Monternet Group (002123): High Demand for Equity Incentives Brings Davis Double Click

Monternet Group (002123): High Demand for Equity Incentives Brings Davis Double Click

The company released a stock budget incentive plan (budget), which plans to reward 42 million stock budgets to incentive objects, accounting for about 5.
.

18%, of which 34.5 million copies were awarded for the first time and 7.5 million copies were replenished.

  Exercise rights are high, and personnel coverage is wide.

The exercise 重庆耍耍网 price of the stock budget incentive plan is 15.

96 yuan, the assessment requirement is that Monternet’s operating income for 2019-2022 is no less than 40% / 80% / 120% / 170% compared to 2018.

The stock budget incentives cover the company’s leaders and middle management personnel, and 403 core technical backbones.

  The business plan is clear, and the dual equity incentive demonstrates the company’s full confidence.

This equity incentive plan places high requirements on the future income of Monternet Technology. Combined with the profit requirements of last year’s equity incentive plan, it fully reflects the company’s clear business plan and full confidence in future development.

Monternet Technology’s revenue growth in 2017 and 2018 was 18 respectively.

0% and 9.

4%, this equity incentive indicates that the company’s revenue is expected to return to a high growth trajectory in the future, welcoming Davis double-click.

  RCS is in full swing, and a new generation of cloud communication platforms is on the horizon.

From a global perspective, Google, Apple, and Whatsapp, as global technology giants, have invested resources to increase support for RCS.

From the domestic point of view, Huawei mobile phones have been able to use the C2C RCS function.

We believe that the B2C version of RCS will develop rapidly in China in the future.

Twilio, an overseas enterprise cloud communications platform, has been fully recognized. Monternet has hundreds of thousands of corporate users and has strategically cooperated with Twilio. The value of Montanet’s RCS (fuxin) SaaS model is expected to be revalued.

  Investment suggestion: This equity incentive plan fully demonstrates the company’s confidence, and once again, Wealth is expected to become one of the first applications in the 5G era.

The company’s EPS is expected to be 0 in 2019-2020.

53 yuan, 0.

87 yuan, maintain Buy-A rating, raise 6-month target price to 22 yuan.

  Risk warning: Fuxin’s promotion is less than expected; industry competition is intensifying.