SHANGHAI INTERNATIONAL AIRPORT(600009):EQUITY INCENTIVE PLAN UNVEILED; FOCUS ON PERFORMANCE TARGETS
SHANGHAI INTERNATIONAL AIRPORT(600009):EQUITY INCENTIVE PLAN UNVEILED; FOCUS ON PERFORMANCE TARGETS
What's new
新增內容
Shanghai International Airport has announced a draft for its restrictedshare incentive plan, proposing to grant up to 10.51mn restrictedA-shares (0.42% of the firm's current total shares) to no more than 300employees (e.g., board directors, senior executives, and other keyemployees) at a price of Rmb18.44 per share in the initial stage.
上海國際機場宣佈了其限制性股票激勵計劃草案，提議在初始階段以每股18.44元人民幣的價格向不超過300名員工（例如董事會董事、高級管理人員和其他主要員工）授予最多1,051萬股限制性A股（佔公司當前總股份的0.42％）。
The restricted shares of the equity incentive plan will be "unlocked" inphases. In the 24–36 months, the 36–48 months, and the 48–60 monthsafter the completion of the registration for granting the restricted shares,40%, 30%, and 30% of the restricted shares will be unlocked. To unlockthe restricted shares, the firm must meet certain financial performancetargets. For example, the firm's EPS should be no less than Rmb0.71 in2024, Rmb0.84 in 2025, and Rmb0.98 in 2026 (and not lower thanindustry average), its net profit attributable to shareholders in 2024, 2025,and 2026 should grow at least 90%, 125%, and 160% compared with thatin 2023 (and not lower than industry average), and its gross margin in2024, 2025, and 2026 should be no less than 19%, 22.5%, and 26%.
股權激勵計劃的限制性股票將分期 “解鎖”。在24—36個月、36—48個月以及限制性股票授予註冊完成後的48—60個月內，將解鎖40％、30％和30％的限制性股份。要解鎖限制性股票，公司必須達到某些財務業績目標。例如，該公司的每股收益在2024年應不低於0.71元人民幣，2025年應不低於0.84元人民幣，2026年應不低於0.98元人民幣（且不低於行業平均水平），其2024、2025年和2026年歸屬於股東的淨利潤應比2023年（不低於行業平均水平）增長至少90％、125％和160％，毛利率在2024、2025年和2026年應不低於 19%、22.5% 和 26%。
The plan still awaits approval from the State-owned Assets Supervisionand Administration department of the Shanghai municipal government andthe shareholders meeting of Shanghai International Airport.
該計劃仍在等待上海市政府國有資產監督管理部門和上海國際機場股東大會的批准。
Comments
評論意見
Equity incentive to align the interests of the firm's management withits long-term growth. We calculate that the firm's financial performancetargets for unlocking the restricted shares (the firm's net profit attributableto shareholders should grow at least 90% in 2024 and 125% in 2025compared with that in 2023) imply a net profit of Rmb1.77bn for 2024 anda net profit of Rmb2.1bn for 2025, 34% and 39% lower than our earningsestimates for the firm, and 36% and 48% lower than Wind consensusestimates. We expect the industry-wide average earnings growth rates tobe similar to the absolute growth rates provided by the firm.
股權激勵，使公司管理層的利益與長期增長保持一致。我們計算，公司解鎖限制性股票的財務業績目標（與2023年相比，公司歸屬於股東的淨利潤在2024年應增長至少90％，2025年應增長125％）意味着2024年的淨利潤爲17.7億元人民幣，2025年淨利潤爲21億元人民幣，比我們對公司的收益預期低34％和39％，比我們對公司的收益估計低36％和48％ 風能共識估計。我們預計，全行業的平均收益增長率將與該公司提供的絕對增長率相似。
Based on our estimates, earnings of Baiyun International Airport in 2024and 2025 are likely to grow 172% and 181% compared with those in 2023,earnings of Shenzhen Airport in 2024 and 2025 are likely to grow 9% and60% compared with those in 2023, and earnings of Xiamen InternationalAirport in 2024 and 2025 are likely to grow 40% and 47% compared with those in 2023. Beijing Capital International Airport still suffered a loss in2023. According to the draft for its restricted share incentive plan,Shanghai International Airport expects the equity incentive to effectivelymotivate its management team, improve its operational efficiency, andalign the interests of its management team with the firm's long-termgrowth.
根據我們的估計，白雲國際機場在2024年和2025年的收益可能與2023年相比增長172％和181％，2024年和2025年深圳機場的收益可能與2023年相比增長9％和60％，2024年和2025年廈門國際機場的收益可能與2023年相比增長40％和47％。北京首都國際機場在2023年仍然遭受損失。根據其限制性股票激勵計劃草案，上海國際機場預計股權激勵將有效激勵其管理團隊，提高其運營效率，並使其管理團隊的利益與公司的長期增長保持一致。
Equity incentive may result in additional G&A expenses. Based on thedraft, if 8.41mn restricted shares are granted to employees in the initialstage on May 14, 2024, it may result in total costs of about Rmb154.69mn,implying an amortized cost of Rmb36.71mn for 2024 and an amortizedcost of Rmb58mn for 2025.
股權激勵可能會導致額外的併購費用。根據該草案，如果在2024年5月14日的初始階段向員工授予841萬股限制性股票，則總成本可能約爲1.5469億元人民幣，這意味着2024年的攤銷成本爲3,671萬元人民幣，2025年的攤銷成本爲人民幣5,800萬元人民幣。
Financials and valuation
財務和估值
We lower our 2024 and 2025 earnings forecasts by 19% and 23% toRmb2,676mn and Rmb3,439mn, as we revise down our estimates for percustomersales of the duty-free shopping business based on recentoperations of the business. The stock is trading at 34.3x 2024e and 26.7x2025e P/E. We cut our target price by 5% to Rmb38, implying 35x 2024eP/E (our previous target price implies 30x 2024e P/E, mainly because wetake into consideration the improving risk appetite for the firm amid thecontinuous recovery of international flights), offering 3% upside. Wemaintain OUTPERFORM rating.
我們將2024年和2025年的收益預期下調了19％和23％，至26.76億元人民幣和人民幣34.39億元，原因是我們根據免稅購物業務最近的運營情況下調了對該業務每位客戶銷售額的估計。該股的交易價格爲2024年的34.3倍，市盈率爲26.7倍2025倍。我們將目標股價下調了5％，至38元人民幣，這意味着2024年的市盈率是35倍（我們之前的目標價意味着2024年的市盈率是30倍，主要是因爲我們考慮到在國際航班持續復甦的情況下該公司的風險偏好有所改善），上漲幅度爲3％。我們維持跑贏大盤的評級。
Risks
風險
Disappointing tourist traffic recovery and/or sales of duty-free shoppingbusiness; higher-than-expected capex.
遊客流量恢復和/或免稅購物業務的銷售令人失望；資本支出高於預期。
譯文內容由第三人軟體翻譯。