a stock incentive draft with sky high revenue assessment objectives. On average, a marketing staff needs to generate revenue of far more than 100 million yuan a year?
On January 26, 2022, Jiangsu Akcome Science And Technology Co.Ltd(002610) (002610. SZ) disclosed the 2022 stock option and restricted stock incentive plan (Draft), and the company plans to grant a total of about 18.6 million shares to incentive objects. Jiangsu Akcome Science And Technology Co.Ltd(002610) the performance evaluation index in the four years from 2022 to 2025 is 2 to 10 times the growth of revenue.
This has attracted the attention of regulators. Ask them whether the equity incentive assessment objective is realizable , at the company performance level of this incentive plan why only set a single assessment indicator of operating income .
The company sets the performance assessment indicators for the four exercise / release periods as follows: Based on the company's operating revenue in 2021, the growth rate of operating revenue in 2022 shall not be less than 200%, the growth rate of operating revenue in 2023 shall not be less than 400%, the growth rate of operating revenue in 2024 shall not be less than 600%, and the growth rate of operating revenue in 2025 shall not be less than 1000%.
According to the performance forecast of 2021 disclosed by the company on January 26, 2022, the annual revenue in 2021 is expected to reach 2.5 billion yuan to 3 billion yuan. if calculated according to the performance forecast, the assessment requirements for unlocking the aforementioned stock options are:
the revenue in 2022 needs to reach 7.5 billion yuan - 9 billion yuan;
it needs to reach 12.5 billion yuan to 15 billion yuan in 2023;
it needs to reach 17.5 billion yuan - 21 billion yuan in 2024;
it needs to reach 27.5 billion yuan to 33 billion yuan in 2025.
Just such a high performance goal, can the company achieve it?
Jiangsu Akcome Science And Technology Co.Ltd(002610) was founded in March 2006 and landed in A-Shares on August 15, 2011. It is registered in Jiangyin City, Jiangsu Province. Its main business is the R & D, design, production and sales of photovoltaic Cecep Solar Energy Co.Ltd(000591) accessories. Its products mainly include Cecep Solar Energy Co.Ltd(000591) frame, EVA adhesive film and mounting bracket.
in recent 10 years, the year-on-year growth rate of Jiangsu Akcome Science And Technology Co.Ltd(002610) revenue has never exceeded 60% , with the highest year-on-year growth rate of 56% in 2014. Compared with 2020, the annual revenue forecast of 2021 also shows a downward trend. The revenue in 2020 is about 3.02 billion yuan, and the maximum revenue in 2021 is expected to be 3 billion yuan.
Drawing Yin Jingfei, data source: choice financial terminal
In terms of past performance, Jiangsu Akcome Science And Technology Co.Ltd(002610) shows a situation of increasing income without increasing profit, and has been in a state of loss for more than 10 years.
For nearly 14 years from 2008 to the first three quarters of 2021, the total revenue was about 37 billion yuan, but the net profit attributable to the parent company lost 772 million yuan in 15 years, and the net profit after deduction was 1.48 billion yuan.
The annual performance of 2021 continues to suffer losses. According to the performance forecast, the net profit attributable to the parent company in 2021 is expected to suffer a loss of 195 million yuan to 390 million yuan, with a profit of more than 22 million yuan in the same period of last year.
Drawing Yin Jingfei, data source: choice financial terminal
A major reason for the loss of is the low gross profit margin and the high period expense rate.
The gross profit margin of the company's products has shown a downward trend in recent five years, from 18.8% in 2015 to 14.9% in 2020. During this period, the cost rate has shown an upward trend, from 12.3% in 2014 to 21.8% in 2020.
The net interest rate of the company was 3.7% in 2015, decreased to 2.85% in 2018, plunged to - 32.6% in 2019 and only 0.98% in 2020.
Drawing Yin Jingfei, data source: choice financial terminal
the main business does not make money, and the stock price continues to be depressed, Jiangsu Akcome Science And Technology Co.Ltd(002610) began to "do no business", set foot in financial leasing, spent a lot of money to acquire insolvent real estate companies, and rubbed the concept of blockchain, but the result is not satisfactory .
