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奇正藏药(002287):股权激励公布 业绩增长可期

東北證券 ·  Mar 5, 2019 00:00  · Researches

Incident: The company announced the 2019 Restricted Stock Incentive Plan (draft) to grant 2.438 million restricted shares to 65 company directors, senior management, core management and core business executives, accounting for approximately 0.60% of the company's total share capital. Among them, 2.266 million shares were granted for the first time, accounting for 92.95% of the total number of restricted shares granted; 0.172 million shares were reserved, accounting for 7.05% of the total number of restricted shares granted; and the grant price for restricted shares under this plan was 14.03 yuan/share. Comment: The company divides incentive targets into two categories: company executives, core managers, and core business backbone. Each has a different sales restriction period and sales restriction cancellation ratio. The lifting of sales restrictions for company executives and core management is divided into 4 phases, with a sales restriction rate of 25% for each period. The assessment year is the four fiscal years 2019-2022, and the revenue targets for 2019-2022 are 1.398 billion, 1.614 billion, 1.878 billion, and 2.90 billion yuan. Sales restrictions were lifted in 2 phases for core business stakeholders. The proportion of sales restrictions lifted in each phase was 50%. The assessment year was for the two fiscal years 2019-2020, and the revenue targets for 2019-2020 were 1398 billion and 1,614 billion yuan. The channel layout is constantly being strengthened, and clinical research and development continues to advance. 2018 marks the beginning of the company's new strategy of “one axis, two wings, three supports”. At present, the company has built an independent marketing team of more than 1,000 people to speed up the layout of primary care channels and promote channel sinking; at the same time, it continues to promote refined investment models and accelerate market expansion. The company has achieved steady growth in first-line pastes and rapid growth in second-line pills through three-wheel drive in major hospitals, basic drugs, and retail. In addition, the company is vigorously expanding its pain product line. The development of new products is parallel to the secondary development of already marketed products, further increasing the coverage of second-tier new products. There are more than 10 clinical research projects under development and post-marketing clinical research projects, and more than 10 basic research projects. Maintaining the “gain” rating: This incentive plan is expected to fully motivate the company's core personnel and promote rapid performance growth. EPS is expected to be 0.78 yuan, 0.90 yuan, and 1.02 yuan respectively in 2018-2020, corresponding to PE of 36 times, 32 times, and 28 times, maintaining the “gain” rating. Risk warning: Product sales and promotion fall short of expectations, risk of product bidding and price reduction, etc.

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