报告名称：Gosuncn Technology(300098)Equity incentive scheme binds interests of the core ma
报告类型：点评报告
报告日期：2016-02-03
研究机构：中信国际
股票名称：高新兴
股票代码：300098
页数：4
简介：Event:
The Company announced the draft plan of the second restricted equityincentive scheme on Feb 2, 2016, planning to vest 4mn shares to themedium-level officers, accounting for 0.37% of its capital shares(1,070,769,600).
Comments
The undemanding exercise conditions help to ensure stability ofthe core management team. 95% of the shares under the equityincentive scheme will be vested to medium-level core officers, and couldbe exercised in condition that the Companyˇs recurring net profit is nolower than Rmb270mn, Rmb330mn and Rmb400mn, in 2016-18E,respectively. Considering strong growth in the Companyˇs recurring netprofit in 2015 and the abundance of orders on hand, we believe thescheme offers relatively certain long-term incentives to the coreemployees, which could help maintain a stable management team tounderpin the Companyˇs business development.
Slow growth in 2015 is attributable to the limited earningscontribution from newly acquired assets (due to a short period ofcoverage), although Xunmei could continue missing expectations.Per the earnings guidance, the Company expected to post an 18.5% netprofit growth rate in 2015, lower than its growth rate in past years andthe sector average. We believe the slow growth was mainly becauseonly two months of earnings from the newly acquired assets, orRmb20mn~40mn according to our estimate, were booked into theCompanyˇs financial statements. Excluding impact of the acquiredassets, growth rate of the Companyˇs actual recurring net profit couldhave exceeded 50%. We believe the strong organic growth will continuein 2016. The biggest risk comes from Xunmei, an electronics companyacquired by the Company earlier, which consistently missed theearnings expectation and could trigger impairment of goodwill.
Pushing through inorganic expansion in the high-tech directionduring 2016-18. The Company brought forward a three-yeardevelopment plan at the end of 2015. We believe it will continuereinforcing its strength in the emerging economy and new technologyfields. Based on its development plan, the Company will capitalize on itsbig data platform to (i) continue focusing on horizontal integration acrossthe broad security industry, and (ii) acquire a 36% stake in ANTVR forno more than Rmb300mn, thus extending business from the businessend to consumer end and build up presence in the VR industry alongwith exponential growth of the VR industry in 2016.
Risks: Stiff competition in the smart cities market, fund demand, anduncertainties associated with M&A and restructuring.

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