21 depth 丨 Two days and two incentives!The electrolytic liquid leading stock price and the bottom of the product, the "folding" of Tianci materials is really a replenishment of employees

21st Century Economic Herald reporter Dong Peng Cheng Peng Chengdu report

Two days, the two companies issued an incentive plan, and both were the leaders of the electrolyte industry ...

On the evening of August 8th, Tianci Materials released a 2022 restricted stock incentive plan. It is planned to grant restricted stocks of 550,100 shares from management and technical personnel including executives, and the grant price is 6 yuan/share.

On the afternoon of August 9th, Xinzang announced that it was planned to grant the rights and interests of the incentive objects of not more than 11.13 million shares, and the grant price was 23.26 yuan/share.

On the other hand, the stock price of the two companies is higher than that of New Zongbang. The "one -fold" granted price adopted by the former has also caused some investors.

In this regard, a person with a heavenly gift said on the 9th that "mainly considering the high price of the stock incentive plan in 2021, plus some employees participating in the funds from the loan, and a certain amount of funds. The main purpose of the price is to maintain the stability of the team. "

So, why is the electrolyte faucet who has launched an incentive plan for two days in the past two days, and is now at a very good node? What are the deep reasons?

"One Fold" granted the origin of the price

The problem of money has always been sensitive, especially when it is easy to see others.

Because of this, Tianci Materials has attracted attention this stock incentive. The core is that the grant price of this restricted stock is only 6 yuan. What is the concept?

As of August 8th, the closing price of Tianci materials was 52.33 yuan. According to the company's deputy general level of 96,000 shares, it can get nearly 4.5 million yuan of positioning.

However, if the stock incentives that have been implemented in 2021 are considered, the actual situation is far from being so optimistic. The incentive plan in 2022 is more like a "replenishment" of the 2021 incentive plan.

In October 2021, the company issued 2021 stock options and restricted stock incentive plans.

Coincidentally, at that time, the stock price of Tianci materials at that time was historically high, and the stock price was close to 170 yuan. In December of the same year, the above -mentioned incentive plan was implemented, and the award price of restricted stocks was 75.38 yuan/share.

As a result, in the first half of this year, the company's stocks fell unilaterally. In addition to the impact of the company's stock removal in May, the minimum stock price was only 36.26 yuan.

It should be pointed out that the pricing method of mainstream stock incentive schemes has two standards.

One is "50%of the company's stock trading price of the first trading day in the draft of the equity incentive plan", and the other is "the draft of the equity incentive plan was announced in the first 20 trading days, 60 trading days, or 120 trading days. 50%of the average price of company stock transactions. "

According to relevant regulations, if the listed company uses other methods to determine the grant price, an independent financial adviser shall be hired to express professional opinions on the feasibility of the equity incentive plan and whether it is conducive to the sustainable development of the listed company.

This time, the choice of Tianci Materials is a way of self -pricing. While disclosing the draft incentives, the company also issued an independent financial advisory report on the incentive plan.

"Last year's award price was relatively high. Many employees participated through bank loans to further increase the comprehensive cost. Therefore, this year the company adopted an autonomous pricing method to a less price to balance the comprehensive cost of employees' shareholding. This year, the inspired personnel were still the employees of last year, and there was no obvious change. "Heavenly materials said.

Judging from the feedback of the heavenly gift materials, the self -pricing method is adopted, whether the grant price is set to 6 yuan or 3 yuan, there is no relevant rules restrictions, mainly depending on listed companies.

The person also pointed out that from the communication with the exchange to the previous listed company repurchased stocks, the incentive plan planned for a long time. The comprehensive cost is around 26 yuan/share. "

This is basically equivalent to the mainstream pricing standards of the above -mentioned "50 % off", but it is not known whether the "cross -future" way of replenishing the liquidation of Tianci Materials will cause other listed companies to follow.

Stock price, product at the bottom of the stage

Compared with Tianci Materials, New Zongbang also released a stock incentive plan at noon on the 9th. Why does the electrolyte head -headed enterprise launched the stock incentive plan so intensively?

In this regard, the above -mentioned Tianci materials said that "the industry has developed rapidly in the past two years, which has led many external companies to enter the field of battery materials. These companies will dig people with higher salaries. Object."

"In order to further establish and improve the company's long -term incentive mechanism, attract and retain outstanding talents, fully mobilize the enthusiasm of the company's core team, and effectively combine the interests of shareholders, the interests of the company, and the personal interests of the core team ..." The New Zebang announcement announcement It also pointed out.

