three times, and the corresponding waiting periods are 12 months, 24 months and 36 months respectively from the date of grant of stock options, and the corresponding exercise proportion is 30%, 30% and 40% respectively, The restricted stock incentive plan sets the assessment requirements for the growth of the company’s operating revenue from 2022 to 2024. The target value is that the annual operating revenue increases by 30%, 69% and 120% respectively compared with 2021, and the trigger value is that the annual operating revenue increases by 20%, 44% and 73% respectively compared with 2021. The target growth rate of performance appraisal is set high, which shows the company’s development confidence and fully encourages the enthusiasm of the company’s employees, which is conducive to promoting the steady and rapid growth of the company’s performance.
Medical services focus on the “1 + n” strategy, actively integrate medical resources, focus on high-end development of medical devices, and continue to strengthen the comprehensive brand of tumor treatment: medical services: the company focuses on the “1 + n” strategy, gives play to synergy by building the model of regional central flagship hospital, sharing and up-down linkage of central flagship hospital resources, and takes the Yangtze River Delta, Chengdu Chongqing, Beijing, Tianjin and Hebei Guided by the five major economic circles in the northwest and the Pearl River Delta, the goal is to realize the layout of “1-3-6” in the country. In 2021, it will acquire Suzhou Guangci hospital and spin off Hangzhou Yikang hospital and Changchun Yingkang hospital, so as to optimize and accelerate the development of medical service business. Medical devices: focusing on the best user experience, the company has introduced a large number of excellent R & D and sales talents, built a perfect product R & D system, market network system and marketing system, especially accelerated the layout of the whole scene of radiotherapy, strive to achieve the scientific and technological leadership of the whole scene of radiotherapy, and build a global leading ecological brand of tumor treatment technology.
Profit forecast and investment rating: considering the possible short-term impact of the reform of medical insurance payment method on the hospital and the impact of equity incentive amortization expenses, we estimate that the net profit attributable to the parent company in 2021-2023 will be adjusted from 196 / 270 / 356 million yuan to 135 / 228 / 303 million yuan, and the PE corresponding to the current market value is 67x / 40x / 30x respectively. Maintain the “buy” rating.
Risk warning: the operation and profit of the hospital may not be as expected; Gamma knife orders may be less than expected; Goodwill impairment risk; Pharmaceutical industry policy uncertainty risk; The risk of repeated outbreaks.