億聯網絡(300628):設立產業投資基金 制定基金激勵計劃 構建持續成長能力
事件。億聯網絡6 月23 日發佈公吿,擬出資不超過1.25 億參與設立產業投資基金。同時,設立基金激勵計劃,激勵對象均為對公司整體業績及中長期發展具有重要作用的核心關鍵人員。產業投資基金延伸公司產業佈局。公司擬與廈門凱泰億聯投資管理有限公司(以下簡稱“凱泰億聯”,由公司持股30%與凱泰資本持股70%共同設立)、公司的董事兼副總經理盧榮富先生及其他第三方社會資本或機構投資人,共同對外投資設立產業投資基金,其中,凱泰億聯為基金管理人。基金總募集規模不超過人民幣5 億元,公司以自有資金認繳出資人民幣不超過1.25 億,盧榮富先生擬出資人民幣不超過2500 萬元,剩餘資金由凱泰資本、凱泰億聯及其他第三方社會資本及機構投資人認繳。公司本次對外投資藉助專業的投資管理平台,積極投資具有良好成長性和發展前景的雲服務、雲技術、大數據、人工智能、智能硬件等領域具有技術創新、產品創新和商業創新的項目,延伸公司的行業觸角,提升公司產業協同能力、行業研究能力。基金激勵計劃助力公司長期健康穩定發展。本次基金激勵計劃形式為:當公司年度營業收入同比增長率不低於30%(含本數),且公司設定的限制性股票當年度業績目標達成時,則按不超過當年度淨利潤淨增加額10%的比例提取激勵基金;並使用該激勵基金設立“事業合夥人持股計劃”,以持股計劃的形式購入公司股票並進行鎖定,鎖定期為12 個月,待鎖定期滿後方可解鎖,並向激勵對象分配收益。該計劃第一個運作週期為2021 年-2025 年,將連續實施五期,引導高層人員關注中長期價值創造,成為公司的事業合夥人,進一步提升高層人員的穩定性和凝聚力,確保公司長期、健康的可持續發展。盈利預測。我們預計,未來公司將進一步以SIP 統一通信桌面終端為核心,通過差異化的銷售體系與微軟合作開拓高端市場、逐漸實現目標市場的向上滲透,同時推動渠道下沉和大客户拓展,支撐公司未來業績發展。公司作為中國統一通信細分領域龍頭,全球第一的SIP 話機供應商,發力雲辦公視頻系統業務,構建持續快速的成長能力。我們預測2021-2023 年度營業總收入為34.35(+24.7%)、43.23(+25.8%)和54.29 億元(+25.6%),淨利潤為16.35(+27.9%)、20.63(+26.1%)和25.88 億元(+25.5%)。給予2021年PE 區間45-50x,對應合理價值區間81.48-90.53 元,“優於大市”評級。風險提示。SIP 統一通信桌面終端增長放緩,VCS 市場發展不及預期。
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