JIANGSU LIBERT INC(605167):TIE WITH CORE STAFF CONDUCIVE TO EXPAND NEW FIELDS GROWTH POTENTIAL ABUNDANT
JIANGSU LIBERT INC(605167):TIE WITH CORE STAFF CONDUCIVE TO EXPAND NEW FIELDS GROWTH POTENTIAL ABUNDANT
Company Profile
公司簡介
Jiangsu Libert INC is a China-based company principally engaged in the design and manufacturing of industrial modules. The Company conducts its businesses through two segments.
江秀克利伯特公司是一家總部位於中國的公司，主要從事工業模塊的設計和製造。該公司通過兩個部門開展業務。
The Industrial Module segment is principally engaged in the design and manufacturing of process modules, pipe gallery modules and pipe prefabricated parts used in the chemical industry.
工業模塊部門主要從事化工行業使用的工藝模塊、管廊模塊和管道預製件的設計和製造。
The Engineering Service segment provides engineering general contracting, engineering design, engineering procurement, engineering construction and engineering maintenance services. The Company conducts its businesses both in the domestic market and overseas markets. (Source:MarketScreener)
工程服務部提供工程總承包、工程設計、工程採購、工程施工和工程維護服務。該公司在國內市場和海外市場都有業務。(來源：MarketScreener)
Event
事件
Jiangsu Libert INC ("Libert"/the company) announced its equity incentive scheme (draft).
江秀克自如股份有限公司(以下簡稱自如)公佈了股權激勵方案(草案)。
The total shares for the scheme shall be no more than 0.8% of the company's current outstanding shares, no more than 100 core staff shall be included into the scheme, and the stocks will be granted at CNY 4.76 per share. The company's net income growth in 2022 and 2024 shall be not less than 20% and 44% compared with 2022, with the CAGR at 20%, which is the performance assessment target.
該計劃的股份總額不超過公司現有流通股的0.8%，核心員工不超過100人，按每股4.76元的價格配發股票。2022年和2024年公司淨收入增長應不低於2022年和44%，復合年均增長率為20%，這是業績考核目標。
Libert is expected to amortize expense at CNY 2.13 million in 2023, CNY 11.36 million in 2024, and CNY 3.55 million in 2025.
Libert預計2023年攤銷費用為人民幣213萬元，2024年為人民幣1136萬元，2025年為人民幣355萬元。
Investment Highlights
投資亮點
The scheme tied core technicians with the company, which showed its confidence.
該計劃將核心技術人員與該公司捆綁在一起，這表明了該公司的信心。
According to the announcement, this equity incentive will not involve board directors, supervisors and executives, therefore, we judge that the equity incentive scheme is designed for its core professionals for design and production.
根據公告，本次股權激勵將不涉及董事會、監事和高管，因此，我們判斷股權激勵計劃是為其核心專業人員設計和生產的。
Currently, the company is expanding its industrial modules in an accelerated manner into more segments in the downstream. And the binding with core technicians is conducive to its expansion, and also demonstrates its long-term confidence in its long-term growth.
目前，該公司正在加速將其工業模塊擴展到下游更多的細分市場。而與核心技術人員的捆綁有利於其擴張，也表明了其對長期增長的長期信心。
With ample orders, the company enjoys higher certainties to achieve the assessment target.
在訂單充足的情況下，公司實現考核目標的確定性更高。
Since 2022, the company announced that it has inked orders worth over CNY 4 billion, with abundant orders in hand.
自2022年以來，該公司宣佈已經簽署了價值超過40億元的訂單，手頭有大量訂單。
In addition, the company also consolidated Libert Engineering and Libert Construction in 2022. The optimized employee structure made the expense rates go down.
此外，該公司還在2022年整合了Libert Engineering和Libert Construction。優化的員工結構使費用率下降。
In 1H23, the company's revenue and profit grew by 127.02% and 150.58% from a year earlier, making us believe the company enjoys higher certainties in achieving the targets.
23年上半年，該公司的收入和利潤同比增長127.02%和150.58%，這讓我們相信該公司實現目標的確定性更高。
Its long-term growth potential is huge.
其長期增長潛力巨大。
We think that the market size of industrial modules in the future will expand. Given its expansion into local clients and segment markets, we hold that the company's long-term growth potential is still abundant.
我們認為，未來工業模塊的市場規模將會擴大。鑑於其向本地客戶和細分市場的擴張，我們認為該公司的長期增長潛力仍然充足。
Additionally, with the expansion of its design staff and production capacity, the company's business structure will likely incline to production and design whose gross margin is higher, further lifting its profitability.
此外，隨著設計人員和產能的擴大，公司的業務結構可能會傾向於毛利率較高的生產和設計，進一步提高盈利能力。
Earnings forecast and investment recommendation
盈利預測和投資建議
We maintain our earnings forecasts and estimate its net income attributable to shareholders at CNY 230 million/ CNY 306 million/ CNY 391 million, implying 18.39x PE in 2023, 13.84x PE in 2024, and 10.81x PE in 2025, based on the closing price on September 11. Maintain "Outperform".
我們維持盈利預測，預計其股東應佔淨收益為人民幣2.3億元/人民幣3.06億元/人民幣3.91億元，這意味著2023年的本益比為18.39倍，2024年的本益比為13.84倍，2025年的本益比為10.81倍，保持“跑贏大盤”。
Potential risks
潛在風險
less-than-expected demand; lower-than-expected gross margin; systematic risks
需求低於預期；毛利率低於預期；系統性風險
譯文內容由第三人軟體翻譯。