Livzon Group (000513): Release of 10-year Partner Shareholding Plan
The company’s recent 佛山桑拿网 situation The company recently released the medium and long-term business partner’s shareholding plan (draft). The participants of the shareholding plan are: the company’s core management personnel who have an important role in the company’s overall performance and long-term development.The company’s board of directors drafted in each phase of the shareholding plan based on the changes in employees and the evaluations proposed by the shareholders’ meeting).
The incentive fund system of the shareholding plan is valid for ten years.
The plan takes 2019 to 2028 as the evaluation year, and the board of directors is responsible for withdrawing the incentive fund according to the principle of incentive fund withdrawal.
The main assessment indicators are: based on the deduction of non-net profit in 2018, and the compound 南京夜生活网 growth of net profit from 2019 to 2028 will reach 15% (net profit excluding the impact of the incentive plan to accrue the number of incentive funds).
The attitude of our plan is positive. We believe that the budget is expected to mobilize the enthusiasm of key employees and ensure the long-term development of the company.
We maintain the core investment logic for the company and believe that the company: 1) The existing variety structure is gradually optimized, and the proportion of chemical agents is gradually increasing.
The entry of ilaprazole injection into the national medical insurance negotiation catalogue is conducive to the marketing and future sales of the product; 2) The research pipeline is reorganized.
We expect to accelerate the production of recombinant anti-IL-6R humanized recombinant antibodies, triptorelin acetate microspheres (one month), and leuprolide acetate for injection (three months) for production in 2021.
Estimates suggest that we maintain our EPS forecast for 2019/20201.
33 yuan / 1.
53 yuan, an increase of 14 a year.
9% / 15.
The current A-share contradiction corresponds to 24 in 2019/2020.
8 times / 21.
5 times price-earnings ratio.
The stock maintains an outperform rating and maintains a target price of 37.
00 yuan, corresponding to 27.
8 times 2019 P / E ratio and 24.
2x 2020 price-earnings ratio, 12% upside.
The current H share corresponds to 16 in 2019/2020.
2 times / 14.
1x price-earnings ratio.
H shares maintain an outperform rating and maintain a target price of 28.
20 builds, corresponding to 19.
0 times 2019 P / E ratio and 16.
Five times the 2020 P / E ratio, which has 18% more upside than before.
Risk R & D progress is less than expected; budget annexes are less than expected.