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研報掘金丨浙商證券:皓元醫藥業績目標維持,激勵彰顯信心,予“增持”評級
格隆匯6月28日丨浙商證券27日研報指出,皓元醫藥(688131.SH)6月26日發佈2023年股權激勵計劃。測算發現,公司2023年股權激勵計劃設定的2023-2024年的具體收入目標與2022年股權激勵計劃設定的2023-2024年具體收入目標(若增速目標依據收入測算)基本保持一致。相較於2022年的股權激勵計劃,此次計劃更為聚焦(2022年為221人,2023年為124人)。該行認為,股權激勵的考核目標並不是業績指引,更關注常態化激勵充分調動公司核心人員積極性的作用。看好公司在前後端的深蹲佈局下實現收入高增與高盈利能力持續。公司“產品+服務”的商業模式具備稀缺性。經歷了2022年的費用承壓後,前端的大規模的存貨前置與週轉加速回升、以及後端的產能釋放後的動能切換將驅動公司2023年起逐步進入業績增速拐點。考慮到皓元醫藥的行業領先地位、全球市場拓展的彈性以及較低的PEG水平,當前具備較高投資價值,給予“增持”評級。
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