24-26 年主业收入目标47.5/53.4/59.3 亿元，长期发展潜力显现公司围绕盈利能力、收入增速、研发投入增速三个维度，制定了详细的业绩考核目标：1）盈利能力方面，24-26 年总资产报酬率不低于7/7.2/7.5%，且不低于对标企业（上海瀚讯/烽火通信/海格通信/星网锐捷，下同）75 分位值或同行业均值；2）收入方面，以22 年主营业务收入（39.54 亿元）为基数，24-26 年主营业务收入目标增长率为不低于20/35/50%，对应收入为47.45/53.38/59.32 亿元，且不低于对标企业75 分位值或同行业均值；3）研发投入方面，以22 年研发投入为基数，24-26 年研发投入增长率不低于20/25/30%。The equity incentive plan was released, optimistic about the company's long-term development trend
On December 21, the company released the 2023 stock options incentive plan (draft), setting performance assessment targets for the 24-26 year total return on assets/main business income/R&D investment growth rate. According to the plan, using the year 22 as the benchmark, the main business revenue growth rate in 24-26 was not less than 20%/35%/50%, and the corresponding main business revenue was 47.45/53.38/5.932 billion yuan, fully demonstrating the company's confidence in development. We expect net profit from 2023 to 2025 to be 854/11.03/1,421 billion yuan, and the comparable company Wind agreed to have an average PE of 22.8x in 2014. Considering the synergistic effects of the company's layout in various fields, we have given the 24-year target PE23.2x, corresponding to the target price of 33.15 yuan/share, and maintain the “buy” rating.
The initial incentive target is 431 people. The exercise price is 28.89 yuan/share. According to the company announcement, this incentive tool is stock options. The source of the stock is a targeted increase of A shares common shares. The total number of stock options to be granted does not exceed 21.616 million shares, accounting for about 2.8% of the company's total share capital of 772 million shares at the time of the announcement of the draft incentive plan. The exercise price of the stock options granted for the first time was 28.89 yuan/copy. The initial incentive target was 431 people, accounting for about 18.95 percent of the company's total number of employees at the end of 2022. It mainly included company directors, senior managers, other senior management personnel, key management personnel, professional and technical personnel, and core cadres that have a direct impact on the company's business performance and sustainable development.
The main business revenue target for 24-26 is 47.5/53.4/5.93 billion yuan. The long-term development potential shows that the company has set detailed performance assessment targets around the three dimensions of profitability, revenue growth rate, and R&D investment growth rate: 1) In terms of profitability, the return on total assets in 24-26 is not less than 7/7.2/ 7.5%, and not lower than target companies (Shanghai Hanxun/Fenghuo/Haig Communications/Starnet Ruijie, same below) 75 quantiles or industry average; 2) In terms of revenue, the main business revenue for 22 years (39.54 billion yuan) It is the base number, The target growth rate of the main business revenue in 24-26 is not less than 20/35/ 50%, and the corresponding revenue is 47.45/53.38/5.932 billion yuan, and not lower than the 75th quartile of the target enterprise or the average of the same industry; 3) In terms of R&D investment, based on R&D investment in 22 years, the growth rate of R&D investment in 24-26 is not less than 20/25/ 30%.
Maintain a “buy” rating
We believe this plan is expected to motivate the company's core team, help the company maintain its ability to develop continuously and improve the quality of operations. We maintain our forecast of the company's revenue and profit growth rate. We expect net profit from 2023 to 2025 to be 854/11.03/1,421 billion yuan, and the comparable company Wind agreed to have an average PE of 22.8x in 2014. Considering the synergistic effects of the company's layout in various fields, we have given the 24-year target PE23.2x, corresponding to the target price of 33.15 yuan/share, and maintain the “buy” rating.
Risk warning: The installation of new equipment falls short of expectations; the development of national defense informatization falls short of expectations.
