Recently, Jiu’an Medical, the first demon stock in the two cities, announced the 2021 equity incentive plan on the evening of January 4, 2022. 353 people will be granted 7.37 million stock options with an exercise price of 6.49 yuan per share. The company closed at 51.85 yuan per share on January 4, which also means that the incentive object has a profit margin of nearly 7 times.
On January 5th, as of press time, Jiu’an Medical has a limit of lower limit, close to 30,000 orders, and the latest stock price is 46.67 yuan per share.
According to the Jiu’an Medical Announcement, on January 4, 2022, the company passed the “Proposal on Granting Stock Options to 2021 Stock Option Incentive Plan Incentives”. The board of directors believes that the granting conditions of the stock option The 353 incentive objects granted the conditions granted 7.37 million stock options. The authorization date is January 4, 2022. The exercise price of the stock options granted this time is RMB 6.49 per share. The source of the stock is the directional issuance of the company’s A-share ordinary shares to the incentive objects.
The incentive plan has a maximum validity period of 64 months and is divided into four exercise periods. The first stock options can be exercised after the expiration of 16 months from the grant date.
It is worth noting that in this equity incentive plan, the number of stock options granted to managers and director-level personnel is the largest, reaching 2.825 million shares, accounting for 38.33%, accounting for 0.5869% of the total equity of listed companies, followed by key employees and core employees. Employees and outstanding employees; among senior executives, director and deputy general manager Wang Yong and deputy general manager Cong Ming were awarded 75,000 copies respectively; financial director Sun Zhe and board secretary Wu Tong were awarded 25,000 copies each, and the above-mentioned personnel were awarded in total The shareholding ratio is 1.531%.
Exercising conditions are not incentive
From the perspective of the exercise conditions, the revenue in the first exercise period of 2022 will increase by no less than 40% compared with 2019, and the first three quarters of 2021 have increased by 54% compared with the first three quarters of 2019. That is to say, as long as 2022 If you can maintain the revenue in 2021, you can meet the exercise conditions.
According to the incentive plan issued by Jiu’an Medical in 2021, the company intends to grant 7.385 million stock options to incentive objects at an exercise price of 6.49 yuan per share.
But what is strange is that the performance evaluation standard of this equity incentive is based on operating income in 2019 only, and the revenue growth rate from 2021 to 2024 is not less than 20%, 40%, 70%, and 80% respectively. . Based on this calculation, the operating income from 2021 to 2024 is no less than 847 million yuan, 988 million yuan, 1.2 billion yuan and 1.271 billion yuan, and the assessment can be completed.
In the first three quarters of 2021, Jiu’an Medical’s operating income was 790 million yuan, and 93.27% of the 2021 performance evaluation indicators have been completed. The performance compliance is basically a foregone conclusion.
It is important to know that the growth of Jiu’an Medical’s performance mainly depends on the demand brought by the epidemic. There will be a big outbreak in 2020 and a high base. Taking 2019 as the benchmark, this problem can be perfectly avoided. Moreover, this equity incentive did not assess profit targets.
In addition, in the performance appraisal target, operating income in 2024 will only increase by 5.9% compared with 2023, which is far lower than the operating income growth rate of the previous three appraisal years.
Fundamentals and stock price divergence
According to publicly disclosed information, Jiu’an Medical, established in 1995, has a relatively “complex” main business, mainly involving the field of Internet medical care, smart IOT and consumer products, and home medical equipment.
The reason why the stock price of Jiu’an Medical can get out of such a strong market began on November 8, when the company issued an announcement that it was authorized by the U.S. Food and Drug Administration (FDA) EUA, and then expressed its new crown on the investor relations interactive platform. The production capacity of antigen home self-test OTC kits will be expanded to 200 million copies per month.
As the new crown antigen home self-test kit is expected to sell well in the United States, Jiu’an Medical’s stock price has soared since November 15 last year. First, there was a wave of 11-day 10 daily limit, and then another wave of 14-day 11 daily limit, two The monthly increase reached 8 times, and the stock price was reported at 51.85 yuan per share on the previous trading day.
However, it is worth noting that since 2016, Jiu’an Medical has been in a downturn for five years, and its stock price has been lower than 5 yuan for a longer period; at the same time, the non-net profit has been negative for 7 years in the past 10 years, and operating cash flow has been 8 years. The net amount was negative and was on the verge of being *ST.
Regarding the future performance of Jiu’an Medical, market analysts said that there is uncertainty about the extent to which the performance of its home-use new crown test kits will be released.Return to Sohu to see more
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