《大行报告》瑞信:长汽(02333.HK)2021年A股限制性股票激励计划正面
瑞信发表的研究报告指,长城汽车(02333.HK)公布2021年A股限制性股票激励计划,涉586名参与者、4,318.4万股受限制A股,相当於总股本0.469%,发行价每股16.78元人民币。该行指出要授出受限制股份长汽需要达到一定的规模及净利目标,特别是需要在2021-23年售出逾149万、190万及280万台汽车,而净利需逾68亿、82亿及115亿元人民币。
该行认为股份激励计划属正面消息,主要因为可鼓励参与者积极作出为公司好的决定,包括是管控成本、改善经营效率等,该行留意到激励计划中对2022/23年销量规模的要求高於市场预期,而2021年销量大致符合预期。而公司提供了2023年销量目标的详情,其中ORA品牌新能源车销量目标40万台、货车销量目标40万台、哈弗品牌销量目标100万台,而WEY品牌及坦克品牌销量目标均为50万台。不过,该行认为其盈利目标太保守,维持「跑赢大市」评级,目标价40元。(el/u) ~
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