Qizheng Tibetan Medicine (002287): The introduction of a fair and accelerated incentive mechanism to gradually improve
Event: The company released an extended stock incentive plan for 2019.
This plan intends to award incentive stocks 243 to incentive objects.
80,000 shares, accounting for 0 of the company’s share capital on the date of announcement of this plan.
600%, of which 226 was awarded for the first time.
60,000 shares, budget 17.
A total of 65 motivated objects, including senior management, 34 core management staff, and 31 core business backbones.
The maximum grant price for the first share award is 14.
03 yuan / share.
Our analysis and judgment (1) The scope of equity incentives is wide, and the talent incentive mechanism is gradually improved. In March 2019, the company launched a stock incentive plan.
It is planned to grant 243 enlarged shares to the incentive objects.
80,000 shares, accounting for 0 of the company’s total share capital.
600%, the grant price is 14.
03 yuan / share.
Among them, 226 was awarded for the first time.
60,000 shares, accounting for about 0 of the company’s share capital.
558%, accounting for 92 of the total stock grants for this program budget.
95%, budget 17.
20,000 shares, accounting for about 0 of the company’s share capital.
042%, accounting for 7.
Incentives were 65 people, including company directors, senior managers, core managers and core business backbones.
If the incentive targets are company executives and core management personnel, the conditions for lifting the limit are that the company’s revenue in 2019-2022 is not less than 13 respectively.
90 ppm; if the target of the incentive is the core business backbone, the condition for lifting the limit is that the company’s revenue from 2019 to 2020 is not less than 13 respectively.
After reaching the limit-resolving conditions, the individual limit-resolving coefficient is determined based on performance evaluation.
Our understanding of this incentive plan is as follows: (1) The range of incentives is wide.
A total of 65 people were motivated this time, covering a wide range of companies, including directors, executives, core managers and core business backbones.
(2) Promote the enthusiasm of talents, effectively combine the personal interests of shareholders, companies and operators, and help the company’s long-term development.
Compared with the company’s revenue this year, the final conditions for lifting the ban are not strict. It is a high probability event to complete the performance evaluation on time. Its actual purpose is to motivate the incentive objects, bind the core team’s personal interests with the company’s development, and improve operational efficiency.
It also shows the company’s recognition of talents, which helps attract more talents to join.
(3) Incentive amortization expenses have little effect on performance.
If awarded in March, the corresponding amortization costs for 2019-2023 will be 1419 respectively.
30,000 yuan, a total of 3179.
70,000 yuan, has little effect on performance, and the performance release brought by equity incentives far exceeds the increase in booth costs.
(II) Performance has steadily increased, and the terminal layout has continued to promote the company’s overall operating performance to grow steadily.
Express performance report shows that the company achieved revenue in 201812.
13 ppm, an increase of 15 in ten years.
20%, realizing net profit attributable to mother 3.
18 ppm, a five-year increase of 5.
At the end of the reporting period, the company’s total assets were 23.
140,000 yuan, an increase of 0 over the same period last year.
We believe that the initial growth of the company’s performance is initially due to the company’s vigorous sinking of sales channels in the early stage, and the company’s products in the three terminal layouts of hospitals, grassroots and drug stores have continued to advance.
In the large hospital market, adhere to the brand-driven academic marketing strategy, increase academic marketing efforts, and continue to promote corporate and product brands.
Continue to improve high-level evidence-based medical evidence, promote the clinical value of products in the treatment of related diseases, and provide customers with better clinical solutions; replace, increase the strength of new product launches, complete the initial stages of multiple new product launches, and achieve new productsQuick overlay overlay foundation.
The grassroots market, adhere to academic leadership, accumulate product research evidence, and provide support for sales promotion and product development.
Continue to expand terminal coverage and promote further sales growth.
In the retail market, shrinking tightly revolves around the pain-integrated brand development strategy, increases Qizheng’s brand building efforts, and enhances brand influence; gradually accelerate the pace of new product launches.
Reporting the facts, the company became the official strategic partner of the 2018 Lanzhou International Marathon, providing professional skeletal muscle pain integrated solutions for the event.
For the protection of skeletal muscles, we should develop Tibetan style meridian exercises with special characteristics of Tibetan culture, and spread them to consumers.
The Qizheng brand was selected as the first China Independent Brand Expo hosted by the Development and Reform Commission, the Ministry of Central Propaganda, the Ministry of Commerce and the General Administration of Market Supervision and Administration.The “OTC Brand Month Promotion Brand” campaign works with industry-leading brands to carry out public welfare communications to help the public better understand the brand medicines around them.
In fact, the company continued to advance preparations for the release of pain-integrated new products, enriched the category structure reserve, and further improved the coverage of new products on the second line.
(III) Optimistic about the new strategy of “one axis, two wings and three supports” to drive steady growth of company performance. In 2018, the company ‘s operations closely focused on the strategic progress of “one axis, two wings and three supports” and continued to strengthen its core competitiveness in all aspects.
“One axis” is to strengthen the pain-relieving plaster. Through the three-wheel drive of large hospitals, 杭州夜网 basic medicines, and retail, the pain-relieving plaster will continue to grow.
“Two Wings” implants provide patients with a combination of clinically valuable specialty therapies and classic prescription products through a rich product line of pain products. The alternative is to focus on neurorehabilitation and the gynecology and dermatology market.
“Three support” refers to the creation of marketing model innovation, capital operations, and internal dynamic model organizations including data and information, operations, talents, and mechanism construction.
The company focuses on the pharmaceutical business, and continuously strengthens its core competitiveness such as product advantages, brand advantages, marketing advantages, research and development advantages, and resource advantages: (1) In terms of product layout, the company continues to enrich its product 上海夜网论坛 categories, optimize its product structure, and accelerate the transition from a single product to multiple products.Variety, multi-gradient breakthroughs; (2) In terms of brand building, the company focuses on patients to enhance customer experience.
Strengthen interaction and communication with key customers, increase customer stickiness, and increase brand awareness; (3) In terms of marketing advantages, through the diversification of investment invitations, rationally coordinate the development of omni-channels and multi-channel collaboration to further promote academic marketing; (4)In terms of research and development, the report was significant and the company’s research and development expenses were 2131.
10,000 yuan, an increase of 39 in ten years.
76%, research and development efforts continue to strengthen, the company is committed to promoting clinical research of products and Tibetan medicine standards research, while enriching the company’s product line.
The investment suggestion company is a leader in Tibetan medicine. Looking ahead, the first-line varieties of Xiaotong plaster are expected to improve the perfect sales channel layout and maintain a rapid growth rate; the second-line varieties of ointments and pills promote sustained development.The three retail drivers achieved rapid growth in performance.
In addition, the company vigorously promotes brand building and enriches product category structure, and future development is worth looking forward to.
We have appropriately raised our profit forecast and expect the net profit to be 3 in 2018-2020.
45 trillion, corresponding to 0 EPS.
10 yuan, corresponding to PE is 30/27/23 times.
Maintain a “cautious recommendation” rating.
Risk reminder drug price reduction risk, new product marketing progress is less than expected