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Gulisi (603808): the current price pushes the stock budget incentive plan underestimates the value of steady growth gradually highlights

Gulisi (603808): the current price pushes the stock budget incentive plan underestimates the value of steady growth gradually highlights

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

It is planned to grant a total of 488 managers and core business personnel to the company in 1997.

600,000 stock budgets, accounting for 6 of the company’s total share capital on the announcement date.

01%, the exercise stock budget exercise price is 14.

39 yuan / share (8/30 closing price is 14.

19 yuan / share).

The exercise conditions for this incentive plan are: 1) Company size: Based on 2018 net profit, the net profit for 2019/2020/2021 (net profit before non-recurring loss benefits before deduction of incentive costs)The growth rate is not less than 10% / 20% / 30%; 2) Personal size: A strict personal performance evaluation system is set up, and whether to exercise power will be determined based on the evaluation results.

The exercise period is 12/24/36 months after the authorization date, and unlocked 30%, 30%, and 40% respectively.

Assuming that the authorization date is early October, the total estimated cost is 26.09 million yuan. Amortization of 380, 1326, 641, and 2.61 million yuan is expected in the next four years.

Comment on the incident We believe that the company’s equity incentive plan has a wide coverage and can achieve effective incentives for core management and business personnel; 14.

The exercise price of 39 yuan per share is higher than the closing price on the announcement date, which also shows the company’s confidence in future development.

At the same time, while 杭州桑拿网 the company’s performance is being evaluated, a rigorous personal evaluation system is established to further ensure the quality of performance growth, and stable growth is expected in the future.

In 19H1, the company’s revenue and brand clothing revenue increased by 17% and 12 respectively.


The revenues of the brands, Colossi, Laurel, ED, IRO (Global), and IRO (China) were 4.

77, 0.

54 and 2.

32, 3.

05, 0.

38 trillion, each year +7.

0%, +3.

76%, -6.

21%, +31.

95%, +208.

19%. Based on the 16 net-closed stores in the first half of the year, the fully-strong endogenous drive continued to grow rapidly; ED reduced the pressure on dealers’ capital turnover, increased the replacement ratio, and dragged down the revenue end; IROThe rapid overseas growth is mainly driven by the adjustment of delivery discounts, the recovery of orders driven by the increase in product power, and the accelerated opening of stores in the domestic market, driving high revenue growth.

Other businesses, mainly Baiqiu, achieved revenue1.

USD 5.1 billion, an annual growth of 68%, mainly related to the expansion of business scope, brand expansion, channel expansion and other drivers.

Looking into the second half of the year, the development of the People-Friendly Line and the sinking of the channel, the main brand still has room for improvement, and the growth rate is improved and improved under the background of a low base.

The excellent quality of multiple brands acquired by the company externally, and the expectation of refined operations to become an important driving force for future growth.

The company is expected to achieve net profit in 19-20 years.

35 and 5.

14 ppm, respectively + 19% and + 18% at the beginning of the year. The current price corresponds to 19PE 11X, which is at the bottom of historical forecasts. Maintain the “Buy” rating.

Risk reminders: 1. Terminal retail downturn; 2. Mergers and acquisitions fall short of expectations; 3. Shop openings fall short of expectations.