Minsheng **shares*** Wang Yanhai and Zhang Lingyu recently conducted research on Ziyan Food and released a research report "Event Comments: Release of Draft Equity Incentives, Demonstrating the Company's Development Confidence", this report gives ** rating to Ziyan Food, and the current stock price is 2187 yuan.
Ziyan Food (603057).
Event: On the evening of January 8, Ziyan Food released the 2024 restricted ** incentive plan (draft), and the company intends to grant ** 246450,000 shares, accounting for 060%；The incentive plan is granted in a one-time manner and does not have reserved benefits. A total of 192 core employees and technical backbones were incentive, and 10 were awarded89 yuan shares. The total amortized expense of the incentive is expected to be 2,575400,000 yuan, each year from 2024 to 2027. 460,000 yuan. The release period is 12 months after the date of completion of the registration of the grant, and the proportion of the release of the restriction is %.
All of them are used to motivate core employees and technical backbones, and anchor the 15%+ growth center in 24 years. The incentive plan is proposed to be 10$89 shares granted 246450,000 shares** are RMB A ordinary shares of the Company issued by the Company to incentive recipients. In terms of incentive personnel, a total of 192 core employees and technical backbones were awarded, and the incentive list did not include senior executives such as general managers, deputy general managers, and board secretaries. In terms of performance appraisal targets, within 12 months after the date of completion of registration of granting, the proportion of lifting restrictions is 30% 30% 40% respectively, and the proportion of lifting restrictions is calculated according to the degree of completion of the assessment objectives, and the revenue and profit are unlocked: 1) In terms of income, it is estimated that if the targets for each period are achieved, the revenue growth rate in 24-25 years will not be less than 19% 16% 14% respectively;2) In terms of profit, if the targets for each period are achieved, the growth rate of net profit attributable to the parent company (excluding equity incentive expenses) shall not be less than 15%, 13% and 12% respectively.
Overseas layout in Australia and the United States to expand long-term development space. The company has promoted the strategic layout of internationalization in an orderly manner, and has signed cooperation agreements with local distributors in Australia and the United States. In May 23, the company established an overseas business department;At the end of November, the company signed a strategic cooperation agreement with the United States Dahua Group, and reached an agreement on the channel construction and store expansion of American supermarkets, Dahua Supermarket is one of the largest Chinese supermarket chains in the United States, and the goods and customer base are positioned as medium and high-end, at present, Dahua Group has three major distribution centers in the east and west coasts of the United States, spanning 11 states on the east and west coasts of the United States, opening a total of 64 branches, with an annual turnover of more than 1 billion US dollars. The overseas layout is expected to expand the company's long-term development space.
Investment suggestion: the downstream demand will recover weakly in 23 years, the raw materials will continue to improve in 23H2, and the annual profit elasticity is expected to be released under the continuation of cost dividends. Looking ahead, it is expected to achieve steady growth after the base impact of 24 years fades, and this incentive is anchored to the 15%+ growth center in 24 years, demonstrating the company's confidence in development. We expect the company's operating income in 2023 and 2025 to be 367/43.9/50.800 million yuan, +19%/19.5%/15.9%；The net profit attributable to the parent company was 37/4.3/5.100 million yuan, a year-on-year increase of +685%/15.5%/17.4%, the corresponding P E of the current share price is 24 20 17x, respectively, maintaining the "Recommended" rating.
Risk warning: store expansion and same-store growth are less than expected;Raw material ** fluctuation;Intensified competition in the industry;Food safety risks.
*According to the calculation of the research report data released in the past three years, the research team of Guotai Junan Zimeng has conducted in-depth research on the stock, and the average accuracy of the past three years is 7465%, and its **2023 attributable net profit is 3600 million, and the **PE converted according to the current price is 2442。
The latest profit** breakdown is as follows:
A total of 16 institutions have rated the stock in the last 90 days, with 12 ** ratings and 4 overweight ratingsThe average institutional price target over the last 90 days is 3022。
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