Core views:
Jimi Technology released a draft 24-year equity incentive and employee stock ownership plan. (1) Equity incentive plan: It is proposed to grant 1.72 million shares of equity to incentive recipients, accounting for 2.46% of the total share capital. Among them, 1.38 million shares were granted for the first time, accounting for 1.97% of the total share capital. The exercise price for the initial grant was RMB 101.11 per share, which is equal to the average stock transaction price on May 17. The incentive targets a total of 21 people, including directors, senior management, middle management, core technical personnel and business executives. (2) Employee stock ownership plan: The capital size of this shareholding plan does not exceed 230 million yuan, with a subscription price of 1 yuan per share. Based on the estimate of the closing price of 101.35 yuan/share on May 17, the maximum number of shares is 2.307 million shares, accounting for 3.3% of the current total share capital. Distribution ratio: Controlling shareholders/actual control and executives account for 30% of the total share, and middle management and core management account for 70%.
The assessment targets mainly focus on total sales volume and overseas revenue, reflecting the importance the company attaches to overseas market expansion. The performance assessment goals of this equity incentive and employee stock ownership plan are consistent, including goal A:
The sales volume of major products in 24-26 was not less than 105,1.15 million units; Target B: The growth of the company's overseas revenue in 24-26 was not less than +5%, +10%, and +15%, respectively, compared to 23. If goal A or goal B is met, the unlockable ratio is 100%.
Incentives bind core employee interests, while cost control is better. The incentives covered a wide range and could effectively enhance team cohesion; at the same time, they were awarded at the average stock transaction price on May 17, demonstrating the management's confidence in the company's future development. In terms of fees, it is estimated that the cost amortization of stock options granted for the first time in 24-27 is 288.67, 481.29, 319.33, and 1.6514 million yuan, respectively.
Profit forecast and investment advice: The company is a leader in the intelligent projection industry. The net profit for 2024-2026 is expected to be 3.0, 5.0, and 610 million yuan respectively, with year-on-year growth rates of 146.6%, 67.1%, and 23.2% respectively. The latest closing price corresponding to 2024 PE is 23.87x. Referring to the valuation level of comparable companies, the company was given 25 times PE in 2024, with a corresponding reasonable value of 106.13 yuan per share, giving it an “increase in holdings” rating.
Risk warning: Some parts are dependent on the risk of outsourcing, demand in overseas markets is weak, and competition is intensifying.