Taishan financial reporter Hu Mingzheng
Under the favorable stimulus of the implementation of the first phase of equity incentives and performance pre-increase, Dong'e Ejiao (000423SZ) shares hit a new high in the past 5 years, and as of press time, the stock price closed at 5786 yuan shares, with a market value approaching the 40 billion mark.
Taishan financial reporters paid attention to the fact that although compared with the company's heyday, there is still a gap in the current revenue scale of Dong'e Ejiao, but the company's gross profit margin has been comparable to or even surpassed the highest level in history, flush data shows that in the first three quarters of last year, the company's gross profit margin reached 7094%。
After several years of destocking, Dong'e Ejiao (000423SZ) has achieved restorative growth, and in the first three quarters of 2023, the company achieved operating income of 342.8 billion yuan, a year-on-year increase of 1253%；Achieved a net profit of 78.4 billion yuan, a year-on-year increase of 5279%；At the end of the third quarter, the company's cash reserves, that is, the balance of monetary funds plus trading financial assets, reached 778.8 billion.
Entering the fourth quarter, Dong'e Ejiao (000423SZ) continued to grow strongly. According to the company's 2023 performance forecast, the company is expected to achieve a net profit attributable to the parent company of 1.1 billion to 11 billion600 million, a year-on-year increase of 41%-49%, and the overall performance was in line with expectations.
According to the calculation of the performance forecast, the company is expected to achieve a net profit of more than 3100 million yuan, setting a single-quarter profit record in the past two years. Based on this calculation, the company's return on equity in 2023 will exceed 10%, although the value is still less than half of the peak level, but according to the current profit growth rate, the performance target set by the company's first incentive plan in history released at the beginning of this month is not difficult to achieve.
Industry insiders told reporters that the pre-increase in performance and the implementation of equity incentives have become one of the reasons why Dong'e Ejiao ** is sought after by investors in the secondary market.
At the beginning of January 2024, Dong'e Ejiao announced the first phase of the restricted ** incentive plan in the company's history, and the company intends to grant no more than 151 to 185 executives and core backbones, including the company's president Cheng Jie, vice president Lu Jiaxuan, chief financial officer Ding Hongyan and a number of vice presidents230,000 shares restricted**, the purpose is to mobilize the initiative and creativity of the core management group and business backbone, so as to enhance the company's cohesion, enhance the company's competitiveness, and stabilize the company's industry position.
The grant conditions set by the company for the above-mentioned equity incentive plan are that the return on net assets in 2022 shall not be less than 6%, the growth rate of net profit attributable to the parent company in 2022 shall not be less than 15%, the operating profit margin in 2022 shall not be less than 15%, and the grant ** shall be 24$98 shares.
The 2022 results have already been released and meet the conditions set by the equity incentive plan, that is, at present, the 185 core backbone personnel in the incentive plan list can subscribe for the shares granted by the company at 50% lower than the market, and the shares are the company's A ordinary shares in the company's repurchase account.
At the same time, the equity incentive plan also sets the conditions for the release of the restriction on sale based on the company's performance target, and the conditions for lifting the restriction are that the return on net assets in 2024, 2025 and 2026 shall not be less than % and not lower than the average level of the same industry or the 75th percentile of the benchmark enterprise.
At the same time, the net profit growth rate and operating profit margin are included in the assessment scope of the above-mentioned equity incentive plan. Based on the 2022 benchmark, the compound growth rate of net profit attributable to shareholders of the parent company in 2024, 2025 and 2026 shall not be less than 20%, and shall not be lower than the average level of the same industry or the 75th percentile of the benchmark enterprise; The operating profit margin in 2024, 2025 and 2026 shall not be less than %.
Only after the three-year performance appraisal in 2024, 2025 and 2026 meets the standard, the ban will be lifted in batches.
Taishan financial reporter learned that the highest return on net assets in the history of Dong'e Ejiao was 2747%, with a maximum net profit of 208.5 billion, it is expected that the company's return on net assets will exceed 10% in 2023, and if the performance target set by the equity incentive is achieved, Dong'e Ejiao investors and core executives will benefit at the same time.