The hottest institution evaluated Sany Heavy Indus

Institutional evaluation of Sany equity incentive plan: intended to share

institutional evaluation of Sany equity incentive plan: intended to share

China Construction machinery information

Guide: Sany announced that the company plans to implement equity incentive plan. The incentive plan includes stock option incentive plan and restricted stock incentive plan. Its stock source is the company's directional issuance of new shares to incentive objects. The incentive plan plans to grant a total of 178.2551 million rights and interests to incentive objects. One of the public

Sany announced that the company plans to implement an equity incentive plan. The incentive plan includes stock option incentive plan and restricted stock incentive plan. Its stock source is the company's directional issuance of new shares to incentive objects

the incentive plan plans to grant a total of 178.2551 million rights and interests to incentive objects. Among them, the company plans to grant 154.9092 million stock options to incentive objects and 23.3459 million restricted shares to incentive objects

the exercise price of stock options granted under the company's incentive plan is 9.38 yuan, and the grant price of restricted shares is 4.69 yuan. The exercise condition is that the annual net profit of 2013, 2014 and 2015 respectively increased by no less than 10% over the previous year

there are 2533 incentive objects involved in the company's incentive plan, including directors, senior managers, middle managers and core business (technical) personnel

comments:

1. As a leading domestic construction machinery manufacturer, the company has a comprehensive product line layout. Thanks to the company's leading advantages in management mechanism, technology, quality, service and so on, the company has maintained a better performance growth rate than the industry in the industry adjustment period of nearly one and a half years. This time, the company implemented the equity incentive plan, and the unlocking conditions are relatively low. We believe that it is a high probability event for the company to achieve this performance goal

2. The market may worry that the low threshold for unlocking performance means that the company's future growth will slow down? We believe that the low threshold of performance unlocking does not mean that the company's future development will only maintain a growth rate of about 10%. On the one hand, the company has a high brand reputation, occupies obvious advantages in technology, quality, marketing and service, has high customer recognition, and has obvious competitive advantages. During the industry adjustment period, the company's competitive position will be further consolidated, some small and medium-sized enterprises will be eliminated by the market, and the company's market share is expected to be further improved; On the other hand, the company leads the industry in vertical integration and internationalization of the industrial chain, especially in internationalization. Through self construction, acquisition, joint venture and cooperation, the company will gradually gain a foothold in the overseas market, and the overseas market will gradually contribute considerable growth to the company in the future. In addition, the company's incentive plan also stipulates that the functional headquarters, business divisions and subsidiaries of incentive objects shall complete the assessment requirements of the performance contract signed with the company and be above qualified. If the electromechanical current, voltage and other parameters of the functional headquarters, business divisions and subsidiaries fail to meet the standards, the incentive objects shall not exercise their rights

considering that the performance contracts formulated within the company are generally significantly higher than the minimum 10% growth rate specified in the incentive plan, we believe that the actual growth rate of the company is higher than that of the incentive plan. The company's performance unlocking threshold is low this time. We prefer to interpret it as a low-cost benefit sharing measure that the company's management combines the company's development with the interests of employees. Moreover, the company's incentive plan covers a wide range of incentive objects, up to 2533 people. There is no doubt that 15. Moving the beam fixation method: manual bolt fixation or hydraulic automatic bolt fixation. A management who is willing to share is leading the team, The leadership role in stimulating employees' work enthusiasm is self-evident

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