\u3000\u30003 Guangdong Tapai Group Co.Ltd(002233) 00223)
In 2022, the equity incentive plan was released to mobilize the enthusiasm of employees and lay a solid foundation for growth
The company issued the restricted stock incentive plan for 2022, which plans to encourage 246 people including middle-level backbone, core business and technical personnel with shares accounting for 0.47% of the total share capital of the company, with the grant price of 33.84 yuan. In this equity incentive, the part granted for the first time accounts for 88.89% of the total granted equity. The performance evaluation goal is based on the operating revenue or net profit in 2021, and the growth rate of operating revenue or net profit from 2022 to 2024 shall not be less than 5%, 10% and 15% respectively; The reserved part accounts for 11.11% of the total equity. The performance evaluation goal is based on the operating revenue or net profit in 2021, and the growth rate of operating revenue or net profit from 2022 to 2024 shall not be less than 10%, 15% and 20% respectively. Equity incentive is expected to mobilize the enthusiasm of employees, consolidate the growth foundation of the company and further enhance the competitiveness of the company. The company has a comprehensive layout in the fields of computing, storage and analog chips. It is expected to set sail in the east wind of smart cars and continue to be optimistic about the future development of the company. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be 1.205/17.77/2.309 billion yuan respectively, the corresponding EPS will be 2.50/3.69/4.79 yuan / share respectively, and the PE corresponding to the current stock price will be 35.1/23.8/18.3 times respectively, maintaining the “buy” rating.
The incentive includes ISSI executives, with a wide range and great efforts, which is expected to effectively strengthen the cohesion of the company
The incentive target is 246 people, including middle-level managers and core business technical backbones in Chinese Mainland, the United States, Taiwan, China, Canada, Haiti and other places, with a wide range of incentives. At the same time, the restricted stock plan has also effectively encouraged the core personnel of ISSI. Shuen-mienjimmylee (Li Xuemian) and kong-yeuhan (Han Guangyu), who account for the highest proportion of the total grant, are the main founders of ISSI and have successively served as the CEO. This incentive is expected to effectively enhance the enthusiasm of employees worldwide, enhance the cohesion of the company and lay a solid foundation for the future development of the company.
The synergy of the acquisition of ISSI is prominent, and the full layout of computing, storage and simulation has broad prospects for development
After the company acquired ISSI, the synergy in the fields of channels, products and supply chain has become prominent. The company’s microprocessors and intelligent video chips can be promoted by relying on ISSI’s globalized market and channel network, and the intelligent video business also carries out the construction of vehicle regulation system; At the same time, the company’s vehicle regulation products have also strengthened their promotion in the booming Chinese market. The company has extensive layout in the fields of microprocessor, SRAM / DRAM / flash in the field of storage, intelligent video and LED driver chip. ISP and networking chip are ready to go, and the future prospect is broad.
Prompt: the price fluctuation and risk of downstream products are less than expected.
