I. Overview of events
The company has completed the award of restricted shares to the incentive object, and awarded 36 incentive objects (for the company's middle-level and above managers, core backbone) 3 million restricted shares. The grant date is December 11, 2015, and the grant price is 7 yuan per share. The unlocking condition is that the net profit after deducting non-profit from 2015 to 2017 is 3 million yuan, 3.6 million yuan and 3.9 million yuan, and the personal assessment is "good" or above.
Last year, the company introduced strategic investors by issuing an additional 3680 million shares at an issue price of 7.20 yuan per share with a lock-up period of 3 years.
II. Analysis and judgment
The equity incentive plan is completed, and the interests of senior executives are consistent with those of the company.
The company adopts the professional manager system, hires competent professional managers to run the company, and uses the equity incentive plan to bind the interests of management and shareholders. In the main business, the management will strive to give full play to the company's comparative advantages in production scale, credit level, management ability, market development, product indicators, R & D capability and installation level, and strive to improve the profit level. In terms of transformation and upgrading, the management will also take the initiative to seek cooperation opportunities.
It is actually difficult to unlock, and senior executives are fully motivated to operate.
The equity incentive plan requires the company to deduct net profit of 3 million yuan, 3.6 million yuan and 3.9 million yuan from 2015 to 2017; net profit of 7.4021 million yuan in the first three quarters of 2015, and 946800 yuan after deduction; and the current economic downturn and high inventory of air conditioners, in order to achieve a profit of 3 million yuan to 3.9 million yuan, management needs to pay more attention to operational efficiency and seek transformation and upgrading. In addition, the total incentive cost of the restricted stock is 15.5169 million yuan, which will be amortized in the corresponding years, and the amortization expenses from 2015 to 2018 will be 851800 yuan, 9.6872 million yuan, 3.6195 million yuan and 135.85 yuan, which will raise the threshold for unlocking. It will also prompt management to make every effort to improve business performance.
Introduce strategic investors and inject fresh blood
Last year, the company introduced a strategic investor, Beijing Hongyuan Chuangjia Holdings Co., Ltd., with a lock-up period of three years and is currently the second largest shareholder with two seats on the board of directors. On the one hand, the purpose of introducing strategic investors in additional shares is to repay loans, improve asset structure and supplement liquidity; on the other hand, it is to introduce new ideas and new management concepts to improve the profitability of the company.
Third, profit forecast and investment suggestions
We are optimistic about the future development of the company, and predict that the EPS from 2015 to 2017 will be 0.04,0.37,0.51, corresponding to PE 244,25,18, with a "highly recommended" rating.
Fourth, risk tips: systemic risk, downstream industry recession
