Event: on February 28, the company announced that it agreed to set up a holding subsidiary Yunpu Flying Box with 20 million yuan from the wholly-owned subsidiary Jinjia New Industry Technology and small Flying Box, Gantong Industrial and employee Stock ownership platform Partnership, of which 55% was contributed by Jinjia New Industry.
Xiaofei Box, a partner enterprise, is the first integrated e-cigarette service platform in the world that integrates "logistics warehouse allocation + Internet + supply chain service", and the founding team has been deeply involved in the e-cigarette industry for 15 years, serving more than 1000 brands of e-cigarette factories at home and abroad. at present, the business covers 206countries around the world, with a total transportation of more than 27.43 million tons of e-cigarettes. The establishment of a holding subsidiary for foreign investment will integrate customer resources, channel resources, logistics qualifications, etc., to provide e-cigarette brand customers with integrated logistics solutions such as material management, international dedicated logistics, trade customs, domestic and foreign warehousing management, so as to achieve convergence and coordination with the company's printing and packaging business and Yunpu Xinghe supply chain business, which is conducive to the multi-point blooming of the company's business in the new field of tobacco. Improve the supporting service capacity and comprehensive competitiveness of downstream customers.
Issue a restricted equity incentive plan to demonstrate the company's confidence in development
On September 3, 2021, the company issued a 2021 restricted equity incentive plan (draft), which intends to grant a total of 30 million restricted shares to the incentive target. The company performance index set in this incentive plan is based on the homing net profit in 2021, and the growth rate in 2023 is not less than 22%, 50% and 85% respectively. Corresponding to the assessment requirements of homing net profit in 2021-2023, it is not less than 10.05, 12.36 and 15.24 billion yuan, respectively. This equity incentive helps to bind the interests of the company and the core staff, improve the enthusiasm of the core team, and provide guarantee for the realization of the company's business goals and steady growth of performance.
Comprehensive layout of the new tobacco core supply chain to create the second pole of growth!
1) atomized supply chain: in the post-regulatory era, it is expected to benefit from the increase in the concentration of the upstream and downstream of the industrial chain. With the gradual landing of domestic e-cigarette regulation, it will have a significant impact on the concentration of upstream and downstream private enterprises. The company's atomization sector is technology-driven, and its revenue scale has increased rapidly in recent years; the company's in-depth layout from smoke oil, atomization equipment, brands to overseas channels is expected to significantly benefit from the development dividend of increased atomization market concentration in the future.
2) HNB supply chain: actively cooperate with China Tobacco Channel R & D to expand the depth of technology and service categories. In 2018, it established a joint venture subsidiary with Yunnan China Tobacco to research and develop layout heating non-combustible appliances; the subsidiary Jinjia Technology provides new tobacco smoking equipment research and development, production and other services for Yunnan, Guizhou, Guangxi, Shanghai, Henan and other China Tobacco customers. At the same time, it is proposed to increase investment in Changyi Technology and Jiaju Electronics, which is expected to benefit from the supply of flavors, new materials and heating appliances in heated unburnt cigarette bombs; in addition, by holding Hengtian Commerce, we will create a comprehensive platform for overseas trade services for the tobacco industry, form a comprehensive service system from the R & D and manufacture of tobacco products to the trade and export of cigarette products, and strengthen the depth of services and cooperation stickiness.
Investment suggestion: we expect the company's revenue in 2021-23 to be 50.85 billion, 65.0 billion yuan, and its net profit to be 10.06 million, 1.34 billion yuan. Taking into account the company's active position in the new tobacco supply chain, maintain the "buy" rating.
Risk hints: industrial policy risk, new product market development risk, raw material price rise risk, business development risk, cooperation or investment process is not as expected.
