We just covered Tuobang Co., Ltd. a while ago, thinking that it is a variety worth paying attention to among small-cap energy storage companies. Then, two days ago, it issued an announcement that modified the target of equity incentives, but it made leo a little mixed.
Adjustment of equity incentive plan for mixed emotions
First look at what this announcement is like.
2022 operating income was adjusted from 9.452 billion yuan at the lower limit of equity incentives to 8.618 billion yuan, a decrease of about 10%. In 2023 and 2024, they were also downgraded by 11.4% and 12.5% respectively. The net profit after deducting non-operating items has also been adjusted a lot, with the net profit after deducting non-operating items from 2022 to 2024 being 517, 804, and 1.149 billion respectively.
leo must admit it, and he cursed as soon as he saw the announcement.
has nothing to do with the specific adjustment range. It is mainly because I have been immersed in the capital market for a long time and know that the world is dangerous and I will attach great importance to the promises of listed companies. The management must strive to be consistent in words and deeds. The goals proposed must be completed with all their strength. It is best to complete the kind that exceeds expectations. If it is really impossible to complete, it must be that it will encounter difficulties that are truly insurmountable, and it is best not to have too big a gap.
This is also the reason why leo likes China Mining Resources very much, because its management team is very reliable, and the goals proposed have been basically achieved, or even exceeded the implementation (for specific content, please search and follow the new energy explosion and reply to China Mining Resources in the dialog box to view).
But there is more than a quarter left, Tuobang Co., Ltd. believes that it is difficult to achieve the performance target of equity incentives, so it began to modify the plan in advance, which obviously violated this principle.
If you have no feelings for it, just this is the only thing that you can pass it away.
is like a scumbag cheating. Once, there will be a second time. This year, the equity incentive plan cannot be modified because the performance target cannot be achieved. Will you do other things next year for other reasons?
In short, this matter gives people a very bad impression: it is easy for everyone to think that the eating habit is too ugly.
can understand the adjustment of equity incentive plan
However, after carefully reading its announcement, it can actually be understood.
The company said that its performance did not meet its target, which was mainly due to the slowdown in downstream demand growth due to multiple changes in the external environment such as overseas inflation, the Russian-Ukrainian war, and the epidemic. Short-term consumption confidence has weakened, and the repeated epidemic has brought a certain impact on the production and operation of enterprises.
is indeed a fact. This year, both abroad and at home, the economic level is very difficult, and demand is sluggish, especially in China, and the epidemic in Shenzhen is also repeated.
previous interim report also shows that the management is indeed working hard to deal with it. Q2 performance has improved, but it is still difficult to achieve the target throughout the year, so it is proposed to modify the equity incentive plan.
is understandable, but if it is said that what makes Leo feel most understandable about its behavior of modifying the plan is not the reason, but the object of equity incentives.
Equity incentive targets reached 1,245 people, and nearly 95% of the shares are for middle-level managers and core technical backbones. It can be seen that it is indeed necessary to prefer middle-level and technical backbones through equity incentives rather than to transfer interests to senior executives. This is still a conscience.
In sharp contrast, there is a equity incentive plan released by Yili Co., Ltd. in 2019.
At that time, the market value was as high as more than 170 billion yuan. The company took 3% of the total share capital, that is, 183 million shares to serve as equity incentives. There were a total of 474 people in the incentive targets. Then the operation came. Chairman Pan Gang took 60.8 million shares alone, accounting for 33.2386% of the total share capital and 0.9972% of the total share capital!
If it weren't for the legal provisions that the individual object's equity incentives should not exceed the 1% upper limit of the total shares, it would probably be higher. There were 4 executives who took away 11% of the shares, and the remaining 469 people would share less than 45% of the shares. How outrageous the equity incentive plan is
? Just look at the comments from netizens: this is tailor-made for executives, especially the chairman.As soon as the announcement of
was released, it was quickly criticized as a hot topic. Yili Co., Ltd. had to modify the equity incentive plan, but it was almost too much, and several executives took away the main part. Comparing
, it can be seen that the equity incentive of Tuobang Co., Ltd. is indeed hoping to retain the middle and technical core.
Just this point, I feel that it is understandable for the modification of its equity incentives. After all, it is difficult to use the equity incentive plan to retain a wave of middle-level and technical cores, but it cannot be obtained due to performance reasons. Not only will it not achieve the original purpose, it will even have a counterproductive effect.
people, they don’t feel anything before they get it. What they fear most is that they lose it after they get it, and their mentality will be completely different. Previously, we asked everyone to do their best. If the performance does not meet expectations and cannot be unlocked, everyone's mentality will be even more broken.
Especially in the current situation where the external environment is more difficult, it is understandable that the team is stable and give the team some sweetness, let them work hard, find ways to overcome difficulties, face them up, and strive to survive the difficult years.
To be honest, if it weren't for the equity incentive plan to benefit so many middle-level and technical cores, then the company would be directly passed by me, and blocked it, and even a severe blow.
Finally, let me talk about it. Although it is understandable to modify the equity incentive plan, it will have to make a big negative review no matter what. In Leo's investment system, it will be reduced by at least half, but it is still worth paying attention to.
Tuopang is still expected to be
On the one hand, its main business, its intelligent controller business is still worthy of prominence. This market space is large enough, and with the wave of electrification, this business space continues to expand, and the future industry growth is still good.
Although the biggest problem in the smart controller market is that the downstream downstream is too scattered, and it is not easy to increase the actual market share, but fortunately, the company is a leading company in the industry and is now one of the two dragons in the industry, and is expected to achieve a growth rate that exceeds the entire market .
Secondly, the company began to make efforts in the household energy storage market.
Although the pace is still a little late compared to companies that have long been in the energy storage field, energy storage is a blue ocean market that is exploding. Now we are starting to increase investment. At least it is okay to eat some meat. For companies, there is no technical threshold for entering the energy storage field.
More importantly, the company's market value is really not large, with a plate of less than 14 billion, and its valuation level is acceptable, at least it is still possible to observe and observe.
However, if something similar happens to it next time, then you don’t need to watch it and just block it directly.
gives you a chance, and you need to use it!
