Zhongjing Electronics 110 million bought a related party plot, and the welfare houses stayed in the new energy vehicle industry chain

21st Century Business Herald reporter Zhao Yunfan Shanghai report

On June 23, Zhongjing Electronics (002579.SH) announced that at the company's development needs, it will purchase 100%equity of related parties Huizhou Yincheng R & F Industrial Co., Ltd. (hereinafter referred to as "Yincheng R & F") and obtain it 13,665 square meters of residential land and above -ground construction area with a construction area of ​​7,246 square meters are used for the construction of welfare housing construction of the core senior management and core technology backbone of the company and subsidiaries.

The aforementioned transaction price is 110 million yuan. Due to the small amount, the transaction did not trigger the review process of the shareholders' meeting of major issues. However, because of Yincheng R & F's "landlord" as the actual controller of Zhongjing Electronics, the transaction triggered related transactions, and Yang Linfei, chairman of the company, was asked to avoid voting.

Subsequently, in the decision of the board of directors of the matter, two independent directors of the company Jin Peng and Li Shitian supported the approval of the resolution, arguing that the transaction complied with the company's strategic planning and did not have the behavior of harming the interests of small and medium investors.

The 21st Century Business Herald found that the "original landlord" of Yincheng R & F includes Li Xingguang, Beijing -Hong Kong Investment and Liang Baoshan, which holds 44.44%, 40.74%and 14.81%of Yincheng R & F Company.

According to the company's prospectus, the largest "landlord" Li Xingguang is the brother -in -law of Liu Bihua, the spouse of Zhongjing Electronics,; Beijing -Hong Kong Investment is the entity of the company's chairman Yang Lin.

Use the money of a listed company to buy a house building of the actual controller relatives.

In this regard, people from Zhongjing Electronics Securities told reporters that this operation is mainly to retain talents for listed companies in Huizhou.

Welfare houses

Zhongjing Electronics is the main rigid circuit board, flexible circuit board, rigid soft -combined circuit board, etc. The main supply objects are ODM manufacturers such as mobile phones. The base area of ​​Zhongjing Electronics — the economic aggregate in Huizhou, Guangdong ranks fifth in the province, and it is slightly better than Foshan and Dongguan, and it is slightly stronger than Zhuhai.

When it comes to Zhuhai, it is not difficult to remind people of Gree Electric (000651.SZ) under Dong Mingzhu. At the beginning of 2018, Miss Dong publicly stated that she would separate the house for 90,000 Gree employees. In August of the same year, Gree Electric Electric Organs will invest 2 billion to build a talent apartment.

Since then, Gree Electric has taken the land in the opposite state, but watching the nature of land acquisition, business uniforms and residences have both. In April 2020, Gree declared that 3700 suites had been built to stay in; in June 2021, Gree Pearl Plaza announced that the first phase had been delivered.

Behind Gree's room separation is the "innate deficiency" of low -line cities to talent attraction.

People from the Department of Electronic Securities of Zhongjing told reporters that the company has always attached importance to talent introduction and talent incentives, but due to the reasons of Huizhou, it is necessary to stabilize talents.

"Over the years, we have recruited many management in many 'large factories' and other cities, including the construction of factory buildings in Zhuhai. Many employees have come from Guangzhou or Shenzhen. Stabilize these employees. "It said:" The company actually considers the welfare house many years ago. "

The reporter inquired about historical data and found that Yincheng R & F had previously had related leases with Zhongjing Electronics and was used as an employee dormitory. According to the early disclosure, Zhongjing Electronics had paid about 600,000 yuan a year to Yincheng R & F. However, with the completion of the dormitories of Zhongjing Electronics factory area, the two parties have not leased again since 2016.

The acquisition report shows that the net assets of Yincheng R & F on May 31, 2022 were 2.47 million yuan, according to the consideration of 110 million, the value -added rate was 4353%, and the value -added source was mainly caused by land value -added.

Welfare housing instead of equity incentives

In addition to the welfare house, the "generosity" of Zhongjing Electronics is also reflected in the company's multi -round equity incentives over the years.

The reporter found that Zhongjing Electronics History has promoted a three -wheeled equity incentive plan, and was launched in 2016, 2018 and 2021, respectively. In the first two rounds of equity incentives, the equity incentives in 2021 suffered an accident.

In 2021, copper prices soared, and a large number of electronics companies were impacted. As a leader in the field of electronics, Zhongjing Electronics was difficult to survive as a whole in the industry.

According to the financial report, Zhongjing Electronics's audited operating income in 2021 was 2.94 billion yuan, an increase of 26.01%year -on -year; but net profit was 148 million yuan, a year -on -year decrease of 7.95%.

The company also pointed out that due to the continued rise in the prices of some major raw materials, and the influence of factors such as peaks in some periods, the Zhuhai Fushan New Factory began to gradually put into production and generate losses, thereby a decline in performance.

According to the information disclosed on June 24, the company's performance assessment requirements for the first exercise period of the equity incentive plan in 2021 are: the company's performance assessment indicator is not less than 220 million yuan in net profit in 2021. Because the net profit of 148 million yuan is lower than 90%of the company's performance assessment indicators, all the incentive objects corresponding to the feasible stock options of the year of the appraisal period shall not be performed, and the shares shall be canceled by the company.

In this regard, the aforementioned securities department also told reporters: "Mainly considering the incentive goal of 2021, the overall incentives for core employees are comprehensively considered, and we hope to use the welfare house to retain these talents."

Expand new energy vehicle business capacity

In recent years, Zhongjing Electronics has launched a round of production expansion and technical reform plans. In 2018, 29.18%of the equity of Zhuhai Yuansheng Electronic Technology Co., Ltd., 55.00%of Zhuhai Yisheng Technology Development Co., Ltd. was promoted in 2020 The fixed increase of production and expansion plans, raised 1.2 billion for the construction project (Phase 1-A) construction project (Phase 1-A) of the High-density Printing Circuit Board of Zhuhai Toyama.

As the project is in the investment period and the cost factors of the industry are superimposed, the first equity incentive period in 2021 has not reached the standard.

During this year's performance disclosure, Zhongjing Electronics pointed out at the performance briefing meeting that the company's Zhuhai New Factory is guided by technology and market, and the product positioning class is high. Although it is in the short -term production capacity climbing period, it causes some pressure on the performance, but in the middle and long term It will help enhance the company's development strength and improve product competitiveness. The company is currently in a state of charge, and the various tasks of the new factories are continuously optimized and improved.

Since the beginning of this year, the stock price of Zhongjing Electronics's secondary market has gone out of the V -shaped trend. Since May this year, the stock price has increased by more than 30 %. Because the new energy intelligent vehicle is optimistic about the significant volume of the epidemic control and the international inflation situation, and Zhongjing Electronics also has the corresponding layout, the secondary market is expected to have a certain reversal.

Zhongjing Electronics once stated on the interactive platform that BYD is a company's long -term cooperative customer. The company provides them with many fields and services including new energy vehicles. Specific products include rigid circuit boards (RPC), flexible circuit boards (FPC) and and Rigid soft binding board (R-F) and so on.

In addition, the company also provides customers with new energy vehicle power battery BMS application products for customers such as BYD, SAIC, and Xinwangda. In order to meet customers and market demand, the company will actively invest in related production capacity.

"It turned out that the company was mainly based on the communication network consumer electronics and small -pitch LED business. Recently, the new energy vehicles have been launched accordingly," said the foregoing securities department. Regarding the value proportion of related industries, the sources of the securities department told reporters that although there is no clear data at present, compared with ODM business, the gross profit of automobile business is likely to increase.

For the corresponding capital expenditure that may bring, the securities department said that due to the high technical reform specifications of the Zhuhai plant, the current technical capacity of the production line has also been sufficient to cope with future production capacity expansion.

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