《大行報告》瑞信:長汽(02333.HK)2021年A股限制性股票激勵計劃正面
瑞信發表的研究報告指,長城汽車(02333.HK)公布2021年A股限制性股票激勵計劃,涉586名參與者、4,318.4萬股受限制A股,相當於總股本0.469%,發行價每股16.78元人民幣。該行指出要授出受限制股份長汽需要達到一定的規模及淨利目標,特別是需要在2021-23年售出逾149萬、190萬及280萬台汽車,而淨利需逾68億、82億及115億元人民幣。
該行認為股份激勵計劃屬正面消息,主要因為可鼓勵參與者積極作出為公司好的決定,包括是管控成本、改善經營效率等,該行留意到激勵計劃中對2022/23年銷量規模的要求高於市場預期,而2021年銷量大致符合預期。而公司提供了2023年銷量目標的詳情,其中ORA品牌新能源車銷量目標40萬台、貨車銷量目標40萬台、哈弗品牌銷量目標100萬台,而WEY品牌及坦克品牌銷量目標均為50萬台。不過,該行認為其盈利目標太保守,維持「跑贏大市」評級,目標價40元。(el/u) ~
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