TCL Group (000100.SZ), which has a 37-year history, has grown and developed in constant change. On March 3rd, TCL Group announced that the company launched a global partner and creative plan, involving 2,285 employees, accounting for about 3% of the company's total number. This is the second time TCL Group has launched an equity incentive plan. The proposed equity incentive plan implemented in 2011 and 2015 benefited 164 senior executives and core staff.
A number of brokerage research reports said that TCL Group's large-scale equity incentive plan will deeply bind core employees and create a core interest community, which is a great benefit for the company itself and the market. TCL Group, which was listed in early 2004, was once a local state-owned enterprise. After three large-scale changes, it has successively implemented measures such as globalization, diversified industrial layout, equity incentives, and employee shareholding, which have revitalized the company. The scale of the company has expanded rapidly and it has now become a global company. The data shows that from 2014 to 2016, TCL Group's operating income exceeded 100 billion yuan for three consecutive years, and its net profit was stable at more than 2 billion yuan. According to industry analysts, from the third quarter of last year, 2017 will be the company's fourth hundred billion year.
The official website shows that after years of industrial layout, TCL Group's products involve telephones, TVs, mobile phones, refrigerators, washing machines, air conditioners, small appliances, and LCD panels. In order to support global expansion, TCL Group has raised funds continuously. Wind data shows that since the listing, the company has raised 351.2 billion yuan in total, of which direct financing through the capital market is close to 50 billion yuan.
After three years, we will push forward equity incentives for change
Earlier this month, TCL Group disclosed the 2018 Restricted Equity Incentive Plan, also known as the "Creative Sharing Plan" for mid-level companies. The company plans to grant 38.798 million restricted shares to 1,585 people, including the company's mid-level management / professionals, For grassroots supervisors / professionals, etc., the source of the stock is the company ’s stock that is issued to the incentive target, and the grant price is 1.83 yuan / share. On the eve of the launch of the plan on March 2, the closing price of the company's stock was 3.64 yuan. This means that more than 1,500 employees can get company stock at half price.
Along with the restrictive incentive plan, there is also a global partner plan for company executives and core backbones. The shareholding plan lasts for 5 years and rolls out every year. The first phase of the shareholding plan is expected to not exceed 280 million , The subject stock will be obtained through legal compliance methods such as secondary market purchases. The incentive targets include the company's chairman, president, vice president, head of department, director, general manager of the subordinate business unit and members of the core management team. The two plans are superimposed, covering 2,285 employees of the company's high, middle and low levels, accounting for 10% of the company's total headcount. According to the company, the launch of the incentive plan is to inspire the employees' second entrepreneurial passion.
Based on the TCL Group's forecast of 2017 net profit of 2.6 billion to 2.8 billion yuan, this year's net profit must reach 3 billion to 3.2 billion yuan before the senior management team can obtain this batch of equity.
Faced with the incentive plan for middle-level employees, there are also performance constraints. Specifically, in 2018 and 2019, the company's net profit growth rate was not less than 10% and 20% compared with 2017. Based on this standard, in 2018 and 2019, the company's net profit will reach 2.8 billion to 3 billion yuan, and 3 billion to 3.2 billion yuan, respectively. According to public information, as early as April last year, TCL Group has launched a new round of reforms, through reductions in staff costs, cost reduction, and efficiency enhancement, to improve overall efficiency, and to create employee incentive plans. A reporter from the Changjiang Commercial Daily found that this is the second time TCL Group has launched an employee stock ownership plan.
As early as 2011, the company had planned to launch 86,123,600 stock option incentive plans. The first grant of 7,7528,800 stock options had an exercise price of 4 yuan, which was enjoyed by 164 executives and core personnel. The first batch of senior executives granted the most equity was TCL Group Executive Director and COO (Chief Operating Officer) Bo Lianming, who was granted 3.357 million shares, accounting for 3.99% of the equity granted. In 2015, the plan was officially released.
In response to the above equity incentive plan, several research reports commented that TCL Group's deep binding of core employees will boost the company's development confidence.
Last year's net profit increased by over 1 billion
A new round of employee stock ownership plans may increase TCL Group's investor confidence.
Last week, an investor told the Changjiang Commercial Daily reporter that TCL Group has once again launched the equity incentive plan. In addition to achieving the binding of employee benefits and accelerating the globalization layout, it is also related to enhancing investor confidence and stabilizing stock prices.
A reporter from the Yangtze River Commercial Daily noticed that on November 10 last year, TCL Group ’s share price reached 5.14 yuan, the highest point last year, and it fell to 3.30 yuan on February 9 this year and 3.64 yuan to March 2. The higher point fell Went to 35.80%. This is not very consistent with the company's operating performance, and its valuation is low. On January 16 this year, the company's 2017 performance forecast showed that the estimated net profit was 2.6 billion to 2.8 billion yuan, an increase of 62% to 75% compared to the 2016 net profit of 1.6 billion yuan.
