Shengyi Technology (600183): Equity incentive grants high-frequency and high-speed materials to drive new growth

Event company announced on the evening of June 18: The board of directors agreed to grant the stock supplement 10216 to the incentive objects of the stock option incentive plan in 2019 for the first time.

89.77 million copies, 483 were awarded for the first time, and the exercise price was 13.

35 yuan / share, the first grant date is June 18, 2019.

The brief evaluation of the incentive assessment requires steady growth. The company has early enough to be confident that the performance evaluation conditions of this equity incentive plan are based on the deduction of non-net profit in 2018, and the growth of non-net profit deduction from 2019 to 2022 is not less than 10% and 21%, respectively, 33.

1%, 46.

41%, total amortized cost 2.

500 million, the cost amortization for 2019-2023 is 4633, 8342, 6467, 4343, 15.86 million yuan.

This incentive further improved the company’s incentive mechanism, fully mobilized 苏州桑拿网 the enthusiasm and creativity of middle and senior management personnel and core backbones, and realized the binding of interests among shareholders, the company and the core team.

In the assessment conditions, the non-net profit deduction is the data after excluding fair incentive fees and the effective acquisition target’s operating impact. If the incentive costs are included and the acquisition impact is not considered, we estimate that the net profit deduction from non-attribution to mothers will increase by 2019-2022.The speed should reach 6%, 7%, 12%, 12% (revenue rate is 12 in 2018.

9%).

The prosperity of ordinary copper-clad products has changed. The company’s net interest rate has been stable for many years, and its cost control ability is strong. It is believed that with the release of new production capacity, the market size of ordinary products is stable and 武汉夜网论坛 upward, and its performance promotes stable growth.

Base station high-frequency / high-speed copper-clad laminates have a large space for conversion, benefiting from the demand for 5G network replacement. The company took the lead in realizing 5G high-frequency / high-speed copper-clad laminates for large-scale production.After trial production, high-frequency and high-speed copper-clad laminates are expected to benefit the global 5G network construction demand with high cost performance.

The expansion of the company’s PTFE sheet in the market has a small elasticity. In fact, there are multiple material system technical routes for high-speed materials. Non-PTFE and other high-frequency materials can be converted and transformed through the existing production line to achieve mass production. The company’s total production capacity isIt is a leader in the industry, has abundant technical route reserves, has a large space for conversion, and has spare factory land in Nantong, which has increasingly expanded its production resources.

5G consumer electronics terminal materials are gradually introduced, and the post-5G era continues to benefit. The company has stocked a large number of high-frequency substrate products for the 5G smartphone market, such as special copper-clad laminates for carrier boards, high-frequency FCCL, new rigid substrates for mobile phone motherboards, and IC packaging.Substrate materials, etc., and cooperate with internal Android brand manufacturers in mobile terminal materials to form a complete layout of 5G base station side and consumer electronics terminal side substrates, with medium and long-term growth expected.

Earnings forecasting and rating companies are highly deterministic in the realization of import substitution in the 5G industry cycle. The long-term growth line is clear and continues to be optimistic.

We expect the company’s net profit attributable to its parent to be 11 in 2019-2021.

7, 14.

8, 18.

400 million, eps are 0.

55, 0.

70, 0.

87 yuan / share, the current expected corresponding PE is 25, 20, 16X, considering the scarcity of the company’s technological breakthroughs in high-frequency CCL and FCCL, and the certainty of beneficiary import substitution, according to 19 years 30XPE for 6 monthsTarget price of 16.

57 yuan / share, maintain BUY rating.

Risks suggest that the macroeconomic boom is declining, the prices of ordinary boards have fallen sharply, and new product markets such as high-frequency and high-speed development have fallen short of expectations.