激励覆盖核心员工，授予价格有吸引力。激励计划采用的第二类限制性股票，股票来源为公司向激励对象定向发行的A 股普通股股票。计划拟向激励对象授予403.20 万股限制性股票，占总股本的3%。首次授予的限制性股票分为三个归属期，分别占34%/33%/33%。授予价格为15.60元/股，覆盖总经理、财务总监、董事会秘书、核心技术人员等管理层及核心员工。覆盖广度足够，授予价格有吸引力，充分激发员工积极性。Key points of investment
Event: The company announced the 2024 Restricted Stock Incentive Plan (draft).
The incentive plan assesses revenue growth rate and shows confidence in growth. In the three years of the restricted stock assessment 2024-2026, the ownership ratio is calculated based on the completion status. If the target value is achieved, 100% ownership is achieved, and 80% ownership is achieved. Among them, 1) Target value assessment: 2024 revenue is required to be no less than 2 billion yuan, 25-year revenue not less than 2.75 billion yuan, 24-25 cumulative revenue of 4.75 billion yuan, 26-year revenue not less than 3.8 billion yuan, or 24-26 cumulative revenue of 8.55 billion yuan, and 2024-2026 revenue CAGR of 36%. 2) Trigger value assessment: 2024 revenue is required to be no less than 1.7 billion yuan, 25-year revenue not less than 2.25 billion yuan, or 24-25 cumulative revenue of 3.95 billion yuan, 26-year revenue not less than 2.9 billion yuan, or 24-26 cumulative revenue of 6.85 billion yuan, and 2024-2026 revenue CAGR of 24%. The 3-year revenue recovery target shows management confidence.
Incentives cover core employees, and award prices are attractive. The second type of restricted stock used in the incentive plan is A shares common stock issued by the company in a targeted manner to the incentive target. The plan is to grant 4.032 million restricted shares to incentive recipients, accounting for 3% of the total share capital. The first restricted shares granted were divided into three vesting periods, accounting for 34%/33%/33%, respectively. The award price is 15.60 yuan/share, covering management and core employees such as general manager, financial director, board secretary, and core technical personnel. The coverage is broad enough, the award price is attractive, and the motivation of employees is fully stimulated.
The impact of incentive fees is limited. The company expects the total cost of restricted stock amortization granted for the first time under the incentive plan to be $37.36 million, with additional expenses of $649/18.87/8.33/3.15 million yuan in 2024-2027, and $60.05 million in management expenses for the company in 2023. The impact of incentives on expenses is limited.
Actively going overseas and converting consumables to drive high-quality growth. As a leading semiconductor cleanroom filtration equipment company, the company is actively going overseas to expand leading overseas semiconductor companies and optimize the business model for equipment conversion consumables. 2024H1's overseas revenue was 0.14 billion yuan, up 86% from the same period, accounting for 18.5% of overseas revenue (about 11.3% of 2023A overseas revenue). The company's consumables accounted for 30% of revenue in 2023, and we expect the share of consumables to continue to increase. The overall gross margin performance of the overseas projects & consumables business was better. 2024H1's gross profit margin was 29.6%, an increase of 1.92 pct over the previous year.
Profit forecast and investment rating: The high level of the company's new order signing shows confidence. We maintained the 2024-2025 net profit of 0.22/0.28 billion yuan, raised the 2026 net profit to mother from 0.35 billion yuan to 0.38 billion yuan, and the 2024-2026 PE was 16/13/10 (2024/8/28), maintaining the “buy” rating.
Risk warning: Production expansion progress falls short of expectations, clean room downstream policy risks, technology iteration risks.
