[matters]
On August 10, the company issued a 2023 stock option and restricted stock incentive plan (draft), which intends to grant 19.3814 million rights and interests to the incentive object, accounting for about 1.08% of the total share capital. Among them, there are 9.6907 million stock options and restricted shares, each accounting for 0.54% of the total share capital, the exercise price of stock options is 3.38 yuan per share, and the price of restricted shares granted for the first time is 1.69 yuan per share. This plan motivates 75 people, covering directors, senior managers, middle managers and business backbones. The plan helps to further bind the interests of the company's core management and business personnel, stimulate internal vitality, and promote the rapid development of the company.
[comments]
The nuclear goal of the college entrance examination shows confidence, and the year of reform inspires internal momentum. This plan unlocks performance target A for 23-25 revenue year-on-year + 15.00% Universe 13.04% Universe 11.54%, and goal B for 23-25 operating profit year-on-year + 30.002% Universe 23.08% Placement 18.75%. That is to say, the revenue in 23-25 years is not less than 2.452 billion yuan, and the operating profit is not less than 1.07 billion yuan, 1.31 billion yuan. At the same time, the company sets the assessment goal at the personal level, taking the performance evaluation score of the incentive object as the standard, and if it is more than 60 points, it will achieve the conditions of exercising the right and lifting the restriction on sale. The company's seasoning industry channels continue to refine and divide, and the company is also in a critical stage of deepening reform. This incentive sets reasonable and challenging assessment goals, demonstrates the company's full confidence in business growth, and helps to further mobilize the enthusiasm of core staff and ensure the stability of the talent team.
Optimize the structure, cultivate the channels, consolidate the foundation and innovate and set sail. The company has been ploughing condiments for 40 years, in the long run: 1) the product end, actively optimize the product system, consolidate the dominant position of mature products such as monosodium glutamate and chicken essence, and launch new compound seasonings such as hot pot base, Boiled Fish with Pickled Cabbage and Chili seasoning, braised sauce and so on. In 22, the new park was fully opened, and the launch of new products was accelerated. 2) at the channel end, it has 30 + branches, 2500 + dealers and 10000 + customers in China, and its products are exported to 70 + countries and regions. 23 years will accelerate the blank area, blank channel distribution; at the same time, improve the layout of new retail channels, broaden the depth and breadth of channels. 3) at the brand end, the "Lotus" brand has a long history and is recognized by the majority of consumers. Under the guidance of "521 Brand Revival Strategy", the company seizes the new opportunity of the rise of domestic products to strengthen brand promotion and continues to consolidate its leading position. In the future, with the launch of new products, the development of channels, the promotion of brand value and equity incentives, the company is expected to grow rapidly.
[investment advice]
The company has been ploughing the condiment and health food industry for 40 years, and has formed a green product structure dominated by monosodium glutamate and chicken essence, other seasoning series, wheat flour series and so on. at present, we are trying our best to launch new compound seasonings represented by hot pot base, Boiled Fish with Pickled Cabbage and Chili seasoning and braised sauce. The company's sales network throughout the country, in various provinces and cities have sales branches, channel flexibility, the brand "Lotus" has a long history, widely recognized by the market and consumers.
From 2023 to 2025, we predict that the company will achieve an operating income of 2.2711 trillion yuan, a net profit of 1.19 million yuan, a corresponding EPS of 0.14 yuan and a PE of 50.96, respectively, and a "overweight" rating.
[risk Tip]
Competition in condiment market aggravates risk
Risk of change in food safety standards
The risk of channel development is not as expected.