The company announces the draft equity incentive plan to demonstrate business confidence, and maintains the "buy" rating company to issue a stock equity incentive plan for 2021, granting 1900 stock options to the incentive objectives. during the exercise period, the company's net profit performance evaluation indicators for 2021-2023 are not less than 2.2G, respectively, and the exercise price for the first grant of stock options is 12.05 yuan. We raise our profit forecast for 2021-2023, and expect the company's net return profit for 2021-2023 to be 2.2pm 400.00 million yuan (the former value is 2.1pm 3.0 billion), EPS is 0.43pm 0.79max 1.05 yuan (the former value is 0.33pm 0.42max 0.60 yuan), and the current share price corresponds to 26.6x14.7x10 times PE, considering the imminent release of new production capacity at the company's Fushan plant in view of the imminent release of the new production capacity of the company's Fushan plant. Maintain a "buy" rating.
The exercise price is higher than the company's stock price, equity incentives guide the company's high growth confidence in the next three years, the company's equity incentive plan is bound to the core team, the exercise price of stock options granted for the first time is 12.05 yuan per share, and the exercise price is higher than the stock price to show the company's management confidence. The total number of incentives awarded is 249, including directors, senior managers and core technical business personnel. The corresponding exercise ratio of some stock options granted by the company for the first time in the three exercise periods is 25%, 30%, 45%, respectively, and the net profit from 2021 to 2023 is not less than RMB 380 million. The compound growth rate of performance in the next three years is 48%. If the annual performance coefficient is less than 90%, the stock options shall not be exercised, and the high growth assessment reflects the company's confidence in future development.
With the commissioning of the production capacity of the Zhuhai Fushan plant in 2021, the management team has improved significantly and the company has entered a new round of expansion cycle, and the Zhuhai Fushan plant is expected to inject fresh blood. Toyama plant has entered part of the process trial production stage, mainly producing high-laminate, high-density interconnection board (HDI) products, there is still an improvement in the existing product structure, is expected to be put into mass production in June 2021, contributing to the increment of output value from 2021 to 2022. The cohesion of the management of the company has been strengthened. on the one hand, the focus of the chairman's work has returned to the company, and the high executive power brought about by the military background in the past is expected to be highlighted during the production period of new production capacity; on the other hand, the company has introduced outstanding talents with management experience in large foreign-funded factories to improve
Risk tips: soft board and IC board customer introduction is not as expected, the company's Zhuhai plant production is not as expected, HDI demand is lower than expected, PCB industry competition intensifies
