奇安信(688561):股權激勵綁定技術骨幹 “軍團”戰略穩步推進
公司推出2022 年股票期權激勵計劃(草案),深度綁定核心技術骨幹。軍團戰略持續推進,公司在關基行業份額穩步增長,結構持續優化;底層平台築基完成,重投入階段提前結束,利潤拐點可期,強烈推薦。事件:公司發佈2022 年股票期權激勵計劃(草案),擬向848 名激勵對象授予股票期權數量為1023.1232 萬份,佔當前公司股本總額的1.50%,不設置預留權益。該激勵計劃授予股票期權的行權價格不低於50.89 元/份。重視核心技術人才,深度綁定核心技術骨幹。此次股票激勵計劃共授予848人,以2021 年披露員工人數計算,佔總員工的8.78%,其中包含4 名核心技術骨幹。業績考核目標以2021 年營收為基準,2022-2025 年營收增長率不低於25%/55%/90%/135%,2022-2025 營收CAGR 約為23.81%。軍團戰略穩步推進,研發平台築基完成助推效率提升。公司軍團戰略穩步推進,在運營商、能源、金融等重點關鍵基礎設施保護行業持續發力,公司Q1在手訂單超23 億元(金額約為21 年營收的40%),其中新增訂單超9 億元,同比增長超65%,我們預計公司有望憑藉充裕的在手訂單平滑Q2 疫情影響;網安行業上半年整體受疫情影響,導致部分項目招投標遞延,需求有望在下半年陸續釋放,公司有望依託軍團戰略,在關基行業繼續快速推進,推動營收結構持續優化,為全年營收增長提供保障。此外,公司前期重點對底層通用研發平台進行投入,目前已基本完成八大核心研發平台建設,使得公司研發效率有了較大提升,並提前結束重投入階段。通過研發平台,公司可實現功能模塊化,並使用“樂高式”進行產品項目開發,大幅提升研發與定製化交付效率;21 年公司安全產品毛利率77.02%,增長4.78pct,效率提升逐步顯現。預計隨着研發平台打磨完成,研發效率提升有望推動盈利水平快速改善。維持“強烈推薦”投資評級。預計公司22-24 年歸母淨利潤為0.57/2.44/3.99億元,股權激勵深度綁定核心骨幹,在手訂單充裕,底層平台打磨完成,研發效率提升,利潤拐點可期,維持強烈推薦。風險提示:新產品研發不及預期、疫情影響擴大、下游需求不及預期。
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