海底撈(06862.HK)：採納股份獎勵計劃，激勵再加碼、利益高綁定，維持“增持”評級
機構：東吳證券
評級：增持
事件：公司發佈公告，已於10月8日採納股份獎勵計劃，以認可合資格人士的貢獻。
投資要點
以貢獻為導向，綁定員工利益，激勵體系進一步加碼。該計劃旨在認可合資格人士的貢獻，以激勵其留任集團並致力於集團未來的發展及擴張。董事會可不時選擇任何合資格人士為選定參與者，考慮其現在與預期作出的貢獻等事項，根據計劃規則在獎勵期間向其授出獎勵（如果任何董事或有關選定參與者擁有未刊發內幕消息、或其他限制事項，則不得授出獎勵股份）。採取向受託人發行或配發股份，或向信託劃撥所需資金並指示受託人按當時市價通過場內交易收購股份以落實獎勵。獎勵股份總數不得超過採納日已發行股本的5%，即2.65億股。該計劃初步將自採納日期起計10年期間有效及生效。
一貫重視員工激勵與培養，股份獎勵豐富和完善激勵制度。公司扁平化管理、充分放權；前台服務擔當制度、後台計件制，員工薪酬與業績高度掛鈎且高於行業；海底撈大學培養、師徒制擴張，員工晉升路徑、職業規劃清晰；員工福利豐富，對公司的滿意度和認可度達到80%以上。本次股份獎勵計劃補充管理體系、豐富完善多層次激勵機制，有望進一步發掘員工的潛力。
提高員工留存率，保障門店高速擴張與高效經營，鞏固核心競爭力。
19H1營收同增59%，剔除IFRS16的影響後，歸母淨利同增50-52%，亮眼的經營表現印證海底撈管理護城河。一方面，自下而上高度靈活的師徒制開店模式下，開店進一步加速，19H1新開門店130家，門店總數達593家，預計全年新開門店超300家，高速擴張離不開有效的人才儲備；另一方面，門店員工積極性與高效管理驅動門店效益進一步提升，19H1同店翻枱率從5次提升至5.2次，同店銷售額實現4.7%的增長。優秀員工的培養和留存是門店高速擴張、高效運營的基礎，更完善的激勵體系有望降低人才流失率，此次股份激勵計劃具有戰略價值。
盈利預測：根據開店預測微調盈利預測，預計19-21年歸母淨利25、39、56億元，同比增長53%、54%、45%，EPS為0.48、0.73、1.06元，對應PE為69、45、31倍，看好公司長期發展，維持“增持”評級。
風險提示：開店不及預期、門店經營不及預期、食品安全等風險。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