In May 2016, Jiangsu Akcome Science And Technology Co.Ltd(002610) transferred 40% equity of Ganzhou Development Finance Leasing Co., Ltd. held by the controlling shareholder Aikang industry with cash of RMB 246 million. Aikang industry promises that ganfa leasing will realize non deduction net profits of no less than 46.89 million yuan, 68.9 million yuan and 88.17 million yuan in 2016, 2017 and 2018 respectively, but this financial leasing company has only completed non deduction performance of 165 million yuan in three years, with a comprehensive completion rate of 80%.
The concept of blockchain was introduced in 2018. From January to March 2018, several announcements were issued to enter the blockchain business. In March 2018, it was announced that Ganzhou Aikang blockchain new energy Internet of things Technology Co., Ltd., a subsidiary, would continue to overweight the blockchain business. However, with the flameout of the blockchain concept, Jiangsu Akcome Science And Technology Co.Ltd(002610) blockchain business also ended.
Source: company announcement
On October 24, 2019, the company announced that it planned to acquire 100% equity of Jiangsu Aikang Real Estate Development Co., Ltd. held by the controlling shareholders Aikang industry and Zou Yuwen for 110 million yuan. of which Zou Yuwen is the father of Zou Chenghui , the actual controller of company. Aikang real estate was insolvent from 2018 to July 2019, and its net profit suffered continuous losses.
Financial data of Jiangsu Aikang Real Estate Development Co., Ltd
Data source: announcement of the company on acquisition of assets and related party transactions 20191024
The main business is not suck, and the amateur business everywhere is not worth the effort. In 2021, the performance forecast revenue declined, and the net profit attributable to the parent company lost 195 million yuan to 390 million yuan. 2022 Jiangsu Akcome Science And Technology Co.Ltd(002610) wants to catch up and throw out the target of soaring revenue in the next four years through equity incentive.
Source: company announcement
On February 9, 2022, the listed company issued an announcement explaining that the company is seizing the Cecep Solar Energy Co.Ltd(000591) battery module market. At present, it has built four component manufacturing bases in Huzhou, Zhejiang, Suzhou, Jiangxi and Taizhou, Jiangsu. At the same time, the company is building a domestic sales team of 70 + people and an overseas marketing team of 50 + people. The domestic sales team will build sales areas in the South and North, and build the layout of key provinces and cities at the same time.
The overseas marketing team will set up offices or branches in Germany, Brazil, India, Australia, Saudi Arabia, Japan, South Korea, Singapore and Hong Kong, China.
Up to now, the company's orders in hand in 2022 are 766.3mw, and the order scheduling period is from January to early April, covering Huzhou, Suzhou and Ganzhou. In addition, there are 250MW potential orders under negotiation in the first quarter, and the overall order situation exceeds 1GW. Compared with the sales target of 1GW in 2021, the company achieved 70% of the sales target in 2021 in the first quarter alone. With the establishment and strength of the sales team, the company is expected to achieve the sales target of 3.8gw in 2022 and achieve a 200% growth rate of operating revenue.
Can it really be so?
by the end of 2020, it has 58 marketing personnel and Jiangsu Akcome Science And Technology Co.Ltd(002610) wants to build a marketing team with more than 120 people. Calculated by 120 people:
In 2022, each salesperson will carry an average marketing task of 63-75 million yuan;
In 2023, each salesperson will carry an average of 100 million yuan to 125 million yuan of marketing tasks;
In 2024, each salesperson will carry an average marketing task of 146-175 million yuan;
In 2025, each salesperson will carry an average marketing task of 230-275 million yuan.
the gross profit and net profit are both low. It is a loss making real estate company with a loss of 800 million yuan in 14 years, a concept of rubbing and spending a lot of money to transfuse the actual controller's father. For Jiangsu Akcome Science And Technology Co.Ltd(002610) , its main business may not be as "high-profile" as shown in the announcement on February 9.
The revenue target of 2 to 10 times is afraid that the ideal is very plump and the reality may be very skinny.
