\u3000\u3000 Jafron Biomedical Co.Ltd(300529) (300529)
Events
On January 17, the company issued the 2022 stock option incentive plan (Draft), which plans to grant 8.02 million stock options to incentive objects at the exercise price of 54.77 yuan / share, accounting for 1% of the company's current total share capital, including 7.02 million for the first time (accounting for 0.87% of the total share capital) and 1 million reserved (accounting for 0.13% of the total share capital). The incentive objects granted for the first time are 735 directors, senior managers, middle managers and core backbone of the company.
Business analysis
The incentive plan covers a wide range of objects, and the person in charge of overseas market has become the focus of incentive. The number of incentive objects granted by the incentive plan for the first time reached 735, covering a large number of employees. Among them, Ms. Caroline xiaokuijin, the deputy general manager in charge of the company's international affairs, became one of the top executives granted stock options for the first time, accounting for 3.12% of the total number of stock options granted by the company, demonstrating the company's determination to build an international team in the future, which is conducive to retaining core talents.
Set the goal of high income growth and assess by sections to rationalize the incentive model. The assessment year for the exercise of stock options granted by the incentive plan is three fiscal years from 2022 to 2024. The current company level exercise proportion coefficient is determined based on the score of assessment indicators. The full score corresponds to the revenue target of RMB 3.57 billion, RMB 4.88 billion and RMB 6.36 billion respectively from 2022 to 2024, with a compound growth rate of more than 30%. Different income realization will correspond to different scores. Segmented objectives make the incentive model more reasonable and fully mobilize the enthusiasm of employees.
The leading position of hemoperfusion device industry is stable, and the product application field is continuously expanded. As a pioneer of hemoperfusion products in China, the company has gradually expanded the application of products from HA230 in the traditional poisoning field and ha130 in the kidney disease field to ha330-ii in the liver disease field and ha330 in the critical disease field. In the future, the application potential of hemoperfusion devices in emerging fields is still huge, and the product sales are expected to maintain a high-speed growth trend, The release of the stock option incentive plan shows the company's confidence in future development.
Profit adjustment and investment suggestions
As a leader in China's hemoperfusion industry, the company's future growth space and competition pattern are still optimistic. Considering the impact of amortization of equity incentive expenses on the company's net profit, we expect the company's net profit attributable to the parent company to be RMB 1.203 billion, 1.627 billion and 2.213 billion respectively from 2021 to 2023, with a year-on-year increase of 37%, 35% and 36%, maintaining the "buy" rating.
Risk tips
New product development fails to meet expectations; Risk of product price reduction caused by medical insurance fee control policy; The capacity construction and use did not meet expectations; Product promotion and demand did not meet expectations
