Gold Medal Kitchen Cabinet (603180): Plans to Launch Equity Incentive Plan for Category Channels Steady Progress
This report reads: The company intends to introduce equity incentives for middle and senior executives and core backbones. The transformation category and channel layout are steadily advancing, and the medium and long-term efforts are made to maintain steady growth. Investment Highlights: Raise target price to 75.3 yuan to maintain the overweight level.The company intends to introduce equity incentives for middle and senior management and core backbones, steadily advance the transformation of categories and channel layout, and strive to maintain 杭州夜网 steady growth in the medium and long term. Maintaining 2019?The EPS in 2021 is 3.74/4.43/5.27 yuan, considering the promotion of the industry evaluation center, raising the target price to 75.3 yuan, corresponding to about 17 times PE in 2020, maintaining an overweight rating. The proposed stock incentive plan covers executives, middle-level and core backbones.Profitable stock to be granted in this issuance plan is 129.170,000 shares, accounting for approximately 1% of the company’s total share capital.92%, of which 127 was awarded for the first time.770,000 shares.The first reward part of the incentive plan involved a total of 281 incentive targets, including executives, middle managers and core backbones who worked in the company.The assessment year is 2020?In 2021, the performance targets are based on 2019 net profit, and the annual growth rate is not less than 10% and 25%. The rapid development of major channels and the continued expansion of overseas markets.The company has merged strategic agreements with more than 100 real estate companies across the country and relied on the brand resources of cabinets to introduce wardrobes, wooden doors, kitchen appliances, and other products into the hardcover market.7.3 billion, an increase of 142.98%.In terms of overseas layout, the company mainly lays out the Australian and American markets. The construction of Southeast Asian production bases provides supply chain protection for overseas market expansion and reduces the possible adverse effects of the trade war. The retail layout is advancing steadily, and quality and quantity go hand in hand.In terms of distribution, the company actively carried out channel sinking until 2019H1, which has 1,508 cabinets, 459 wardrobes, 30 wooden doors, and a total number of stores (including under construction) of 1997; therefore, the company’s core goal is to enhance dealer profitability.Provide support covering the entire business chain.In terms of direct sales, the company has established subsidiaries in key sales areas, conducted direct control and established a management system to further enhance the sales vitality of the team. Risk Warning: Channel Expansion Does Not Meet Expectations, Impact of Raw Material Price Fluctuations