Keyuan (002380) Company dynamic comment: The second phase of the Shenzhen Industrial Internet employee stock ownership plan is about to start

Keyuan (002380) Company dynamic comment: The second phase of the Shenzhen Industrial Internet employee stock ownership plan is about to start
Core point of view The annual performance has maintained steady growth: According to the company’s annual report, the company’s net profit attributable to shareholders of listed companies in 2018 was 1.12 ppm, a year-on-year increase of two.72%, lower than expected.The reason why the company’s performance keeps growing is the company’s smart industry, the smart energy industry has gradually landed, and smart power, smart chemical, smart metallurgy and other industries have developed rapidly.; In 2018, the company’s newly signed contract volume maintained a certain increase and maintained a leading position in the same industry, forming a certain support for the company’s performance, driving the growth of operating income and profit margins; the continuous development of domestic industrial automation and informatization industries, and the upgrading and upgrading needs of downstream industriesGradually recover.The amount of non-recurring gains and losses on the company’s net profit in 2018 was approximately 12.74 million yuan.In addition, the company’s profit distribution plan approved by the election of the board of directors was based on the basis of 234,479,895, and distributed a cash dividend of 2 per 10 shares to all shareholders.00 yuan (including tax), 0 bonus shares (including tax), not converted to share capital with the accumulation fund. The rapid development of the smart industrial industry and the gradual implementation of the smart energy industry: the smart industry of the company’s layout and the further landing of the smart energy industry have replaced the foundation for the company to become a diversified smart industry solution provider.The Binjiang Intelligent Manufacturing Industrial Park was put into operation, and the company’s product production was fully intelligent.The company has a total of 45 advanced waste-to-energy intelligent control projects in advance; the sales of biomass power generation business have doubled; the chemical automation business has continued to increase by 33%, and the billing amount has increased by 26%.The company successfully won the bid for the intelligent control project of Zhujiaping generating unit in Huaxia, Inner Mongolia, the Hami CSP project in Xinjiang, the 50-ton alumina technical transformation of Borch Aluminium and well-known domestic and foreign agrochemical projects.The company’s industrial Internet business continued to grow steadily, becoming the best footnote for the company’s smart industrial industry to transform from selling products to selling services.In 2018, the company gradually extended the sales contract to maintain its leading position in the industry. The company’s industrial internet platform was selected as a pilot demonstration of the industrial internet platform solution of the Ministry of Industry and Information Technology.In addition, the smart energy industry is gradually being implemented.Among them, the company invested in the construction of a smart Internet energy application demonstration project in Xuzhou, Jiangsu. Seize the “intelligent +” and 5G opportunities, and deepen the industrial Internet in 2019, the future market prospects are expected: As an industrial sector to B-type service enterprises, the company relies on 25 years of industrial automation and information technology experience to launchEmpoworX Industrial Internet Platform.In the future, the popularity of new infrastructure such as 5G will be gradually realized. The company’s products can be introduced into these industrial enterprises in batches, helping industrial enterprises to improve efficiency and increase benefits.Relying on its strong R & D capabilities and innovation capabilities, the company will continue to plow into the fields of industrial Internet, process industry data mining and fault diagnosis, and open up new horizons in cloud computing and big data.In terms of market expansion in 2019, based on the existing business, we will unswervingly push the company’s automation, information and intelligent technology to various industries such as chemical, metallurgy, water, building materials and discrete manufacturing.In terms of technical support, increase investment in innovation, improve fail-safe control systems, unmanned vehicles, personnel positioning, intelligent early warning, fault diagnosis and industrial Internet platforms, and industrial APP technology development to fully support the company’s business development to the smart industry.The “Smart +” was proposed in the government work report at the 2019 National Two Sessions.Behind the policy is that the country relies on the Industrial Internet to promote the deep integration of next-generation information technology and manufacturing, thereby promoting the transformation and upgrading of the real economy, and implementing the national strategy of building a manufacturing power and “Internet +”. This will be based on the new 5GUnder the background of infrastructure construction, a major change in the transformation and upgrading of industrial enterprises. The second phase of the employee shareholding plan is about to start: The company’s second phase of the employee shareholding plan is about to start. The participants include company directors, supervisors, senior management personnel, company executives and above management employees, which will directly 苏州桑拿网 affect the company’s operating performance and future developmentThe total number of other employees is expected to not exceed 300.The plan implements the principle of voluntary participation of employees and adopts a self-management model with a duration of 60 months.Funding sources are employees’ legal remuneration, self-raised funds and other methods permitted by laws and regulations.The source of the shares was the shares that had been repurchased by the company’s special account for repurchase, a total of 5,511,754 shares, accounting for 2 of the company’s total shares before repurchase.297%.After the implementation of the plan, the total shareholding of the shares obtained by the reduction of employees shall not exceed 1% of the total share capital of the company; the total number of shares held by the employee shareholding 上海夜网论坛 plan shall not exceed 10% of the company’s share capital.The price of the company’s repurchased shares of the employee’s shareholding plan is 10.89 yuan / share.The purpose of this plan is to establish and improve the benefit-sharing mechanism and the incentive and restraint mechanism, so as to promote the company and individuals to continue together. Investment suggestion: We predict that the company’s EPS for 2019-2021 will be 0.6 yuan, 0.7 yuan and 0.8 yuan, corresponding to PE is 24 times, 20 times and 17 times.Maintain the “Highly Recommended” rating. Risk reminders: the risk of loss of R & D and innovation talents; internal wealthy brands bring strong market competition pressure; macroeconomic and policy risks.