share_log

科创新源(300731)点评:新建产线正在认证 股权激励彰显信心

Ke Innovation Source (300731) comments: the newly-built production line is certifying equity incentives to show confidence.

中航證券 ·  Oct 19, 2021 00:00

Event: the company intends to grant 6.5 million stock options to the incentive target, accounting for about 5.20% of the company's total share capital at the time of the announcement. A total of 136 people are encouraged, including directors, senior managers and core technicians, and the exercise price of stock options is 32.16 yuan per share. The annual performance evaluation target of this incentive plan is (1) based on the net profit of 2021, the growth rate of net profit from 2022 to 2024 is not less than 50%, 100%, 200%. (2) if the incentive object works in Wuxi Kuncheng and Ruitaike, the net profit in 2022-2024 is not less than 2100 yuan and 2200 million yuan respectively, and the revenue in 2022-2024 is not less than 100 million yuan in 4-6-8.

The assessment involves listed companies and subsidiaries, demonstrating confidence. The company realized operating income of 300.6353 million yuan in 2021H1, an increase of 89.72% over the same period last year, and the net profit attributed to shareholders of listed companies was 21.0727 million yuan, down 40.16% from the same period last year.

In the first half of 2021, the company's business performance mainly came from traditional business, such as waterproof sealing materials for communications, insulating and fireproof materials for electric power, etc. With the smooth progress of the new production line, the new business will make a greater contribution to the company's performance. This equity incentive plan also examines the net profit growth rate of listed companies and the operating income of Ruitaike, highlighting the company's confidence in the new business.

The completion of the construction of the new production line, actively promote Ningde era and other head customer certification. The company's inflatable liquid-cooled plate production line (with a production capacity of 1.5 million sets / year) has been completed and successfully put into production, and the capital construction of the brazed liquid-cooled plate production line (with a production capacity of 800,000 sets / year) has also been completed, and equipment joint commissioning and trial production are being carried out. at present, the company is actively carrying out Ningde era and other head customer certification.

With the gradual landing of Ruitaike's new production line, it will meet the diversified needs of major customers in the Ningde era from the product structure, and greatly enhance the company's supply capacity in the client. Ruitaike will also continue to increase its market development efforts to meet the supply needs of the Ningde era and develop more new customers at the same time.

Rely on financial capital to lay out the semiconductor material industry. According to the company's development plan, Kechuang Xinyuan joint strategic shareholder Xing Orange Capital, making full use of the linkage basis of the company's existing products and channels, and giving full play to the industrial advantages of Xing Orange Capital in the layout of the semiconductor industry chain, through epitaxial mergers and acquisitions depth layout of semiconductor materials industry, including but not limited to substrate materials, packaging materials, component consumables and other direct or indirect materials. Ke Chuanyuan has invested 3.37% of Anhui Microcore Changjiang Semiconductor Materials Co., Ltd., starting the layout of semiconductor materials. At present, the microcore Yangtze River silicon carbide substrate project has been capped and can produce 120000 6-inch silicon carbide wafers per year.

Investment advice:

While adhering to the main business, Science and Technology Innovation has made an in-depth layout of the liquid-cooled plate and semiconductor materials industry, and the new production line has been successfully completed and put into production, maintaining the buying rating. We estimate that the operating income of the company from 2021 to 2023 is 515 million yuan, 1.233 billion yuan and 1.373 billion yuan respectively, and the net profit of returning mother is 60 million yuan, 130 million yuan and 210 million yuan respectively, corresponding to 66 times, 32 times and 21 times of PE in 2021-2023.

Risk hint: downstream demand is declining; new project schedule is not as expected

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment