Multi -centered materials have a annual salary of millions, and it is not enough to have a market value of tens of millions?Push for a 10 % discount incentive

Flower Finance Original

God -free material, the sky drops the pie.

Recently, due to the release of stock incentive plans, 572 employees will have the opportunity to buy company stocks at a price of nearly 1 % off, which has caused a lot of controversy.

The outside world has speculated: "Is it suspected of transportation?"

Public information shows that Tianci Materials is mainly engaged in the development of electrolytes and their raw materials. It is one of the earliest domestic layout electrolyte manufacturers. In 2021, the domestic output market share was 33.1%, ranking first in the industry.

In the past few years, due to the rapid growth of the demand for the new energy vehicle industry and the influence of deep bundling of the Ningde era, the operating performance of Tianci materials has continuously reached a new high.

But whether the performance of the heavenly gift can be red, it may still remain to be observed.

The annual salary is not enough, it is planned to push a 10 % discount incentive

On the evening of August 8, Tianci Materials released a 2022 -year restricted stock incentive plan.

The number of restricted shares awarded to the incentive objects of this incentive plan is 550,100 shares, and a total of 572 people are being awarded incentives.

Since the grant price of restricted stocks in this incentive plan is 6 yuan/share, that is, after meeting the grant conditions, the incentive target can purchase a company's A -share ordinary shares repurchased from the secondary market at a price of 6 yuan per share, which attracted it. Many doubts.

Do you know what concept is 6 yuan per share?

As of the close of August 8, 2022, the latest stock price of Tianci Materials was 52.33 yuan/share. If this is calculated, the grant price is equivalent to nearly 1 % off, which seems to be not much different from white delivery.

Is this fair for investors?

The announcement shows that the restricted stocks planned by this incentive plan are mainly concentrated in the company's high, middle management personnel and core technical personnel groups.

But this group of people took away from Tianci materials over the years.

Flower Finance noticed that in 2021, the heavenly gift materials to the chairman and the independent directors, its salary increased significantly compared with the previous period. Moreover, Chairman Xu Jinfu, Director Zhao Jingwei, Secretary of the Board of Directors Han Heng, Deputy General Manager Xu Sanshan, and Chief Financial Director Gu Bin all exceeded the annual salary of more than one million.

In 2021, the company's management cost was 355 million yuan, an increase of 46.77%year -on -year. The company said that the main reason was caused by the increase in employee salary, depreciation and sewage costs during the reporting period.

Relatively speaking, the target of this performance assessment seems to be too low.

The annual termination of the restrictions on this incentive plan is three accounting years, namely the net profit of 2022-2024 is not less than 3.8 billion yuan, 4.8 billion yuan, and 5.8 billion yuan, respectively.

Tianci Materials previously released the semi-annual performance forecast of 2022. It is expected that the net profit change range of the mother's net profit in the first half of 2022 is 2.8 billion yuan to 3 billion yuan, an increase of 257.74%-283.29%over the previous year.

In other words, the company can achieve the assessment goals in the second half of the year to achieve a net profit of 8-1 billion yuan. In other words, it is easier to complete the 2022 assessment goals.

The accounts receivable are high, and the bars are expanded

As one of the four major materials of lithium batteries, the electrolyte accounts for about 10%to 15%of the cost of battery materials. Benefiting from the hotness of new energy, the stock price and performance of Tianci materials have recently risen.

From 2019 to 2021, Tianci Materials achieved operating income of 2.755 billion yuan, 4.119 billion yuan, 11.091 billion yuan, respectively, an increase of 32.44%, 49.53%, and 169.26%year-on-year; net profit of home mother was 16.3197 million yuan, 533 million yuan, and 2.208 billion yuan. , Year-on-year increased -96.42%, 3165.21%, 314.42%.

Thanks to the strong growth of the performance, the stock price of Tianci material rose from the lowest point of 5.75 yuan/share in early 2020 (after the repetition) to the highest to 85.01 yuan/share at the end of October 2021 (after the repetition).

Correspondingly, the company's executives have continued to reduce their holdings.

In addition, the development of Tianci materials also relies heavily on the Ningde era. In 2021, the company's sales of Ningde Times were 5.597 billion yuan, accounting for 50.47%of the total annual sales.

And the company's account receivables account for relatively high. From 2019 to 2021, the company's receivables and accounts receivables were 933 million yuan, 1.348 billion yuan, and 3.386 billion yuan, respectively, accounting for 17.50%, 22.42%, and 24.36%of total assets.

However, the company's corresponding proportion of bad debts for accounts receivable is significantly lower than the comparable company in the same industry.

From 2019 to 2021, the company's bad debt preparations for accounts receivable within one year were 1.25%, 1.55%, and 1.8%, respectively, significantly lower than those of peer competitors New Sangbang, Binbin, and Ruitai New Materials.

According to the "White Paper (2022)" of China's lithium battery electrolyte industry (2022), the demand for global electrolytes will be about 2.163 million tons by 2025.

However, the production capacity of only Tianci materials has exceeded 1.5 million tons.

On July 12 this year, Tianci Materials issued 3 expansion announcements in a row. It was planned to expand production in Yichang, Hubei, Jiangsu Puyang, and Chizhou, Anhui, and increased electrolytes, lithium hexal fluoromone and supporting raw materials, and iron batteries.

The implementation of the above projects will undoubtedly further increase the capacity of Tianci materials.The problem is that once the industry cools down in the future, the market will reverse from the state of inability.In the past, many housing companies expanded their scars in the industry's high prosperity period, and then many pig companies expanded their production in the industry's high prosperity period. In addition, the market also had a sentenceStunning to death. "

So, which road will the future daycay materials go?

What needs to be vigilant is that Tianci Materials was deeply influenced by "Davis Double Kill" from 2017 to 2018 after the high prosperity period of the industry.

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