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中新賽克(002912.SZ):推出股權激勵計劃,夯實長期成長基礎
格隆匯 12-19 11:35

作者:程成、馬成龍 

來源:國信通信

事項

近日,公司推出股權激勵計劃,主要內容如下所示:

1、擬授予320.16萬股,佔公司股本的3%,其中,266.11萬股首次授予,54.05萬股為預留。首次授予價格為58.43元/股。

2、激勵對象為378人,包括高管及中層。董祕李斌、副總王明意分別獲授3.8萬、3.7萬股。

3、三個限售期解鎖比列為40%、30%、30%,解鎖條件分別為:第一限售期:2020年淨資產收益率不低於13%,2019~2020兩年利潤平均值相較18年增速不低於40%,且不低於同行業可比公司75分位數,主營業務比重不低於90%;第二限售期:2021年淨資產收益率不低於13.5%,2019~2021三年利潤平均值相較18年增速不低於50%,其它同;第三限售期:2022年淨資產收益率不低於14%,2019~2022四年利潤平均值相較18年增速不低於65%,其它同;

4、股權激勵費用按5年攤銷,若2020年4月授予,預計2020~2024年份的費用為4373/5830/3498/1554/291萬元。

評論

大範圍股權激勵增強員工動力,長期穩健發展可期

本次公司拿出3%的股份對員工378人進行了激勵,對於國企而言,激勵面和強度上都較為到位。激勵計劃目標設置得總體較為穩健,符合國企的一貫風格。激勵計劃目標設定到2022年,彰顯了公司未來三年持續穩健增長的信心。

信息安全景氣度提升在即,5G刺激流量快速增長助力公司長期發展

網絡可視化建設作為政府信息安全防護領域的支出,在各個年份間有一定的波動性。2019年整體沒有大的採購訂單,我們認為需求一定程度上被壓制,有望在明年釋放,行業景氣度提升在即。公司作為細分領域龍頭,有望充分受益。

明年隨着5G的全面規模商用,用户側流量將會大幅增長,相應倒逼骨幹網擴容,公司鋪設在核心骨幹網和承載網節點的設備有望在此刺激下要麼增量要麼升級,相應採購有望持續加大副增長。可視化作為數據基礎設施的重要環節,將全面受益流量增長大邏輯。

看好公司長期發展和業務質地,維持“增持”評級

看好公司的長期發展,考慮到股權激勵費用,結合激勵目標,我們預計2019~2021年的利潤為2.6/3.7/5.0億元,對應PE 48、34、25倍,維持“增持”評級。

風險提示:下游訂單落地不達預期風險;新業務毛利率下滑風險;控費不達預期風險。

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