Events:
Recently, the company announced a draft equity incentive plan, which intends to grant 3.12 million restricted shares to the company's management and technical backbones, accounting for about 0.68% of the company's share capital.
Equity incentives gather the hearts of people
The company issues an equity incentive plan, which helps to motivate and retain the company's important business and technical personnel, and lays a solid foundation for the company's long-term sustainable development.
The equity incentive targets for the company's directors, senior managers, core technical personnel, core business personnel a total of 33 people. The grant price of the equity incentive is 2.71 yuan per share, which is divided into three unlocking periods, and the corresponding unlocking performance is: the net profit in 2018, 2019 and 2020 is not less than 35 million yuan, 55 million yuan and 75 million yuan respectively.
The gradual release of production capacity leads to new growth in performance
Over the years, the demand for gelatin market has grown steadily, and the high-end demand is in short supply.
The company's previous investment project 3500 tons of gelatin production line was officially put into production at the end of last year. The company launched the 2017 non-public offering project in September 2017, which is used to expand the production capacity of gelatin and collagen, increasing the annual production capacity of 3500 tons of gelatin to 7000 tons of gelatin and 2000 tons of collagen. After the formal production of this investment project, the company will form a production capacity of 13500 tons / year of gelatin and 3000 tons / year of collagen.
In the short term, gelatin products are the company's main products, but with the improvement of collagen production capacity, collagen products will become an important growth point of the company in the future.
Electrospinning project will be settled in Hangzhou, medical gelatin and other new products are expected to determine the strategy of transformation from production enterprises to capital operation, the future direction is "medical, health, beauty", the company has stored a lot of new products, will be put on the market one after another.
According to the company's annual report, the company has determined the production experiment scheme of plasma gelatin, and the company is currently providing the corresponding process plan and technical parameters for the production and application experiment. Colloidal plasma substitutes are suitable for low blood volume supplements, hemodilution, cardiopulmonary bypass (cardiopulmonary machine, artificial kidney), prevention of hypotension after spinal cord or epidural anesthesia and other fields. It has a broad market prospect.
At the same time, the electrospinning products of the company's shareholding and cooperation project with the Chinese Academy of Sciences will be landed in Hangzhou. Electrospinning can be used as a hemostatic material in various surgical operations, which has an important impact on reducing bleeding, shortening operation time and postoperative recovery of patients.
In addition, the company's health care products, "bone peptide" products that can increase bone mineral density, are applying for approval of health products, and collagen beauty products will gradually be on the market.
Profit forecast
We make profit forecasts according to the company's equity incentive performance guidelines. We expect revenue of 434 million yuan, 547 million yuan and 711 million yuan in 2018, 2019 and 2020, and net profit of 35.2 million yuan, 56.4 million yuan and 783.1 billion yuan, an increase of 57.4%, 60.22% and 38.83% over the same period last year, and EPS of 0.076 yuan, 0.122 yuan and 0.17 yuan. For the first time, it is recommended to pay attention to.
Risk hint
The launch of new products is not as expected, major changes in costs, major defects in management, and so on.
