[matters]
On May 20, the company disclosed the 2022 stock option and restricted stock incentive plan (draft). The company intends to grant 4.91 million stock options and 7.74 million restricted shares. A total of 107 people are encouraged, including the chairman, general manager, deputy general manager, chief financial officer and other core executive teams, as well as 100 core management / business backbones.
The unlocking condition of the incentive plan is that on the basis of net profit in 2021, the growth rate of net profit in 2022, 2023, and 2024 is not less than 50%, 100%, 150%. The total amortization costs incurred by the plan are expected to amount to $59.06 million, with amortization of $1,1863,341 million in 2022-2025 respectively.
On June 6, the company completed the first grant of stock options and restricted stock, granting 4.62 million stock options to 81 eligible incentive targets at a price of 11.18 yuan per share; to 26 eligible incentive subjects, 6.32 million restricted shares were granted at a price of 5.59 yuan per share.
[comments]
Acoustics track veteran ushered in new opportunities for development. The company focuses on the intelligent track and serves many internationally renowned customers in the field of consumer electronics. Products include micro / car microphones, micro speakers / receivers and array modules, downstream applications in smart vehicles, smart wearable, smart home, smart phones, AR/VR and other fields. The key research and development highlights in 2021 include intelligent vehicle voice module, microcomputer electroacoustic MEMS sensor, miniature loudspeaker and module, electret sensor and so on. We are optimistic about the upgrading requirements in the field of automotive acoustics downstream of the company under the wave of automobile intelligence, especially high sound quality, high anti-disturbance, high intelligent on-board voice modules, and active noise reduction electret microphones. In addition, the company's traditional downstream TWS, bracelets and other wearable devices market continues to grow, the smart speaker market is growing steadily, and the AR/VR market is expected to explode in the second half of the year driven by new products and new brands. Jointly promote the company to usher in new development opportunities.
The controlling shareholder is Weier background, Dong Jiangao is stationed in an all-round way, and there are plenty of opportunities for industrial coordination in the future. In 2021, the company completed the change of controlling shareholder and became Wuxi Weigan Semiconductor. Completed part of the update of the chairman and other senior management team, introduced the new chairman Liang long, who is the vice president of Shanghai Weihao Chuangxin Investment Management Co., Ltd., introduced Zhao Chenglong, engaged in the development and application of MEMS technology for more than 10 years, and has rich experience in MEMS product process integration development. Wan Caixin, PhD, Department of Precision Instruments and Mechanics, Tsinghua University, and experts from the Ministry of Science and Technology have successively founded Beijing Zhuo Ruiwei, Wuhan Nippden, Wuxi Weigan Semiconductor, etc., and is currently chairman and general manager of Wuxi Weigan. We are optimistic that the company will improve its MEMS design ability with the help of the controlling shareholder's ability. In addition, the fund managed by Weihao Chuangxin, owned by Weir shares, directly holds a stake in Wuxi Weigan, while Weihao's investment areas also include acoustic materials, flexible circuit boards, new flexible material films such as consumer electronics / display / vehicle / semiconductor packaging, high-speed network communication chips (including vehicle regulations), advanced packaging, EDA and other fields. We are optimistic about the future industrial cooperation opportunities between Wei Hao Chuangxin and the company in the areas of business, technology, customers and so on.
Stock options and restricted stock incentive schemes demonstrate the company's confidence in development. At a time when the company's fundamentals are changing, the company launched an incentive plan to further establish and improve a long-term incentive mechanism to attract and retain directors, senior managers, middle managers and core technical (business) personnel, fully mobilize their enthusiasm and creativity, and promote the realization of the company's long-term development strategy and business objectives. It fully reflects the company's confidence in its long-term development potential.
[investment advice]
The company ploughs the acoustics track and has proved its strength in the consumer electronics market. Downstream demand includes wearable, AR/VR, vehicle acoustics and other high prosperity direction. After changing the controlling shareholder, we can make full use of the strength of shareholders to strengthen their own ability and accelerate the development of emerging business and industrial coordination. The company is expected to usher in new development opportunities. It is estimated that the company's operating income from 2022 to 2024 is 14.55 yuan 21.12 / 2.968 billion yuan respectively, the net profit returned to the mother is 1.25 shock 2.22 / 327 million yuan respectively, the corresponding EPS is 0.35 pound 0.62 pound 0.91 yuan, the corresponding PE is 35-20-14 times, respectively, and is rated as "overweight".
[risk Tip]
The downstream demand of traditional consumer electronics business is lower than expected.
The company's new product R & D and promotion is not as expected.
The industry coordination between the company and shareholders is not as good as expected.