嘉益股份: 發佈股票激勵計劃彰顯發展信心

（以下内容从天风国际证券《嘉益股份: 發佈股票激勵計劃彰顯發展信心》研报附件原文摘录）
　　Zhejiang Cayi Vacuum Container (301004 CH) 发布股票激励计划彰显发展信心 Stock incentive draft plan indicates Cayi’s confidence in future growth BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司发布2024年限制性股票激励计划（草案） 公司拟向核心管理人员及核心技术人员共234人，授予限制性股票119.4万股（约占本激励计划草案公告时公司股本总额的比例为1.2%），其中首次授予95.50万股，预留授予23.87万股；股票授予价格48.3元/股，股票来源为公司向激励对象定向发行的公司A股普通股股票。 此外，本次激励对象包含外籍员工2人，将其纳入本激励计划主要系公司执行大客户战略，服务客户为海外不锈钢真空保温器皿的知名品牌商，同时公司在越南设立了生产基地，加强全球化布局，提高服务能力，扩大公司产品在国际市场的竞争优势，以此应对复杂的国际形势变化；将越南基地核心骨干员工纳入本次股权激励，有利於海外业务的发展及公司战略目标实现。 2024E incentives draft plan to distribute 1.2m restricted shares to key staff Key details: Cayi Vacuum Containers announced a draft plan to grant 1.19m restricted shares (equivalent to about 1.2% of its total share capital at the time of the announcement on 30 Sep). The 234 recipients include core management personnel and core technical personnel. The shares will be sourced from Cayi’s A-share ordinary stock to be priced at RMB48.3 per share; with 955,000 shares to be granted for the first time and 238,700 reserved shares. Foreign market role: Cayi is including two foreign employees in the share incentives in a nod to the company’s major-customer strategy rollout. To cater to well-known foreign brand customers in stainless steel vacuum insulation wares, it set up a production facility in Vietnam to augment its global network. The company thus improves service coverage, sharpens its product edge in the international market, and is better positioned to manage complex global market changes. The inclusion of core Vietnam base employees points to the role of Cayi’s foreign business and its part in the realization of strategic goals. 业绩考核条件为：以2023年营收和归母净利为基数，24-26年收入或利润增速不低於50%/80%/120%。据我们计算，对应24-26年收入不低於26.6/32.0/39.1亿，归母净利润不低於7.1/8.5/10.4亿。 公司预估24-27年分别产生限制性股票摊销费用857万元/2900万元/1116万元/396万元。 我们认为本次股票激励员工覆盖范围广泛，有利於充分调动核心团队积极性，且业绩考核目标明确底线，彰显公司长足发展信心。 Performance goal: the conditional incentives will trigger on the realization of the company’s goal: ·at least 50%/80%/120% revenue or net profit growth in 2024/25/26E vs 2023; ·revenue has to be at least RMB2.66bn/3.20bn/3.91bn in those years or net profit of at least RMB710m/850m/1.04bn, as shown by our calculations. The company expects to incur restricted stock amortization expenses of RMB8.57m/ 29m/11.16m/3.96m in 2024/25/26/27E. Our takeaways: as the stock-based incentive scheme covers a wide range of employees, we believe it will motivate the core team more extensively. The clearcut performance goals also reflect Cayi’s confidence in its own long-term growth. 保温杯经营稳健，预计Q3靓丽 根据三方数据，8月美国亚马逊网站Stanley品牌销量100万件，同比+224%、环比+120%，下游品牌数据靓丽验证公司成长。Stanley强营销及爆款塑造能力赋予其成长延续性，Quencher系列後Iceflow放量明显，并持续推出明星/品牌联名爆品；後续伴随消费人群拓展及使用场景延伸，我们预计渗透率提升有效驱动中长期成长。 此外，24H1公司越南厂房已完工转固，我们预计下半年有望贡献产能增量，有望进一步突破产能瓶颈、提升客户响应能力及供应链安全性。 Insulated containers: business is stable and we anticipate an ebullient 24Q3E Cup runneth over: Stanley sold 1m thermos containers on Amazon US in August, up 224% yoy and up 120% qoq, according to third-party data. Cayi’s brand customer’s ebullient downstream market data validates the company’s growth, and Stanley’s strong marketing and prowess in creating bestselling products suggests future growth continuity. Stanley continues to launch celebrity and brand crossover products as the Quencher series’ strong performance boosts volumes for the IceFlow collection. As Stanley goes on to expand consumer groups and extend usage scenarios, we expect market penetration increases will drive medium to long-term growth. Vietnam expansion: Cayi’s Vietnam factory was completed and operations stabilized in 24H1. We expect its contribution will augment production capacity in H2E and help ease production bottlenecks, and improve customer response and supply chain security. 投资建议/Investment Ideas 调整盈利预测，维持“买入”评级 下游保温杯高景气延续，且细分场景推动多元需求，公司绑定大客户加速成长。根据股票激励目标，考虑当前海外保温杯发展势头，我们调整盈利预测，预计24-26年公司归母净利分别为7.2/8.6/10.5亿（前值分别为6.9/8.3/9.7亿），对应PE分别为15X/13X/10X，维持“买入”评级。 Valuation and risks Given the downstream boom in insulated containers, we expect further diversity in segmented market scenarios will drive demand as Cayi ties up with major customers to accelerate growth. To better reflect the company’s stock incentive goal and the current growth momentum of its foreign thermos cup business, we upgrade our forecast to net profit of RMB720m/860m/1.05bn in 2024/25/26E (previously RMB690m/830m/970m), corresponding to 15x/13x/10x PE. We maintain our BUY rating. 风险提示：核心客户份额下降风险；海外需求不及预期；产能扩张不及预期；股权激励计划仅为草案，请以公司最终公告为准等 Risks include: a decline in the share of major customers; lower-than-expected export demand; and less production capacity expansion than expected. Note: as the equity incentives are at the draft plan stage, we would watch for the company’s final announcement. 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