On December 28, Sichuan Yahua Industrial Group Co.Ltd(002497) (002497, SZ) disclosed the restricted stock incentive plan (Draft). The number of restricted shares to be granted to 14 incentive objects was 12.0421 million shares, accounting for 1.04% of the total share capital of the company on the announcement date of the draft incentive plan, and the grant price was 14.39 yuan / share.
According to the semi annual report of 2021, Sichuan Yahua Industrial Group Co.Ltd(002497) is mainly engaged in lithium industry, civil explosive sales, engineering blasting, transportation enterprises and other industries, accounting for 39.36%, 30.49%, 27.5%, 2.57% and 0.08% of revenue respectively. From this point of view, the lithium business has become an important supporting point for Sichuan Yahua Industrial Group Co.Ltd(002497) revenue. The Sichuan Yahua Industrial Group Co.Ltd(002497) lithium business is mainly the R & D, production and sales of deep-processing lithium products. The main products include battery grade lithium hydroxide, battery grade lithium carbonate and other lithium products.
The reporter noted that in the equity incentive plan, the awarding objects include the company’s directors, senior managers and the main principals of lithium subsidiaries, including Mou Kexiang, vice president and general manager of Yahua lithium (Ya’an) Co., Ltd. (hereinafter referred to as Ya’an lithium), Yue Xiaoqi, operation director of lithium, Zhou Jianqi, general manager of Sichuan Yahua lithium Technology Co., Ltd Dong Xingwang, executive deputy general manager of Ya’an lithium industry, and Hu Shiwei, general manager of Sichuan Guoli lithium Materials Co., Ltd., were awarded 1.2 million shares, 1.15 million shares, 630000 shares, 600000 shares and 400000 shares respectively.
The release period of restricted shares granted this time is also related to the company’s performance assessment objectives and lithium business. In the first period of lifting the restriction on sales, the cumulative operating income of lithium business in 2021 and 2022 is required to be no less than 5 billion yuan, and in the second period of lifting the restriction on sales, the cumulative operating income of lithium business in 2021, 2022 and 2023 is required to be no less than 10 billion yuan.
From the perspective of the grant price, 14.39 yuan per share is lower than the price in the secondary market. As of today (December 28), the share price of Sichuan Yahua Industrial Group Co.Ltd(002497) is 26.74 yuan per share. Some industry insiders said that although the grant price is lower than the secondary market, it is also reasonable to link it with the high-income target.
The 2020 annual report disclosed that the annual lithium business revenue of Sichuan Yahua Industrial Group Co.Ltd(002497) was 674 million yuan, while the lithium business revenue of Sichuan Yahua Industrial Group Co.Ltd(002497) reached 836 million yuan in the first half of this year, showing a high growth trend, but there is still a gap with the cumulative revenue exceeding 5 billion yuan in two years and 10 billion yuan in three years.
From the perspective of the industry, the price of lithium has increased significantly recently. Data show that on December 28, 99.5% of lithium carbonate electricity: the domestic price was 264000 yuan per ton, up nearly four times from 53000 yuan per ton at the beginning of the year.
However, some people in the industry said that the reason why the price of lithium is too high is still the lack of supply, and the sharp rise of lithium carbonate caused by this lack of supply is regarded as a short-term behavior.
“The performance of the industry is abnormal. When demand comes quickly, it will lead to tight supply. But it is still balanced on the whole and will eventually be balanced.” Li Nanping, chairman of Jiangsu Ronghui general Lithium Industry Co., Ltd., told the daily economic news that lithium carbonate is easy to sell, but it is not as tight as the price shows. In his opinion, there is no shortage of lithium ore on the whole, but the development cycle is longer. The overall supply of lithium concentrate is still tight next year, mainly because many new mines cannot be opened next year. “The scale of lithium hydroxide and lithium carbonate units is still rising. However, the supply of new capacity will not become a real supply, mainly because the upstream mines are not ready”.
(Daily Economic News)
