箭牌家居:推出股权激励,绑定团队加速成长

（以下内容从天风国际证券《箭牌家居:推出股权激励,绑定团队加速成长》研报附件原文摘录）
　　Arrow Home Group (001322 CH) 推出股权激励，绑定团队加速成长 Arrow sets a fast-growth pace with equity incentive plan that aligns core team’s interests with high profit goals BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司拟向中层管理、核心管理及核心技术（业务）人员共180人授予600万股限制性股票，约占总股本0.62%。其中首次授予515万股；预留授予85万股。本次激励计划涉及股票来源为定向增发，授予价格为每股9.13元，为2023年5月19日收盘价的51%。 6m shares to be granted to core personnel with clear-cut goals for 2023/24/25E The plan: Arrow Home plans to grant 6m restricted shares accounting for 0.62% of its total share capital to 180 middle-level management, core management and core business technical personnel. They comprise 5.15m shares to be granted for the first time and 850,000 shares reserved for grant; sourcing from a share placement, they will have a grant price of RMB9.13 per share, which is equivalent to 51% of the closing price as of 19 May 2023. 股权激励计划首次授予业绩考核条件为23/24/25年收入分别同增15%/10%/10%，且扣非后归母净利润分别同增20%/15%/15%，首次授予部分23/24/25年解锁比例分别为30%/30%/40%；若预留部分于23年三季报披露后授予，则预留部分考核目标为24/25/26年收入分别同增10%/10%/10%，且扣非后归母净利润分别同增15%/15%/15%，24-26年分别解锁30%/30%/40%。本次限制性股票计划首次授予部分需摊销的总费用约0.45亿，其中23-26年分别为0.13亿、0.2亿、0.09亿及0.03亿。 Specifics: the first grant comes with performance evaluation conditions of 2023/24/25E revenue growth of 15/10/10% and ex-nonrecurring net profit growth of 20/15/15%; with 30/30/40% to be unlocked through 2023/24/25E. The reserved portion will be awarded after the release of 23Q3 results and its assessment targets are 2024/25/26E revenue growth of 10/10/10% and ex-nonrecurring net profit growth of 15/15/15%; with 30/30/40% to be unlocked through 2024/25/26E. Total expenses for the first grant come to about RMB45m and will be amortized into RMB13m/20m/9m/3m in 2023/24/25/26E. 我们认为：限制性股票方案落地，一方面理顺机制激发干劲，有望发挥资本市场优势绑定激励核心团队；另一方面明确成长目标指引发展节奏，收入利润双考核兼顾激励效果与发展动力；其中23年增长目标体现发展信心，产品结构优化保持较好毛利率水平，多渠道发力提升国牌市占。 Equity incentive takeaways: motivational mechanism that sets a fast-growth pace 1)The implementation of Arrow Home’s restricted stock plan represents a motivational mechanism, which leverages the capital market and aligns the company’s interests with those of its core team. 2)Arrow Home’s clear-cut goals set the pace for its growth trajectory, with dual revenue and profit assessment goals that take into account the incentive effect as well as the development momentum. For instance, the 2023E growth target reflects the company’s confidence in its development as it optimizes the product matrix to maintain good gross margins, while striving to increase market share of its national brands via multiple channels. 此次股权激励利润考核目标高于收入考核目标，展现出公司在智能产品占比提升，优化产品结构，以及自动化、标准化、供应链改革推动降本增效方面具备充分信心。公司围绕智能产品进行深度开发，扩大智能产品品类，通过功能创新拉动部分产品价格上行；目前公司智能马桶陶瓷瓷体全部自产，上盖部分外购占比约30%，随着公司智能家居产能落地，上盖部分自产比例有望持续提升；采购方面，公司通过推动集采模式以及议价与对供应商付款条件优化支持等措施，实现采购降本。我们看好公司强化企业运营管理，提升运行效率、推进精益生产，持续推动降本增效。 Notably, the fact that the profit assessment targets are higher than revenue assessment targets indicates Arrow’s confidence in the direction it is taking: expanding the proportion of smart products, optimizing the product mix, and reducing cost while lifting efficiency through automation, standardization and a supply chain restructure. The push to develop smart products has seen an expansion of this category, while functional innovations have led to a price rise for some of its products. The ceramic frame of Arrow’s smart toilet product is manufactured inhouse, while about 30% of the lid is outsourced. As it continues to ramp up smart home production capacities, we believe its smart toilet seat lid will increase the proportion produced inhouse. Arrow reduced procurement cost by using a centralized procurement model, bargaining and optimizing support for suppliers’ payment terms. We believe the company’s efforts will lead to stronger corporate operations and management, operational efficiency, lean production, as well as better cost and efficiency. 