格力電器(000651):擬註銷1億回購股份
事件:近期,公司公佈擬對第二期回購股份的用途進行調整,由原計劃“回購股份將用於員工持股計劃或者股權激勵”變更為“回購股份用於註銷以減少註冊資本”。點評:公司2020年至今已進行3次股份回購。公司第一期和第二期回購已實施完畢,其中第一期回購股份金額接近60億元,將第一期回購股份部分用於員工持股計劃,已公佈計劃草案;第二期回購股份約60億元,因尚無使用第二期回購股份用於員工持股計劃或者股權激勵的具體計劃,公司擬將第二期回購股份用途變更為註銷以減少註冊資本;第三次回購正在實施當中,上限金額為150億元。第一期員工持股計劃折扣較大,業績考核激發前提較為寬鬆,引發中小股東不滿。此前公佈的員工持股計劃草案提及,員工購買公司回購股份的價格為27.68元/股,相當於1.2萬員工可以5折價格購買公司股份。同時,計劃的業績考核方案可以理解為,2021年觸發條件是業績基本恢復至2019年水平,2022年觸發條件是業績恢復至2018年水平,年增速大概10%左右。2020年受新冠疫情影響和公司渠道改革因素影響,屬於業績窪地,因此此次業績考核條件較易達成。雖然員工持股計劃可以實現員工利益與公司利益捆綁,但計劃合理性和可行性是激勵是否有效的前提。此次員工持股計劃公佈後,對公司股價負面影響較大,大多中小股東認為有損其利益。我們認為,公司員工持股計劃有助於留住人才,但對公司業績提振作用有待觀望。第二期回購股份用於註銷,有利於提升每股收益。公司第二期回購股份共計101,261,838股,本次變更及註銷後,公司總股本將由6,015,730,878股變更為5,914,469,040股。本次變更回購股份用途並註銷事項尚需公司股東大會審議批准。公司回購股份是上市公司維護其二級市場價格穩定的常用手段之一,有利於維護股東、社會、員工的利益。若此次註銷回購股份可順利完成,一定程度上有利於提升每股收益水平,對於提高公司股東的投資回報有正面作用;同時,也側面反映公司對中小投資者權益的關注與維護,有助於提振中小股東對公司的信心。第三期回購股份上限金額超過前兩期回購之和,用途仍值得市場關注。第一期員工持股計劃提及,公司全部有效的員工持股計劃所持有的公司股票總數量不超過公司股本總額的10%,單個員工所獲股份權益對應的股票總數量不超過公司股本總額的1%。按第三期股份回購計劃所示,第三期回購股份也將用於員工持股計劃或股權激勵。對員工激勵並非市場擔憂之處,關鍵是激勵方案的合理性,能否推動公司業績增長和健康可持續發展。投資建議:維持推薦評級。建議繼續關注公司回購股份用途計劃。考慮到公司渠道改革成效開始彰顯,新零售模式有望助力公司銷售額擴張,預計公司2021/2022年的EPS分別為4.14/4.84元,對應PE分別為13/11倍,維持推薦評級。風險提示:公司渠道改革不及預期,成本大幅上漲,疫情防控不及預期,匯率變動等。
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