In the second week of the year of the tiger, Sto Express Co.Ltd(002468) gave “benefits” to employees!
On February 14, Sto Express Co.Ltd(002468) planned to implement the employee stock ownership plan at the “fracture price”, in which 14356400 shares were granted for the first time. The stock source of this ESOP is the shares that have been repurchased in the company’s special account for repurchase, and the purchase price of the repurchased shares in the ESOP is 1 yuan / share. This means that a substantial floating profit will be made at the beginning. However, all this is conditional
Sto Express Co.Ltd(002468) push the first phase of employee stock ownership plan
On February 14, Sto Express Co.Ltd(002468) disclosed the first phase of the employee stock ownership plan (Draft). The number of shares held by the employee stock ownership plan was 19.5599 million, accounting for 1.28% of the company’s current total share capital, of which 14.3564 million shares were used for employees participating in the employee stock ownership plan for the first time, and the remaining 5.2035 million shares were transferred as reserved shares within the time specified in the employee stock ownership plan. The purchase price of repurchased shares under the employee stock ownership plan is 1 yuan / share.
After the implementation of the employee stock ownership plan, the total number of shares held by all effective employee stock ownership plans of the company shall not exceed 10% of the total share capital of the company, and the total number of shares corresponding to the share rights and interests obtained by a single employee shall not exceed 1% of the total share capital of the company.
The duration of the employee stock ownership plan is 72 months, which is calculated from the date when the company announces the transfer of the last batch of subject shares granted for the first time to the name of the employee stock ownership plan. The lock up period of the underlying shares obtained by the employee stock ownership plan through non trading transfer and other methods permitted by laws and regulations is 36 months, calculated from the date when the company announces the transfer of the last batch of underlying shares granted to the employee stock ownership plan.
1 yuan / share!
Shentong plans to promote the employee stock ownership plan
It is worth mentioning that the stock source of this ESOP is the shares that have been repurchased in the company’s special account for repurchase, and the purchase price of repurchased shares in the ESOP is 1 yuan / share.
According to the announcement, the company has repurchased a total of 28.99% of the company’s share capital by means of centralized share repurchase, accounting for 15.99% of the total share capital of the company as of May 2021; The maximum transaction price of repurchase is 15.50 yuan / share, the minimum transaction price is 9.16 yuan / share, and the total transaction amount is 236 million yuan (excluding transaction costs).
This means that the shares repurchased by Sto Express Co.Ltd(002468) at a cost of 236 million yuan will be sold to their employees at a “family price” of 19.5599 million yuan. Although the share price of Sto Express Co.Ltd(002468) has fallen again and again in recent years, in terms of the price of 1 yuan / share, it is equivalent to a free gift.
The object of the ESOP is the directors, senior managers, core managers and key employees who are recognized by the board of directors as having an important role and impact on the overall performance and medium and long-term development of the company. The total number of employees participating in this ESOP is no more than 124 (excluding reserved shares). The final distribution share and proportion of each participant shall be subject to the final actual distribution and determined according to the actual contribution of employees.
In this ESOP, Sto Express Co.Ltd(002468) general manager Wang Wenbin plans to subscribe for 2.9812 million shares, accounting for 27.68% of this ESOP. If the share price of Sto Express Co.Ltd(002468) is stable at the current 8.67 yuan / share, the floating profit of the above employee stock ownership plan subscribed by Wang Wenbin will exceed 22.86 million yuan.
what are the performance evaluation indicators?
However, the above employee stock ownership plan is also conditional. The assessment indicators are divided into company performance assessment indicators and individual performance assessment indicators.
In terms of the company’s performance evaluation indicators, the company stipulates that in the first evaluation period, the growth rate of express business volume in 2022 shall not be lower than that of the express industry in the current year or the net profit returned to the parent company after deducting non profits in 2022; In the second assessment period, the growth rate of express business volume in 2023 shall not be lower than that of the express industry in the current year, or the net profit attributable to the parent company after deducting non profits in 2023 shall not be less than 500 million yuan.
According to the 2021 performance forecast released by Sto Express Co.Ltd(002468) , it is expected to achieve revenue of 24.1 billion yuan – 26.5 billion yuan in 2021, compared with 21.57 billion yuan in the same period last year; The net loss attributable to shareholders of listed companies was 840 million yuan – 950 million yuan, with a profit of 36.3273 million yuan in the same period last year.
For a long time, the performance from 2016 to 2019 is OK, but Shentong’s net profit returned to parent after deduction in 2020 is 0.31, and the performance has also declined sharply this year, so this indicator still seems to be challenging.
In addition, in terms of personal performance evaluation, the performance evaluation committee established by the company is responsible for organizing the evaluation. At that time, the performance evaluation committee will conduct comprehensive evaluation and scoring on the participants in each evaluation year, and determine their actual unlocking proportion according to the individual performance evaluation results. If the annual performance assessment at the company level meets the standard, the actual unlocking amount of the incentive object in the current year = the planned unlocking amount of the individual in the current year × Current unlocking proportion at the company level × Unlock factor.
Shentong: designed to enhance employee confidence
As for the incentive of buying back treasury shares at a discount, Sto Express Co.Ltd(002468) said that the main purpose is to enhance the confidence of the granted employees, fully mobilize their enthusiasm, and maintain and further strengthen the advantages of the company’s lean management.
In recent years, the express industry is facing fierce market competition, the express unit price continues to decline, and the profitability of express enterprises is affected to a certain extent. Although the fierce industry price competition has had an impact on the company’s performance, confidence is more important than gold before the industry pattern is completely stable; Continuously enhancing employees’ confidence and fully stimulating and mobilizing employees’ enthusiasm is one of the key tools for the company to enter high-quality and sustainable development.
Sto Express Co.Ltd(002468) said that the employee stock ownership plan launched this time aims to establish and improve the benefit sharing mechanism between the company’s employees and the company’s shareholders, improve the level of corporate governance, improve the cohesion of employees and the overall competitiveness of the company, and ensure the realization of the company’s future development strategy and business objectives.
First, this will further improve the corporate governance mechanism and enhance the overall value of the company. Through the employee stock ownership plan, further optimize the company’s ownership structure, improve the modern enterprise governance mechanism, enhance the cohesion of core middle and senior employees and the vitality of the company’s development, and enhance the overall value of the company. Secondly, further deepen the concept of partnership entrepreneurship and strengthen the company’s competitive advantage. Promote the deep binding between the core team and key employees and the long-term growth value of the company, and promote the core team and key employees to give full play to their subjective initiative. Finally, further improve the salary incentive system and pay equal attention to incentive and restraint.
shareholders discuss ESOP
However, for the above performance evaluation indicators, some investors believe that “the unlocking conditions are too low. It seems that the goal this year is to turn losses around.” However, some people believe that “the net profit in 2023 must not be less than 500 million yuan, which is obviously good for executives and employees to do a good job in the enterprise.”
Looking at the stock price trend of Sto Express Co.Ltd(002468) in recent years, it has already fallen from 45.52 yuan / share to the current 8.67 yuan / share, and the current total market value is 13.278 billion yuan.
Gf Securities Co.Ltd(000776) previously said that the main business of Sto Express Co.Ltd(002468) Q4 improved significantly and is expected to benefit from the upward prosperity of the industry. Since the second half of the year, the industry supervision has become stricter and the irrational price war has eased significantly. With the slowdown of the price war in the industry and the improvement space of the company’s single ticket cost, the company’s profit is expected to be repaired.
According to the statistics of galaxy securities, in November 2021, the market share of Yunda, Yuantong, Shentong and Shunfeng were 16.62%, 15.40%, 10.43% and 9.06% respectively.