This is consistent with the current status of the lithium battery industry, that is, in the context of the expansion of the entire industry chain and the entry of a large number of external capital in the industry, talent competition is unprecedentedly fierce.

A headhunter in Sichuan, Sichuan, Lithium Corporation, was feedback. On the whole, the annual salary of the executives could reach 1 million yuan, and the person in charge of the CFO or the business leaders of the region could also reach 1 million yuan.

Compared with the salary of mainstream lithium battery companies, it has also been raised significantly in the past two years.

For example, the two head companies of Tianci Materials and Xinzang Bangbang can reach 1.5 million to 2 million yuan in annual salary, and the annual salary of some executives can even reach a level of 4 million yuan. Taking Xinzang as an example, the total management salary in 2021 was nearly 30 million yuan, of which Mao Yuhua's annual salary was 4.11 million yuan.

According to the draft stocks disclosed by the company, Mao Yuhua's restricted stock number was 90,000 shares, and the grant price was 23.26 yuan/share. As of the closing of August 9, the latest price of New Zongbang was 49.17 yuan.

It is equivalent to the floating profit of 90,000 shares of 2.33 million yuan, accounting for about half of his personal annual salary. It is not difficult to see that stock incentives are just a routine item among listed company executives and core management and technical salary combinations.

In addition, in terms of the rhythm of the secondary market and industry operation, it is also a node for better stock inspiration.

Let's talk about the secondary market. From Around October 2021, the company's companies have fallen significantly. For example, the high point of New Zebang in 2021 is 88 yuan (previous repetition), and the lowest price at the end of April this year is 32.25 yuan.

The pricing method of the above -mentioned "stock trading price" is determined to determine the incentive granting price, which can lower the cost of holding the position of the inspiration object as much as possible, thereby increasing the "safety cushion" of employee's shareholding price fluctuations.

Secondly, the industry's rhythm. In the first half of the year, affected by the stage of demand ending, the prices of lithium hexifluoropathic and electrolytic liquids fell sharply, and the price and quantity were at a relatively low point.

However, with the gradual recovery of demand since June, product prices have stabilized and rebounded slightly. At this time, stock incentives are obviously in the stage of the industry.

Market valuation is lower than expected?

In addition to the selection of nodes to launch nodes mentioned above, there is also a feedback from senior executives of electrolyte head -headed enterprises saying "I think from the perspective of an enterprise, several head companies generally believe that the valuation given by the market is lower than that of the market. Our expectations, so companies are willing to make equity incentives at this time. "

He also put forward a detail, that is, the repurchase price of several companies on the head of the head is around 50 yuan. "That's because it is because of long -term optimism with the company. It is more objective to understand from this perspective."

The actual situation is indeed the case.

As of July 31, 2022, 7.9 million shares repurchased by Tianci Materials, the highest transaction price was 49.99 yuan/share, and the minimum transaction price was 46.8 yuan/share; more than 3.056 million shares repurchased in 2021, the highest transaction price It is 54.5 yuan/share, and the minimum transaction price is 47 yuan/share.

Interestingly, the stock price of these companies is still about 50 yuan now. The latest price of heavenly materials is 54 yuan, polyfluotraromotramia is 50 yuan, and New Zebang is 49 yuan.

This may be caused by the perspective between industrial capital and investment institutions, which are caused by differences with the company's profit expectations.

Take Tianci materials, the company's stock incentive performance assessment standards are not high. The net profit assessment standards from 2022-2024 are not less than 3.8 billion yuan, 4.8 billion yuan, and 5.8 billion yuan, respectively.

According to the announcement, the company's expected net profit in the first half of the year is 2.8-3 billion yuan, which is equivalent to 80%of the annual assessment profit.

In addition, compared with the profit expectations of the secondary market, the company's performance assessment standards of 3.8 billion yuan this year must be significantly lower than the profit expectations of the seller's institution.

The latest results of Wind sellers' consistency profit expectations are expected to be 5.31 billion yuan in net profit in 2022, which far exceeds the performance assessment criteria given by the company itself.

Take a step back, even if calculated at a higher profit of 5.31 billion yuan, the corresponding earnings per share were 2.76 yuan.

As of the close of August 9, the latest price of Tianci materials was 54.02 yuan, which is equivalent to the secondary market given nearly 20 times the valuation for the company.

Because the level of the secondary market will continue to change with factors such as market emotions, styles, and institutional preferences, it is temporarily unable to determine whether the valuation is high or low.

However, compared with the new energy vehicle industry chain, in addition to the high level of valuation of downstream vehicle companies and some head power battery manufacturers, the secondary market cannot give high valuations for the time being. In the strong lithium mines, many companies are currently valued by only 10 times.

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