点评：股票期权激励计划理顺机制的同时彰显发展信心。此次激励计划要求24-26 年公司总资产报酬率分别不低于7%/7.2%/7.5%，且不低于对标企业75 分位值或同行业均值；24-26 年主营业务收入增长率较22 年不低于20%/35%/50% ， 对应主营业务收入分别为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；24-26 年研发投入增长率较2022 年不低于20%/25%/30%。此次激励计划首次激励对象431 人，约占公司2022 年底员工总数的18.95%。Core views:
Event: On December 21, the company issued the “2023 Stock Options Incentive Plan (Draft)” and the “Notice on Implementing the Project Follow-up Plan to Invest in the Establishment of Participating Subsidiaries and Related Transactions”.
The total number of stock options to be granted under the incentive plan shall not exceed 21.616 million shares, accounting for about 2.8% of the company's total share capital at the time of announcement. The exercise price of the initial stock options granted is 28.89 yuan/share. The follow-up investment plan means that the follower invests in the project company Guiyang Xinluo Electronics Co., Ltd. together with the company through a follow-up investment platform. The total amount of follow-up investment by the investors is 6 million, accounting for 13.04% of the total share capital of the project company.
Comment: The stock options incentive plan streamlines the mechanism while demonstrating confidence in development. This incentive plan requires that the return on total assets of the company in 24-26 be not less than 7%/7.2%/7.5%, and not lower than the 75th quartile of the target enterprise or the average value of the same industry; the growth rate of main business revenue in 24-26 is not less than 20%/35%/50% compared to 22, and the corresponding main business revenue is 47.45/53.38/5.932 billion yuan, respectively, and not lower than the 75th quartile of target companies or the average value of the same industry; the growth rate of R&D investment in 24-26 is not lower than 20%/25%/30% in 2022. For the first time, the incentive program targeted 431 people, accounting for about 18.95% of the company's total employees at the end of 2022.
The company expects the amortization of equity incentive expenses in 24-28 to be 0.52/0.56/0.32/0.14/01 billion yuan, respectively. Follow the investment plan to achieve deep binding of core personnel, establish a medium- to long-term incentive mechanism for innovation and sustainable development, and promote the company's strategic industrial layout and development. This follow-up investment project, Guiyang Xinluo Electronics, is mainly engaged in module business, and is one of the company's expansion layout projects to the upper reaches of the industrial chain.
The total amount of follow-up investment of the investors participating in the project was 6 million, accounting for 13.04% of the total share capital of the project company.
Among them, Mr. Pang Hui, director and general manager of the company, participated in this follow-up investment, with an investment amount of 152,500 yuan.
Profit forecast and investment recommendations: EPS for 23-25 is expected to be 1.09 yuan/share, 1.42 yuan/share, and 1.85 yuan/share, respectively. Taking into account the company's competitive position and first-mover advantage in the field of private network communications, as well as the company's expansion into new fields and new customers, the combination of equity incentives and project follow-up incentives to continuously improve quality and efficiency, referring to comparable company valuations, based on the company's 24-year PE valuation, corresponding to a reasonable value of 35.47 yuan/share, a “increase in holdings” rating.
Risk warning: increased market competition, new business falling short of expectations, risk of product technology iteration, etc.
