考核目标分为公司、个人层面，考核方案清晰合理。此次股权激励考核年度为2024~2026 年，考核业绩分目标值与触发值：1）按目标值来看，2024~2026年的净利润较2023 年增长50%/110%/173%; 2)按触发值来看，2024~2026年的净利润较2023 年增幅为40%/88%/138%。若公司净利润达到目标值，则100%解锁；若净利润介于触发值与目标值之间，则公司层面解锁比例为当年净利润/目标值*100%。此外，激励对象还需满足个人层面绩效考核要求，考核评级共分为三挡，个人层面解锁比例分别为100%/80%/0%。激励对象当年实际归属的限制性股票数量=个人当年计划归属的数量*公司层面解锁比例*个人层面解锁比例。Incident: Dingtong Technology released a draft equity incentive plan to grant a total of 1.083 million restricted shares to incentive recipients, accounting for approximately 1.09% of the company's total share capital at the time the announcement was issued.
The company issued an incentive plan to enhance development vitality. In order to fully motivate employees, Dingtong Technology released the “2024 Restricted Stock Incentive Plan (Draft)” on March 16. It plans to grant 52 incentive recipients a total of 1.083 million restricted shares at a price of 24.00 yuan/share, accounting for 1.09% of the company's total share capital.
Of these, 933 million shares were granted for the first time, accounting for 0.94% of the company's total share capital when the draft incentive plan was announced. We believe that this equity incentive plan is conducive to further improving the level of corporate governance, enhancing employee cohesion and the company's development vitality.
The assessment goals are divided into company and individual levels, and the assessment plan is clear and reasonable. The current equity incentive assessment year is 2024-2026. The target value and trigger value of the assessment performance: 1) According to the target value, the net profit from 2024 to 2026 increased by 50%/110%/173% compared to 2023; 2) According to the trigger value, the net profit from 2024 to 2026 increased by 40%/88%/138% compared to 2023. If the company's net profit reaches the target value, 100% unlocked; if the net profit is between the trigger value and the target value, the company-level unlock ratio is 100% net profit/target value for the year. In addition, incentives must also meet individual performance assessment requirements. The assessment ratings are divided into three levels, and the personal level unlock ratio is 100%/80%/0%, respectively. The number of restricted shares actually owned by the incentive target in the current year = the number of restricted shares the individual plans to own in the year* the company-level unlock ratio* the individual level unlock ratio.
The company's communications business continues to expand, while increasing the in-vehicle business layout. Company communication connectors and their components mainly include high-speed backplane connector components and I/O connector components. Currently, the company is expanding its horizontal category mainly with shell cage products, and is continuously increasing cooperation with customers in the QSFP-DD 112G/OSFP-DD/OSFP series. We believe that with the rapid development of artificial intelligence and other technologies, the company's connector products are expected to benefit first as an important component. In terms of automotive business, the company continues to deepen cooperation with existing customers such as BYD, China Changan, Nandu Power, Honeycomb Energy, Fuao Auto, and Rosenborg. At the same time, on the basis of existing customers, the company is continuously increasing its new customer development efforts and successfully developing new customers such as FAW, Sai Chuan Electronics, and Tongyu Auto.
Investment advice: The company's revenue is expected to reach 698/11.91/1,764 billion yuan respectively from 2023 to 2025, and net profit to mother is expected to reach 0.72/2.03/308 million yuan respectively, corresponding PE is 60/21/14X. We believe that while the industry is developing rapidly, the company is expected to grow rapidly with its own technical advantages and maintain the “recommended” rating.
Risk warning: Overseas demand for the company's products fell short of expectations; sales of new energy vehicles fell short of expectations; the expansion of the company's product categories fell short of expectations.
