\u3000\u3000 Inkon Life Technology Co.Ltd(300143) (300143)
It is proposed to bind core talents with equity incentive and further improve the company’s long-term incentive mechanism
On January 11, 2022, the company issued the 2022 restricted stock incentive plan (Draft), which plans to grant 4.189 million shares of restricted stock to 131 incentive objects, accounting for 0.65% of the total share capital. The grant price is 7.27 yuan / share. The assessment year is 2022-2024. This incentive plan binds core talents, further improves the company’s long-term incentive mechanism, attracts and retains excellent talents, fully mobilizes the enthusiasm of the company’s core team, and makes all parties pay common attention to the long-term development of the company. After Haier holding, the company focused on the tumor + rehabilitation medical track and further promoted the “1 + N + n” layout. The integration of devices and services improved the scale effect. There is a large room for expansion in the future. We maintain the profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 137 / 256 / 348 million yuan and EPS will be 0.21/0.40/0.54 yuan respectively. The corresponding P / E of the current stock price is 66.4/35.5/26.2 times respectively, Maintain the “buy” rating.
The performance evaluation indicators ensure sustained and steady growth, and the amortization expenses have little impact on profits
In terms of performance assessment indicators, the incentive plan will assess the company’s performance indicators by year in the fiscal year 2022-2024. Taking the operating revenue value in 2021 as the performance base, the trigger value is that the growth rate of operating revenue in 2022-2024 is not less than 20%, 44% and 73% respectively, and the target value is that the growth rate of operating revenue is not less than 30%, 69% and 120% respectively, If the target value is reached or exceeded, 100% will be cashed; if the target value is not reached but exceeds the trigger value, it will be cashed according to the realization proportion.
Haier’s excellent hospital operation capability is expected to be replicated in other hospitals, which can be expected in the future
Haier’s strong hospital operation capability enables the company to develop in an all-round way. After Suzhou Guangci hospital was acquired by Haier in 2018, under the efficient operation of Haier, the core indicators of the hospital have improved significantly, which is expected to be replicated in other hospitals. Haier has rich high-quality hospital assets. Out of the promise of peer competition, Haier is expected to inject into the company in the future and thicken the company’s performance. In addition to listed companies, as of 2021q3, Haier Group has indirectly controlled and participated in 15 hospitals, including 2 general hospitals, 5 tumor characteristic / specialized hospitals, 2 rehabilitation hospitals, 5 nursing homes for the aged and 1 high-end diagnosis and treatment hospital. In terms of qualification, there are 4 tertiary hospitals, 10 secondary hospitals and 1 primary hospital. Many extracorporeal hospitals have independent operation ability and are in the stage of business expansion. In the future, extracorporeal hospitals are expected to contribute to the company’s performance.
Risk tip: the progress of extracorporeal hospital injection is less than expected, and the sales of gamma knife is less than expected.
