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Publish the equity incentive plan and concentrate on building the industrial Internet giant

Westdollar.com February 11, 2019 00:00 Essence Securities Li Zhe, Wang Shuwei View original PDF

Industrial Fulian (601138)

Event: The company issued an announcement to propose a total of 225 million shares of stock options and restricted stock to a total of 4,700 directors, management and core employees of the company (including subsidiaries). Among them, 33.75 million share options were granted, accounting for 0.17% of the total share capital, including 27 million shares granted for the first time and 6.75 million shares reserved; 1.9125 billion shares were granted, accounting for 0.97% of the total share capital, including 153 million shares granted for the first time. And reserved 38.25 million shares. The grant of stocks comes from the company's private placement of incentives.


Electronic integrated service providers landed in A-shares to create an industrial Internet giant: The company is a world-renowned manufacturer of electronic design services, and its controlling shareholder is Hon Hai Group (Foxconn). The main products include communication network equipment, cloud service equipment, precision tools and industrial robots.

Relying on the existing foundation, the company focuses on building a new ecosystem of “Advanced Manufacturing + Industrial Internet” with cloud computing, mobile terminals, Internet of Things, big data, artificial intelligence, high-speed networks and robots as technology platforms. As the "first share of the Industrial Internet", the company has attracted a lot of attention in the capital market. It only passed the audit of the audit committee within 36 days, and listed on the main board of the Shanghai Stock Exchange in June 2018, creating the fastest review in the history of A-shares. Record, highlighting the company's competitive strength.

The Equity Incentive Plan was issued to enhance the company's cohesiveness: Through the combination of stock options and restricted stocks, the company consolidated the strength of the core backbone in a long period of time, accelerating the development of the company and creating a new growth pole for the industrial Internet.

The company's equity exercise/restriction of sales conditions is that the net profit for the year is not lower than the average of the previous three years, and the demand for performance growth is not high. We believe that the company's current industrial Internet business is an organic combination of existing cloud services, communication services and industrial robotics. It is expected that the coordination and adjustment between departments will be more intensive. Formulating lower performance requirements can prevent the company from falling into short-term interests and carry out transformation and upgrading in a more relaxed environment, so as to accumulate for subsequent large-scale development.

Investment suggestion: We believe that the company has technical accumulation covering all aspects of the industrial Internet data processing layer, platform layer, executive layer and sensing layer, and is backed by the huge market of the group. The company's resource channels and market competitive advantages are obvious. Growing into a quality gene for the industrial Internet giant. We expect the company's revenue growth rate from 2018 to 2020 to be 10.2%, 11.5%, and 12.1%, respectively. The net profit growth rate is 7.7%, 16.6%, and 14.9%, respectively; the initial investment-A investment rating, 6 The monthly target price is 15.51 yuan, which is equivalent to 15 times dynamic P/E ratio in 2019.

Risk warning: Industrial Internet business advancement is not up to expectations, market competition is intensifying

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Industrial Fulian Fundamental Data
  • Total share capital 19.965 billion shares
  • Circulating shares 1.18 billion shares
  • Earnings per share 0.50 yuan
  • Undistributed profit per share of 1.01 yuan
  • Net assets per share 3.28 yuan
  • Return on equity 23.12%
  • Net profit of 975,608,600
  • Net profit growth rate of 2.69%
Industrial Fulian Investment Rating
Overall rating within one month
Overall rating in March
Statistical period Buy Overweight neutral Reduction Sell total
Within one month200002
Within three months200002
Within six months210003
Within a year320005
Industrial Fulian Profit Forecast
                                index 2017A 2018E 2019E 2020E
Earnings per share (yuan) 0.81 0.85 0.97 1.15
Net profit (100 million yuan) 158.74 167.21 191.64 226.89
name Quote change Number of research reports Institutional investment rating (nearly six months)
Buy Overweight neutral Reduction Sell
Eastern Communication 8.44% 0 0 0 0 0 0
Eastcompeace 7.09% 0 0 0 0 0 0
Bay communication 5.89% 0 0 0 0 0 0
*ST Van Valley 4.18% 0 0 0 0 0 0
Wentai Technology 4.09% 7 5 2 0 0 0
Beixun Group 3.88% 0 0 0 0 0 0
Hengwei Technology 3.82% 3 2 1 0 0 0
Nanjing Panda 3.69% 0 0 0 0 0 0
Ovi Communications 3.41% 0 0 0 0 0 0
*ST Datang 2.80% 0 0 0 0 0 0
Industrial rich union 2.72% 5 2 3 0 0 0
Bang Technology 2.70% 0 0 0 0 0 0
Gome Communications 2.50% 0 0 0 0 0 0
Yitong Technology 2.41% 0 0 0 0 0 0
Tianyin Holdings 2.32% 1 0 1 0 0 0
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Data Sources:Eastern Fortune Choice Data