Zhongshun Jierou (002511): Equity incentive grant conditions reached to deeply stimulate team enthusiasm

Zhongshun Jierou (002511): Equity incentive grant conditions reached to deeply stimulate team enthusiasm

Event: The company issued an announcement: the company’s 2018 stock supplement and investment stock incentive plan for the replacement part of the grant conditions have been achieved, the company determined that the replacement part of the equity incentive plan grant date is September 11, 2019, to the eligible 114Incentives were awarded 2.4 million shares of supplementary stock budget, and 64 million incentives were awarded 3.5 million shares of distribution stock.

  Opinions: Wide range of incentive objects, deeply motivate the team.

The incentive plan includes two parts, the equity incentive plan and the restricted stock incentive plan. The total number of incentives includes senior, middle management and core technical (business) personnel, as well as other employees who have a significant impact on the company’s operating performance and future development.4681 people.

1.

Stock budget incentive plan: The total number of incentive objects awarded for the first time is 4,101, and 1709.

850,000 stock budgets.

114 reward incentive objects were awarded, and 2.4 million stock awards were awarded, of which the company director and deputy general manager Liu Jinfeng received 1 million copies; 2.

Best Stock Incentive Plan: The total number of first time incentives is 671, awarded to 2171.

750,000 shares of company financing.

A total of 64 fined stock incentive objects were awarded a total of 3.5 million shares, of which Liu Jinfeng received 1.08 million shares.

Liu Jinfeng is the company’s core figure. This award will greatly bind the core team, stimulate the 北京桑拿洗浴保健 internal enthusiasm of the company, and benefit the company’s long-term development.

  Supply and demand will not reverse, pulp prices remain low, and the company’s profitability will continue to increase.

At present, the price of pulp is still at a low level. At present, the price of bleached coniferous pulp in Canada is $ 580 / ton, which is about 28% lower than the early high.

Global wood pulp port inventory is 188.

Nominal 68, still at an all-time high.

The supply and demand of wood pulp will not be reversed initially, and the pulp price will continue to remain low, which will help the company’s gross profit margin increase and enhance profitability.

  Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 0.

47, 0.

63, 0.

80 yuan, corresponding to 29X, 22X, 17X.

Maintain “Buy” 北京桑拿体验网 rating.

  Risk warning: RMB depreciates sharply, raw material prices rise sharply

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