Every hot review | Equity incentive "cutting foot and performance" Jiancan Optoelectronics should be more enough

More than 4 months after the release of restricted stock incentives in April this year, Jutan Optoelectronics (SZ300708, the stock price was 11.94 yuan, and the market value of 6.504 billion yuan) was revised again. Essence In the old version, the performance assessment is set in revenue, with the base "average of 2019 ~ 2021" (that is, 1.52 billion yuan), and the three -year assessment period (2022 ~ 2024) will increase by 45%(2.2 billion in 2.2 billion), respectively. Yuan), 60%(2.432 billion yuan) and 70%(2.584 billion yuan). In the new version, 45%, 60%, and 70%of the increase are still there, but the company introduced the "income completion rate" indicator to actually greatly reduce the threshold of equity incentives.

Regarding the reasons for adjustment, Jancan Optical Explanation is because "the domestic epidemic is more distributed, and the negative effects caused by the industry and industrial chain are far exceeded that the target of the original incentive plan has been difficult to achieve, and the incentive effect is lost." The author believes that it is necessary to adjust it in time according to market changes, but there are two major flaws in this incentive plan, which requires companies to disclose more information to clarify.

First, from the perspective of business, the incentive goal is too vague, making it difficult for the incentive object to form a joint force. The completion rate of revenue has caused a significant reduction in the threshold for incentives, but such a scope setting causes too much possibility. Different possibilities correspond to different reward standards. Different incentive objects may set different efforts to themselves, such as A A, such as A A. It may take 90%of the revenue completion rate as a target, and B feels that it is difficult to get the 80%completion rate as the target. In the first year, it may be the same in the next few years, which reduces the actual role of incentives. Of course, Ju Chan Optoelectronics can also decompose revenue incentives to each incentive object, that is, set personal performance to achieve the overall goal, but personal performance is also a scope and cannot solve the problem of inconsistent goals.

The second is that from the perspective of corporate value, the incentive goal is too broad, making it difficult for the market to determine a reasonable valuation. According to the new draft incentives of Ju Chan Optoelectronics, from 2022 to 2024, when the revenue was at the lowest level of 1.76 billion yuan, 1.946 billion yuan, and 2.067 billion yuan (80%revenue completion rate), the incentive object could get half of the shares. , But the company's income in the next three years is actually the level that will finally rise to 2021 after decline. It can be said that the company's valuation should decline or cannot increase; when the revenue is 1.98 billion yuan, 21.89 21.89 At the time of 100 million yuan and 2.326 billion yuan, the company's valuation immediately returned to the growth track after experiencing the impact of the epidemic. At this time, the valuation should be increased. For investors, what signals did this stock incentive convey? If the market expects that the difference is serious, it is also unfavorable to the stability of the enterprise.

The incentive threshold can be high or low, and the grant price can also be very flexible, but stock incentives need to convey consistent signals to shareholders and employees. Specifically, Jiancan Optoelectronics is indispensable to reduce the incentive goals, but instead of adding a "task completion rate", it is better to directly reduce the threshold for performance growth, to achieve the threshold to obtain incentives. award. Of course, in the basis of the threshold reduction threshold, Ju Chan Optoelectronics should also introduce the industry or other companies as a reference. If the peers are growing or decreased less, the evaluation standards lack rationality, and the shareholders will not lose diluting themselves themselves. Reasons for equity.

Daily Economic News

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