Event description
Tea joint stock announcement 2021 restricted stock incentive plan (draft).
Event comment
The incentive is strong this time. Tea shares this draft shows that it is proposed to grant no more than 1.05 million restricted shares to the incentive target, accounting for 1.93% of the company's total equity at the time of the announcement of the draft incentive plan. We believe that this proportion is relatively high and the incentive intensity is relatively strong.
Incentive covers a wide range. The total number of incentives granted by this incentive program for the first time is no more than 113, accounting for 10.55% of the company's total employees of 1071 (as of December 31, 2020). This proportion is relatively high and has a wide range of employees. Among the relevant incentive objects, the number of shares allocated by directors and senior managers accounts for 17.14% of the total incentive, and the number of incentive stocks given by management is relatively large, reflecting the importance attached to it. In the incentive object structure, according to the company's development strategy, we think that the company will pay more attention to the incentives for R & D personnel and newly introduced talents.
High performance assessment goals to demonstrate confidence in growth. The company's incentive plan for the first time awarded the annual performance evaluation targets as follows: based on 2020 operating income, the growth rate of operating income in 2021 is not less than 35%; based on 2020 operating income, the growth rate of operating income in 2022 is not less than 80%; based on 2020 operating income, the growth rate of operating income in 2023 is not less than 125%. The company's high performance evaluation standards fully demonstrate high growth confidence.
The incentive system is further optimized to maintain the buy rating. The top five shareholders of the company are all senior executives or employee shareholding platforms, this time to further expand the scope of incentives, optimize the incentive system, is expected to fully mobilize the enthusiasm of a wider range of core employees, and the bottom line thinking under the high standard performance evaluation goal shows growth confidence. We expect that with the current domestic COVID-19 epidemic into a normal and controllable state, the external demand boom superimposes the company's differential competitive advantage and the gradual embodiment of the income of the fund-raising project, the company is expected to continue to grow at a high speed. It is estimated that the revenue of the company in 2021 and 2023 is 5.40,7.47 and 969 million yuan respectively, an increase of 42.1%, 38.4% and 29.7% respectively over the same period last year. The estimated net profit of the company in 2021 and 2023 is 1.28,1.68 and 211 million yuan respectively, an increase of 30.9%, 31.4% and 25.7% respectively over the same period last year. The current market capitalization corresponds to PE of 37, 28 and 22 times respectively. Its valuation level is significantly lower than that of comparable companies in the same industry, maintaining a "buy" rating.
Risk hint
1. The growth is not as good as expected.
two。 Competition in the industry has intensified.