Far-end optoelectronic performance growth of less than 5%

On May 14th, Optoelectronics, which was listed only in March last year, launched the first draft of the stock option plan. The draft shows that the company plans to grant 2.5 million stock options to the company’s 72 employees (including 250,000 reserved shares), which accounts for approximately 2.08% of the company’s total share capital, and the stock option exercise price is 14 yuan, which is consistent with the pre-suspension closing price. .

The plan shows that among the employees who were granted incentives, the secretary-general and the chief financial officer received 50,000 copies respectively, accounting for 4% of the incentive amount. The period granted for the first period is valid for 6 years, including a lock-up period of 3 years, an unlocking period of 3 years, and unlocking of 20%, 30% and 50% respectively within 3 years after the unlocking period. The unlocking conditions are: Based on the 2012 annual data, the non-net profit growth rate for 2015-2017 is not less than 25%, 30%, and 35%, respectively; the year-on-year increase of 2015-2017 performance is 25%, 4%, and 3.85. %.

According to public information, from 2010 to 2012, the net profit of remote photoelectricity was 54.942 million, 96.724 million, and 72.474 million yuan respectively, and the growth rates were 117.75%, 77.71%, and -25.07%, respectively. It is not difficult to find that the company chose 2012 as the performance evaluation base for its sharp decline in performance, which will greatly reduce the difficulty of exercising the right; at the same time, the company's 2015-2017 net profit growth rate is not high, including 2016 The year-on-year growth rate of net profit in 2017 was below 5%, which is in sharp contrast to the rapid growth before the listing.

With low base and low growth indicators, can the remote equity opportunistic incentives play an incentive role?

Remote Optoelectronics was launched in March of last year. Its products include LED test instruments, photometers, spectroradiometers, etc. The concept of LED technology detection has been touted by research institutes. The price-to-earnings ratio at the time of listing is as high as 51.72 times. However, in the past less than one year, the performance of the company has changed dramatically: 2012 net profit fell by 25.07% year-on-year, net profit fell by 43.65% in the first quarter of this year, and then the share price of the compounded right also fell from 45 yuan to 28.30 yuan at the time of issue.