Antarctic E-commerce (002127): Pushing stock investment incentive plan high performance targets shows development confidence

Antarctic E-commerce (002127): Pushing stock investment incentive plan high performance targets shows development confidence

The event describes the company’s launch of a stock budget incentive plan for 2019.

The company intends to grant Shen Chenyu, Cao Yitang, Ji Yanfen and other 5 senior executives and 119 middle management and core technical staff, a total of 124 people, to grant 16.96 million shares of income, accounting for 0 of the total share capital.

69%, of which 81 were awarded for the first time and replaced respectively.

07%, 18.


The stock-based incentive stocks are gradually repurchased by the company. The exercise price is 75% of the average price of the repurchased stocks, which is 6 per share.

70 yuan / share.

The first performance appraisal targets awarded are: net profit (substitute distribution incentive fee) for 2019, 2020, and 2021 will increase by no less than 36%, 28%, and 28%, and unlock 30%, 40%, and 30%, respectively, after reaching the standardproportion.

According to the company’s budget, the total cost to be apportioned in this stock budget is estimated to be 53.11 million yuan, and amortization of 617, 2839, 14.10, and 4.45 million yuan from 2019 to 2022, respectively.

From the perspective of the performance unlocking target of this equity incentive, the compound growth rate of the performance in the next three years exceeds 30%, which shows the company’s strong confidence in the future development. 重庆耍耍网 In addition to the company’s unlocking target, it has also set a personal size for 2019-In 2021, the company’s authorized and comprehensive service revenue will reach the growth targets of 40%, 30% and 30% respectively. The exercise percentage will be determined based on the results of individual performance assessments. While ensuring the growth rate, the quality of growth is also further guaranteed; at the same time, this timeIncentives include a total of 124 people from company executives to middle-level management and technical personnel, covering a wide range, and are designed to fully stimulate the motivation of employees.

We expect that in the future, the core brand licensing business will maintain rapid growth, driven by the stable growth of time interconnection, and the performance can be expected.

In the first half of September, the growth rate of GMV showed a certain margin. Under the background of operational optimization, the GMV growth rate has started to pick up significantly recently. We expect the 19Q3 GMV growth to continue.

Based on the strength of traditional categories, the company continues to strengthen, new categories, new channels and other continuous expansion support GMV high growth can be expected.

According to the announcement of the authorization and the revenue growth target of comprehensive services, the monetization rate of 19 was re-established at about 4%. The monetization rate in the second half of the year will help improve the chain.

We continue to be optimistic about the company’s focus on IF daily life standard products, the brand authorization model to realize the advanced nature of the industrial chain efficiency and profitability improvement model, and the future high growth trend will continue.

At the same time, the company’s refined operations were strengthened, the receivables turnover efficiency was improved, operating cash flow improved, and the quality of future statements promoted continuous improvement.

We expect the company to achieve net profit attributable to mothers of 12 in 2019-2021.

28, 15.

83 and 20.

28 ppm, at least + 39%, + 29% and + 28% respectively. The current price corresponds to 19PE less than 21X. Maintain Buy rating.

Risk Warning: 1.

The expansion of new categories and new channels was less than expected; 2. Changes in the operating rules of the e-commerce platform; 3. The downside of the monetization rate exceeded expectations; 4. The target performance of the merger and acquisition did not meet expectations; 5. Goodwill was impaired.