发布股权激励，彰显公司长期成长信心。4 月5 日公司发布2023 年限制性股票激励计划（草案），拟规模不超过1,200 万股，占公司总股本的3%，价格为20.02 元/股（公告前1 个交易日公司股票交易均价）。本次股权激励总计涵盖215 人，均为公司高管及业务骨干，以2022 年为业绩考核基准，24/25/26 年净利润增长率分别不低于35%/50%/70%，或24/25/26 年营业收入增长率分别不低于35%/50%/70%。本次股权激励手笔大、定价高、覆盖广，有利于推动公司发展，彰显公司长期成长信心。Incident: On April 25, the company released the 2022 annual report and the first quarter report of 2023. The company's 2022 revenue was 526 million yuan (YoY -12.43%), net profit of 26 million yuan (YoY -76.96%); 2023Q1 company's operating income was 107 million yuan (YoY -32.94%), and the net profit of the mother was 0.2 million yuan (YoY -89.98%). The performance was in line with expectations.
The decline in the Internet boom is compounded by an increase in talent reserves, and the company's performance is under pressure in the short term. Affected by the decline in the Internet environment, the company's revenue declined in '22 and 23Q1. Among them, the company's Internet marketing revenue in 2022 totaled 137 million yuan, a year-on-year decrease of 35.81%. At the same time, due to the company actively reserving high-end talents in 2022, the cost rate all increased, which led to a decline in net profit.
Lay out forward-looking industries to store momentum for the future. In 2022, the cumulative number of SDKs installed for the Daily Interactive Developer Service exceeded 95 billion. Among them, the cumulative number of SDKs installed for smart IoT devices exceeded 250 million, and the number of active independent devices per day (deduplication) was 400 million, continuing to maintain the leading position in the industry. The company continuously provides data support for top-level businesses based on data accumulated in developer services and in-depth insight into massive amounts of dynamic data. With the comprehensive acceleration of data element value reform, the company continues to explore model innovations for the safe circulation of data elements and application practices of data intelligence, which are deployed in the fields of industry infrastructure, digital intelligent transportation, and expressways. The scale of public services continued to grow in 2022, achieving revenue of 243 million yuan in '22, an increase of about 20% over the same period last year. In the future, as the company continues to explore new business scenarios such as precise popularization driven by data intelligence, data usage business revenue will continue to grow.
Issuing equity incentives shows the company's confidence in long-term growth. On April 5, the company announced the 2023 restricted stock incentive plan (draft). The proposed size is no more than 12 million shares, accounting for 3% of the company's total share capital, and the price is 20.02 yuan/share (the average price of the company's stock trading on the trading day before the announcement). The equity incentive covered a total of 215 people, all of whom were company executives and business backbone. Using 2022 as the performance assessment benchmark, the net profit growth rate for 24/25/26 was not less than 35%/50%/70%, respectively, or the revenue growth rate for 24/25/26 was not less than 35%/50%/70%, respectively. The current equity incentives, high prices, and wide coverage are conducive to promoting the company's development and demonstrating the company's confidence in long-term growth.
Profit forecasts and investment recommendations. The company's revenue for 2023-2025 is estimated to be 648/853/1,128 million yuan respectively, and the net profit of the parent is 0.58/0.95/139 million yuan respectively, maintaining the company's “buy” rating.
Risk warning: the risk of macroeconomic fluctuations, the risk of commercialization of data elements falling short of expectations