The company explained that thanks to the market share advantage of Huaxing Optoelectronics and TCL Multimedia's LCD TV sales growth of approximately 16% year-on-year, and the steady growth in sales of air conditioners and washing machines, coupled with the divestiture of non-core businesses, the company's profitability increased.
This profit level is the second annual outstanding performance achieved by TCL Group in the 14 years since its listing. The best year is 2014, with a net profit of 3.183 billion yuan. In comparison, the profitability of 2015 and 2016 decreased slightly. However, the company's operating income has grown steadily.
Data show that in 2014, the company's operating income exceeded the 100 billion mark for the first time, reaching 101.297 billion yuan. In 2015 and 2016, we were firmly in the 100 billion camp, with 104.878 billion yuan and 106.618 billion yuan respectively. The third quarterly report last year showed that the company's operating income was 82.337 billion yuan, a year-on-year increase of 5.84%, and the growth rate was higher than that in 2015 and 2016. Industry insiders predict that from the perspective of its performance forecast, many sectors such as home appliances and multimedia have experienced substantial growth. TCL Group's operating income last year may exceed 110 billion yuan. This means that the company's operating income will exceed 100 billion for four consecutive years.
As of November last year, TCL Group basically completed capital reorganization. Previously, the company increased its stake in Huaxing Optoelectronics to more than 80%. The company will transform into a financing platform for the display panel business in the future and become the A-share company after display panel leader BOE A. At the same time, its holding subsidiary TCL Multimedia changed its name to "TCL Electronics Holdings Limited" and became its branded terminal consumer electronics industry group.
Compared with BOE A, whose operating income is less than 100 billion yuan, the market value of TCL Group is much lower. As of March 9, BOE A's market value was 204.267 billion yuan, while TCL Group had only 51.627 billion yuan. It is worth mentioning that some of the strategic investor stocks that participated in the fixed increase of TCL Group three years ago have been lifted, and the CDB Innovation, CDC Sincere, and CDB equipment have been reduced. Up to now, the cumulative reduction of 0.5%.
Raising 350 billion yuan frequently for industrial layout
The achievement of TCL Group's operating income of more than 100 billion yuan, the third-largest global sales of color TVs and the fifth-largest global panel achievements are closely related to the company's frequent industrial layout.
Wind data shows that since listing, TCL Group has accumulatively raised 351.2 billion yuan, of which direct financing was 49.854 billion yuan (including the initial issue of 2.513 billion yuan, a fixed increase of 17.141 billion yuan, and bond issuance of 30.2 billion yuan). 38.376 billion yuan. In addition, the cash received from the accumulated borrowings was 301.345 billion yuan.
Judging from the fixed increase in equity refinancing, since 2009, the company has implemented five fixed increases. In addition to the 2009 fundraising of 905 million yuan and less than 1 billion yuan, the remaining four times have far exceeded 1 billion yuan. From 2010 to last year, the total amount of fundraising for the four scheduled increases was 16.236 billion yuan.
In addition, since 2016, TCL Group initiated the establishment of four rounds of merger and acquisition funds, with a raised amount of over 23 billion yuan.
Specifically, the establishment of a 10 billion industrial merger and acquisition fund with Ziguang Group mainly focuses on the core links of the upstream and downstream of the semiconductor and electronics industries, and conducts global industrial investment and merger and acquisition integration in the fields of semiconductor chips, semiconductor displays, industrial intelligent manufacturing, and Internet +. Together with Hubei Yangtze River Guidance Fund and Hubei Science and Technology Investment, a 10 billion-scale industrial merger and acquisition fund was established, focusing on TMT, Industry 4.0, especially the optoelectronic information industry.
In addition, the company has successively set up Xinjiang Dongpeng Heli Equity Investment Fund and Deqing Puhua Equity Investment Industry M & A Fund. The investment fields are the upstream and downstream industries of TCL Group, technology, media, communications, artificial intelligence and other fields.
In addition to the investment fields of the above-mentioned industrial funds, TCL Group's focus is on semiconductor panels, and its subsidiary Huaxing Optoelectronics carries the panel business, which is also the company's largest financing demand segment. According to incomplete statistics, the company's investment in Huaxing Optoelectronics will exceed 100 billion yuan.
A reporter from the Changjiang Commercial Daily noted that at present, Huaxing Optoelectronics has become the best quality asset of TCL Group.
Last year's semi-annual report showed that Huaxing Optoelectronics achieved operating income of 13.987 billion yuan, accounting for 25.75% of the company's operating income and net profit of 2.421 billion yuan, which was 2.34 times the company's current net profit of 1.034 billion yuan.
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