长期来看公司将从产品、销售及服务三方面发力： ①产品方面：围绕功能升级和体验提升，通过细分消费人群、不同渠道需求针对性开发产品。公司基于长期可持续发展维度，坚持加大研发投入，围绕“智能化”、“个性化”、“定制化”进行产品布局和技术升级，持续完善智能卫浴单品和智慧卫浴生态系统。 Three-pronged focus for the long term: products, sales and services Products: through functional upgrades and user experience enhancements, the company seeks to develop target customer markets, differentiating consumer groups and channel requirements. To sustain its growth blueprint, Arrow is committed to increasing R&D investment to augment its product matrix, driving technology upgrades toward intelligence, personalization and customization characteristics. This sets the focus for its smart bathroom products and smart bathroom ecosystem. ②渠道方面：优化门店展示模式，增加套系化产品展示空间，加大设计师队伍建设，使产品更有效触达消费者；线上成立电商运营团队，开展直营电商和经销商电商业务，增加电商新兴平台销售渠道，同时推动线上线下联动引流，开展新零售；加大渠道下沉力度，增加家装渠道、社区店、乡镇店、小五金店的市场布局，形成市场的深度覆盖。 Sales channels ·Store displays: The company aims to optimize store displays, increase the display space for product packages, and build up its designer teams to make more effective products to extend its customer reach. ·O2O: it established an ecommerce operations team for its online business to handle both the direct and dealer channels, expand emerging ecommerce platforms’ sales channels, increase O2O linkage to attract more customer traffic and increase engagement with new retail. ·Market coverage: the focus here is to increase the penetration of lower-tier city channels, expand its footprint with home improvement channels, community stores, township stores and small hardware stores, so as to deepen its market coverage. ③服务方面：加强经销商服务能力提升，保证对终端消费者的售后服务质量，向客户提供标准化、专业化、多元化服务，并将服务打造为公司的核心竞争力。针对存量房市场，推进24小时换新服务，满足消费者对换新速度的要求。同时，在全国各地配备专业的售后服务团队，确保对客户需求的快速反映。 Services: Arrow aims to boost its dealer service capabilities, ensure the quality of after-sales services to end-consumers, provide customers with professional, standardized and differentiated services. This is where “service” becomes part of the company’s core competitive profile. Utilizing its home product stocks, the company provides a 24-hour exchange service to fulfill customer needs for speedy exchanges. Its professional after-sales service teams are located across China and equipped to ensure rapid responses to customer needs. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级。公司作为国产卫浴龙头，渠道布局逐步完善、智能化产品占比提升，品牌力不断巩固，费用端调整效果逐步体现，预计23-25年归母净利7.4/9.2/11.2亿，对应PE 24x/19x/16x，维持“买入”评级。 Valuation and risks We maintain our profit forecast for Arrow Home. The Chinese sanitaryware market leader is building out its channel network and increasing the mix of smart products, thereby consolidating its brand influence. Its cost optimizations are gradually taking effect as well. We forecast net profit at RMB740m/920m/1.12bn in 2023/24/25E, corresponding to 24x/19x/16x PE. We maintain our BUY rating on the stock. 风险提示：本激励计划需经公司股东大会审议通过后方可实施；市场竞争加剧；房地产市场波动；原材料价格波动；技术和产品创新滞后等风险。 Risks include: Arrow Home’s incentive plan is pending review and approval at the shareholders’ meeting; intensifying competition; real estate market volatility; raw material price volatility; and lagging behind in technological and product innovations. 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