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
新增内容
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.
上海国际机场宣布了其限制性股票激励计划草案，提议在初始阶段以每股18.44元人民币的价格向不超过300名员工（例如董事会董事、高级管理人员和其他主要员工）授予最多1,051万股限制性A股（占公司当前总股份的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%.
股权激励计划的限制性股票将分期 “解锁”。在24—36个月、36—48个月以及限制性股票授予注册完成后的48—60个月内，将解锁40％、30％和30％的限制性股份。要解锁限制性股票，公司必须达到某些财务业绩目标。例如，该公司的每股收益在2024年应不低于0.71元人民币，2025年应不低于0.84元人民币，2026年应不低于0.98元人民币（且不低于行业平均水平），其2024、2025年和2026年归属于股东的净利润应比2023年（不低于行业平均水平）增长至少90％、125％和160％，毛利率在2024、2025年和2026年应不低于 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.
该计划仍在等待上海市政府国有资产监督管理部门和上海国际机场股东大会的批准。
Comments
评论意见
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.
股权激励，使公司管理层的利益与长期增长保持一致。我们计算，公司解锁限制性股票的财务业绩目标（与2023年相比，公司归属于股东的净利润在2024年应增长至少90％，2025年应增长125％）意味着2024年的净利润为17.7亿元人民币，2025年净利润为21亿元人民币，比我们对公司的收益预期低34％和39％，比我们对公司的收益估计低36％和48％ 风能共识估计。我们预计，全行业的平均收益增长率将与该公司提供的绝对增长率相似。
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.
根据我们的估计，白云国际机场在2024年和2025年的收益可能与2023年相比增长172％和181％，2024年和2025年深圳机场的收益可能与2023年相比增长9％和60％，2024年和2025年厦门国际机场的收益可能与2023年相比增长40％和47％。北京首都国际机场在2023年仍然遭受损失。根据其限制性股票激励计划草案，上海国际机场预计股权激励将有效激励其管理团队，提高其运营效率，并使其管理团队的利益与公司的长期增长保持一致。
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.
股权激励可能会导致额外的并购费用。根据该草案，如果在2024年5月14日的初始阶段向员工授予841万股限制性股票，则总成本可能约为1.5469亿元人民币，这意味着2024年的摊销成本为3,671万元人民币，2025年的摊销成本为人民币5,800万元人民币。
Financials and valuation
财务和估值
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.
我们将2024年和2025年的收益预期下调了19％和23％，至26.76亿元人民币和人民币34.39亿元，原因是我们根据免税购物业务最近的运营情况下调了对该业务每位客户销售额的估计。该股的交易价格为2024年的34.3倍，市盈率为26.7倍2025倍。我们将目标股价下调了5％，至38元人民币，这意味着2024年的市盈率是35倍（我们之前的目标价意味着2024年的市盈率是30倍，主要是因为我们考虑到在国际航班持续复苏的情况下该公司的风险偏好有所改善），上涨幅度为3％。我们维持跑赢大盘的评级。
Risks
风险
Disappointing tourist traffic recovery and/or sales of duty-free shoppingbusiness; higher-than-expected capex.
游客流量恢复和/或免税购物业务的销售令人失望；资本支出高于预期。
译文内容由第三方软件翻译。