莱茵生物:公司公布限制性股权激励方案,彰显对未来发展信心!

（以下内容从天风证券《莱茵生物:公司公布限制性股权激励方案,彰显对未来发展信心!》研报附件原文摘录）
　　Guilin Layn Natural Ingredients (002166 CH) 公司公布限制性股权激励方案，彰显对未来发展信心！ Restricted shares incentive plan indicates Layn’s confidence in its future growth BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布2022年限制性股权激励计划（草案），拟向激励对象授予 1200万股限制性股票，约占公告时公司股本总额7.3亿股的1.64%，其中首次授予1150万股，预留授予50万股，授予价格为5.66元/股。 Equity incentive plan aligns staff and company interests; shows confidence Layn has released a draft of its 2022 restricted equity incentive plan. It intends to grant 12m restricted shares to selected personnel, which account for about 1.64% of the company’s total share capital of 730m shares (as of the time of the announcement). A total of 11.5m shares would be granted for the first time and the remaining 500,000 reserved at a grant price of RMB5.66 per share. 深度绑定核心业务骨干，提升员工积极性，彰显对未来发展信心 公司此次激励计划首次授予激励对象总人数为74人，包括公告时于公司（含子公司）任职的董事、高级管理人员、高层管理人员以及核心骨干。业绩考核方面，本次激励计划业绩考核目标为以2021年营业收入为基数，2022年、2023年和2024年营业收入增长率分别不低于30%、60%和90%，对应22-24年营业收入考核要求分别不低于13.69/16.85/20.01亿元。我们认为，此次激励计划有助于帮助公司绑定核心员工利益，提升核心团队工作积极性，为业绩稳健增长提供保障。 The incentive plan is directed at 74 recipients, including directors, senior management, top management and core backbone staff (including subsidiaries) in service at the time of the announcement. The plan details the performance criteria as based on 2021 revenue, along with revenue growth rates of at least 30/60/90% in 2022/23/24E, which corresponds with revenue of at least RMB1.37bn/1.69bn/2bn. We believe the incentive plan will help the company unify the interests of core employees, motivate its core team and provide assurance of steady performance growth. 替糖行业隐形冠军，天然甜味剂业绩高增，国内市场开拓成效显现！ 公司天然甜味剂产品已与可口可乐、百事等众多国际知名客户建立合作关系，2018年与美国最大香精香料公司芬美意签订累计目标收入4亿美元的独家分销合同，战略绑定大客户；国内市场公司亦依托上海亚太营销中心及桂林销售部，与众多知名食饮品牌达成合作，签订子承生物（原太子奶团队）1亿元订单，共同推出减糖、无糖产品，市场开拓成效显现。22H1公司天然甜味剂业务实现收入3.88亿元，同比+47.09%，同时公司定增落地，预计新增甜叶菊提取物年产量4000吨，产能加速扩张，持续夯实天然甜味剂业务核心竞争力。 Hidden champion: natural sweeteners’ rapid rise catalyzes Chinese market Layn established natural sweetener tie-ups with big global customers like Coca-Cola and PepsiCo. It signed an exclusive distribution contract in 2018 to strategically ties with Firmenich, the largest flavor and fragrance company in the US, which comes with a cumulative target revenue of USD400m. In the Chinese market, Layn relies on Shanghai Asia Pacific Marketing Center and Guilin Sales Department to form ties with well-known F&B brands. The marketing outreach led to a RMB100m contract with Zicheng Bio (formerly Prince Dairy) to co-launch reduced-sugar and sugarfree products. Layn’s 22H1 natural sweetener revenue amounted to RMB388m, up 47.09% yoy (while it also implemented a private placement scheme). Our estimates show that the company produces 4kt p.a. of stevia and is fast expanding capacity, while it continues to strengthen its core competitive edge in natural sweeteners. 联邦层面医用大麻合法化持续推进，CBD提取物需求有望加速释放 公司于2019年正式布局工业大麻，累计投资8000万美元在美建设“工业大麻提取工厂”，于6月底正式量产，为目前全球最大工业大麻提取工厂，被印第安纳州政府列为示范项目，预计年处理原料5000吨，项目毛利率可达50%；已与一家全球工业大麻主流企业签订《受托加工意向协议》，后续预计还有更多订单意向。政策方面，4月1日美国众议院第二次通过联邦医用大麻合法化法案（MORE Act）；同时参议院联邦合法化法案《大麻管理与机会法案》（CAOA）于7月底正式提交，联邦层面医用大麻合法化持续推进。我们认为，随着美国工业大麻相关法规政策持续向好，未来公司有望复用其在植物提取领域打造的渠道、客户、品牌优势，快速打开CBD国际市场，享受行业快速增长红利。 US legalization of medical marijuana in progress; demand for CBD extract to rise Layn officially entered the industrial hemp industry in 2019 and invested USD80m to build an industrial hemp extraction factory in the US, which achieved mass production at the end of June. This is currently the world’s largest industrial hemp extraction factory and is labeled a pilot project by the Indiana government. It is slated to process 5kt p.a. of raw materials with a projected gross profit margin of up to 50%. It signed an entrusted processing intention agreement with a mainstream global industrial hemp company, and expects more orders ahead. In terms of policy, the US House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) for the second time on 1st April. At the same time, the Senate’s federal legalization bill, the Cannabis Administration and Opportunity Act (CAOA), was formally submitted at the end of July, as the legalization process for medical marijuana at the federal level continues to advance. We believe that as the US eases its industrial hemp related regulations and policies, Layn could redeploy the channels, customers and brand advantages that it has accumulated in plant extraction to quickly open up its international cannabidiol (CBD) market and benefit from the industry’s rapid growth. 投资建议/Investment Ideas 盈利预测及投资建议：我们认为，公司受益于“减糖”大趋势，天然甜味剂业务进入高速增长期；同时美国工业大麻相关政策持续向好，CBD提取物需求有望加速释放，预计公司22-24年营收为17.45/25.74/36.38亿元，同比增长65.69%/47.52%/41.34%，净利润为2.56/3.91/5.94亿元，同比增长115.87%/53.02%/51.74%，维持“买入”评级。 Forecast and risks We believe that the company is benefiting from the reduced-sugar trend, which has led its natural sweetener business to enter a fast-growth cycle. Meanwhile, US industrial hemp policies are likely to ease, which would raise demand for CBD extracts. We forecast Layn will generate revenue of RMB1.75bn/2.57bn/3.64bn in 2022/23/24E, up 65.69/47.52/41.34% yoy, with net profit at RMB256m/391m/594m, up 115.87/53.02/ 51.74%. We maintain our BUY rating on the stock. 风险提示：宏观经济风险，技术风险，汇率波动风险，疫情风险；政策风险；工业大麻与中间型大麻、娱乐大麻与毒品严格区分，坚决反对娱乐大麻等合法化；我国目前从未批准工业大麻用于医用和食品添加；相关业务或有政策变动/法律/经营管理/自然/研发操作风险。 Risks include: macroeconomic, technological, FX volatility and pandemic risks; policy risks; strict distinctions between industrial vs intermediate hemp, and recreational marijuana vs drugs, or strong opposition to the legalization of recreational hemp; no precedence in China of ever approving industrial hemp for medical use or in food additives; and policy changes, legal, management, natural, R&D and operational risks in related businesses. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

点此查看微信公众号原文全部内容>>

大部分微信公众号研报本站已有pdf详细完整版：https://www.wkzk.com/report/（可搜索研报标题关键词或机构名称查询原报告）