Zhaoyan New Drug (603127): The implementation of the 2019 incentive plan further binds employees

On July 29, the company released the 2019 stock supplement and supplementary stock incentive plan. The company intends to grant a total of 243 directors, senior management personnel and core technical personnel, etc. to 成都桑拿网 equity.

90,000 copies.

The number of incentives this time accounts for about 25% of the total number of people, covering a wide range, and equity accounts for about 1.

05%, consisting of two parts: the stock budget incentive plan and the supplementary stock incentive plan.

Stock option incentive plans The company’s stock option incentive plans total 124.

90,000, accounting for about 74% of this incentive plan, accounting for 0 of the company’s total share capital.

77% of the incentives are 238 core technology (business) backbones. The company will gradually improve the company’s long-term incentive mechanism to attract and retain outstanding core business personnel.

The exercise price of this budget is 48.

11 yuan / share, the total amortization expense of this stock budget is 607.

320,000 yuan, amortization of 135 each year in 2019-2022.

460,000 yuan, 320.

670,000 yuan, 116.

740,000 yuan, 34.

450,000 yuan.

Tier 1 stock incentive plan This performance stock incentive plan totaled 450,000 copies, accounting for about 26% of the incentive plan, accounting for 0 of the company’s total share capital.

28%, the incentive targets are 5 directors, 82 supervisors and 77 core technical (business) backbones.

The grant price of shareholders’ shares is 24.

06 yuan / share, the total share appropriation plan for this income share incentive plan is 987.

RMB 790,000, with an annual amortization of 235 in 2019-2022.

97 ppm, 543.

290,000 yuan, 164.

630,000 yuan, 43.

900,000 yuan.

Impact of stock unlocking conditions and amortization of fees on net profit The unlocking conditions of the stock budget and the stock exchange incentive plan are: Based on 2018 revenue, the revenue growth rate for 2019-2021 is not less than 30%, 69%, 119.

7%, that is, the annual growth rate of revenue from 2019 to 2021 exceeds no less than 30%.

We believe that the company’s revenue growth rate will be more than 40% in the next three years, so the unlocking requirements are relatively loose.

The total amortized expenses for the stock budget and budget stock incentive plan for 2019-2022 are 371.

430,000 yuan, 863.

960,000 yuan, 281.

370,000 yuan, 78.

350,000 yuan, with a forecast net profit of 153 in 2019.

Calculated at 99 million, the expected impact of incentive costs on net profit in 2019 is 2.

41%, the overall impact is small.

Profit forecast: We expect the company’s net profit attributable to mothers to be 1 in 2019-2021.

5.4 billion, 2.

2.2 billion, 3.

180,000 yuan, an increase of 42 in ten years.
13%, 43.
92%, 43.

46%; Corresponding PEs are 51X, 35X, 25X, maintaining “Recommended” investment rating.

Risk reminder: Innovative drug companies have reduced R & D investment, risk of brain drain, increased industry competition, and less-than-expected capacity expansion.