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The target of the equity incentive exercise period performance assessment (base period is 2013, net profit is deducted non-net profit): the first exercise period, the company's 2014 net profit is not less than 20% compared with the base period; the second During the exercise period, the net profit in 2015 is not less than 44% compared with the base period; in the third exercise period, the net profit in 2016 is not less than 72% compared with the base period.
Generally speaking, the performance appraisal target of the exercise is the company's current performance expectation for the future, and the company's third quarterly report shows that the net profit attributable to shareholders of the listed company from January to September 2013 was RMB 70,105,500, down from the same period of the previous year. 16.14%; net profit attributable to shareholders of listed companies excluding non-recurring gains and losses was 6,803.00, an increase of 0.01% over the same period of the previous year. The main reason was that the government subsidies included in the current period were more than the same period of the previous year, and the actual net profit after tax increased by about RMB 16 million. Regardless of the impact of this factor, the company's operating results for January-September 2013 were the same as the same period of the previous year.
From July to September 2013, the net profit attributable to shareholders of listed companies, net of non-recurring gains and losses, was RMB 24.27 million in a single quarter, an increase of 11.77% over the same period of the previous year. According to the company's third-quarter report and annual profit forecast, it can be seen that, after deducting the influence of non-recurring factors, the company is currently operating stably and may grow slightly. What is the future situation, the profit contribution of LED projects is crucial. The performance evaluation indicators set by the company are relatively high, and it can be seen that the company's management has confidence in future performance.
Management benefits
Aoyang Shunchang is mainly engaged in metal logistics and distribution, and invests in small loan companies, which has consistently contributed profits. The company's metal logistics products are steel and aluminum.
Aoyang Shunchang implemented the “internal company systemâ€. This efficient and pragmatic management model made the company stand firm in the Red Sea competition of IT sheet distribution and eventually became one of the industry leaders. The main features of the internal company system are: the management of subdividing “accounting unitâ€, internal independent accounting, and diversified performance appraisal is also effective. The company’s distribution business has a net profit margin of about 4%, while the industry average is about 2%. In the metal logistics distribution industry, such an achievement can be achieved, and the internal company system has played a significant role. The company management model is expected to be replicated on the LED project, and the operational efficiency of the LED project will be expected.
LED profit is coming soon
In addition to metal logistics and distribution, the company has spared no effort to develop LEDs and march toward the strategy of dual main business development.
In March 2011, the company decided to enter the LED industry and plans to purchase 30 MOCVD epitaxial furnaces to develop and manufacture high-power blue and green LED epitaxial wafers and chips. The industry generally believes that LED lighting demand will usher in the next 2-3 years, becoming the main driver of demand growth. The main reason for the outbreak of demand is that the continued decline in the price of LED products will accelerate the replacement of traditional lamps. At the same time, the policy orientation of countries is also conducive to the development of LED lighting. The penetration rate of LEDs in general lighting is currently about 15%, and the industry predicts that it will reach 50% or even 80% in the next 2-3 years. According to LEDinside's forecast, the global LED commercial lighting market capacity will reach US$16.8 billion in 2015.
The company purchased 5 MOCVD equipments in the first batch. In June of this year, the company started mass production of 2 MOCVDs, LED epitaxial and chip production lines were all in line, and 3 other units were put into production in the third quarter. According to the company's announcement, by the first quarter of next year, there will be another 10 MOCVD equipments arriving, and the remaining 15 units will arrive in stock before the end of 2014. The company's production capacity will be further improved and the scale effect will be better reflected. According to the company's third quarterly report, the current five MOCVD mass production, the company's LED business also achieved a single quarter profit in the third quarter.
In addition, the company plans to increase the number of shares to not more than 100 million shares by not less than 5.12 yuan / share, and raise funds of 500 million yuan to build LED epitaxial wafer and chip industrialization projects and supplement liquidity. The LED project is implemented by Huainan Optoelectronics Co., Ltd., a wholly-owned Sun Company. The total investment is 807.7 million yuan, and the construction period is 30 months. It will have an annual production capacity of 1.8 million pieces of blue-green LED epitaxial wafers and 11.5 billion blue-green chips. It is estimated that the annual sales income will reach 720 million yuan and the annual after-tax profit will be 169 million yuan.
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On November 19, Aoyang Shunchang (002245) announced that it intends to grant a total of 12.77 million shares (about 3.50% of the current total share capital) to 84 incentives, including 2.325 million stock options and 10.445 million shares. Sexual stocks. The exercise price of the stock option granted by the plan is 6.21 yuan, and the price of the restricted stock is 3.04 yuan.