Runyang Science and Technology (300920) Annual report Review report: 2020 performance in line with the expected 2021 stock incentive plan firm growth confidence!

天風證券 · Apr 24, 2021 00:00

　　事件：1）公司发布2020 年年报，2020 年实现总营收4.34 亿元，同比增18.95%，归母净利润1.27 亿元，同比增9.60%；2）公司发布关于2020 年度利润分配预案的公告，每10 股拟派发现金红利人民币4 元（含税）；3）公司发布2021 年限制性股票激励计划（草案），拟授予激励对象的限制性股票567.50 万股，授予价格为15.00 元/股。

　　2020 年，IXPE 产品业绩稳健增长，产能扩张稳步推进，疫情不阻发展脚步销售端：整体来看，公司销售量在10530.74 万平方米。目前IXPE 系列产品仍为公司业绩贡献主力，实现营收4.27 亿元，同比增19.64%，占总营收比例的98.33%，其中：1）普及系列销售6735.38 万平方米，实现营收2.26亿元，同比增19.74%，毛利率39.82%；2）抗菌增强系列销售3613.77 万平方米，实现营收2.01 亿元，同比增19.94%，毛利率50.89%；3）特种系列实现营收2.87 万元，贡献较小。此外，公司还供应EPE/EVA 等其它产品。

　　生产端：整体来看，公司生产量在10776.59 万平方米。2020 年，IXPE 系列产品中，抗菌增强系列产量为3657.99 万平方米，普及系列为6939.18万平方米。截至2020 年，公司IXPE 设计产能为13325 万平方米，其中涉及在建产能5400 万平方米，包括年增产1600 万平方米IXPE 自动化技改项目、以及预计产能为3800 万平方米的越南厂区。公司产能建设继续推进，2020 年下半年，《新增年产16000 吨聚乙烯母卷基材技改项目》（湖长环建[2020]178 号）获得审查意见、取得了《新增年产24000 吨聚乙烯功能性母粒、1700 万平方米地垫、400 万套儿童爬爬垫扩建项目环评备案受理书》

　　（湖长环改备2020-138 号）。

　　2021 年，拟实施股票激励计划，对未来三年业绩考核，坚定增长信心！

　　根据草案，为充分实现员工利益与股东利益的深度绑定、公司长远稳健发展提供激励约束机制和人才保障，公司拟向激励对象授予的限制性股票数量为567.50 万股，占当前总股本1 亿股的5.68%，无预留权益，有效期最长不超过48 个月。激励对象共16 人，包括公司董事、高、中层管理人员、核心技术（业务）人员等。公司将采取自主定价方式，决定将授予价格定为15 元/股，分3 个归属期授予，每期比例为30%、30%、40%。业绩方面，公司以2020 年营收为基数，2021-2023 年营收增长率分别不低于20%、40%、60%，或以2020 年净利润为基数，2021-2023 年净利润增长率分别不低于20%、40%、60%。在满足相应归属条件和归属安排后，激励对象将在归属期内以授予价格分次获得公司增发的A 股普通股股票。

　　盈利预测&投资建议：预计2021-2023 年，公司实现营收6.03/8.64/11.31亿元，净利润2.04/3.18/4.17 亿元，对应EPS2.04/3.18/4.17 元/股，产能瓶颈突破助力未来业绩高增长，维持“买入”评级。风险提示：国际贸易/市场需求波动/竞争加剧/原材料价格波动/安全生产风险/项目进展风险

Event: 1) the company released the 2020 annual report, with total revenue of 434 million yuan in 2020, an increase of 18.95% over the same period last year, and a net profit of 127 million yuan, an increase of 9.60% over the same period last year. 2) the company issued an announcement on the profit distribution plan for 2020, every 10 shares plan to pay a cash dividend of 4 yuan (including tax) 3) the company issued a 2021 restricted stock incentive plan (draft), which is intended to grant 5.675 million restricted shares at a price of 15.00 yuan per share.

In 2020, the performance of IXPE products grew steadily, the production capacity expanded steadily, and the epidemic did not hinder the development of the sales end: overall, the company's sales volume was 105.3074 million square meters. At present, IXPE series products still make the main contribution to the company's performance, with revenue of 427 million yuan, an increase of 19.64% over the same period last year, accounting for 98.33% of the total revenue, of which: 1) the popular series sold 67.3538 million square meters, achieving revenue of 226 million yuan, an increase of 19.74% over the same period last year and a gross profit margin of 39.82%. 2) the antibacterial enhancement series sold 36.1377 million square meters, with a revenue of 201 million yuan, an increase of 19.94% over the same period last year, and a gross profit margin of 50.89%. 3) the revenue of the special series was 28700 yuan, with a small contribution. In addition, the company also supplies EPE/EVA and other products.

Production side: overall, the company's production capacity is 107.7659 million square meters. In 2020, among the IXPE series products, the output of the antibacterial enhancement series is 36.5799 million square meters, and that of the popular series is 69.3918 million square meters. By 2020, the company's IXPE design capacity is 133.25 million square meters, of which 54 million square meters are under construction, including an annual output increase of 16 million square meters of IXPE automation technical renovation project, and an estimated production capacity of 38 million square meters of Vietnam plant. The company's production capacity construction continued to push forward. In the second half of 2020, the "Technical Reform Project of Polyethylene Master Roll Base material with an additional annual output of 16000 tons" (Hu Changhuan Jian [178th]) obtained the examination opinion and obtained the "New Annual production capacity of 24000 tons of Polyethylene functional Masterbatch, 17 million square meters of floor mats, and 4 million sets of Environmental Assessment record acceptance documents for the expansion Project of Children's climbing Mat"

(No. 2020-138in the long Ring of the Lake).

In 2021, we plan to implement a stock incentive plan to strengthen our confidence in the performance assessment in the next three years.

According to the draft, in order to fully realize the deep binding between the interests of employees and shareholders, and to provide incentive and restraint mechanism and talent guarantee for the long-term and sound development of the company, the number of restricted shares to be granted by the company is 5.675 million shares, accounting for 5.68% of the current total share capital of 100 million shares, with no reserved rights and interests, and the maximum period of validity is not more than 48 months. A total of 16 people are encouraged, including company directors, senior and middle managers, core technical (business) personnel, and so on. The company will adopt its own pricing method and decide to set the grant price at 15 yuan per share, which will be awarded in three belonging periods, with a proportion of 30%, 30% and 40% for each period. In terms of performance, the company has a revenue growth rate of no less than 20%, 40% and 60% respectively from 2021 to 2023, or no less than 20%, 40% and 60% respectively from 2021 to 2023 based on net profit in 2020. After the corresponding vesting conditions and arrangements are met, the incentive object will obtain the additional A-share common shares issued by the company step by step at the grant price during the vesting period.

Profit Forecast & Investment suggestion: it is estimated that from 2021 to 2023, the company will achieve revenue of RMB 603 / 1.131 billion and net profit of RMB 2.04max of RMB 318,417 million, corresponding to EPS2.04/3.18/4.17 yuan per share, the breakthrough of capacity bottleneck will contribute to high performance growth in the future and maintain the "buy" rating. Risk tips: international trade / market demand fluctuations / intensified competition / raw material price fluctuations / production safety risks / project progress risks

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润阳科技(300920)年报点评报告：2020年业绩符合预期 2021年股票激励计划坚定增长信心！

Runyang Science and Technology (300920) Annual report Review report: 2020 performance in line with the expected 2021 stock incentive plan firm growth confidence!

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