Sany Heavy Industry announced the stock option inc

Sany announced the stock option incentive plan to highlight growth confidence

Sany announced the stock option incentive plan to highlight growth confidence

China Construction machinery information

Guide: Event: Sany announced the stock option and restricted stock incentive plan, and the company plans to issue shares to incentive objects: 1. Grant 154.9 million stock options to incentive objects at the price of 9.38 yuan; 2. 23.3459 million restricted shares were granted to incentive objects at the price of 4.69 (1) small yuan in the production range of raw materials of resin and fiber. Total incentive objects

Event: Sany Heavy Industry announced the stock option and restricted stock incentive plan, and the company plans to issue shares to incentive objects:

1. Grant 154.9 million stock options to incentive objects at the price of 9.38 yuan

2. 23.3459 million restricted shares were granted to incentive objects at the price of 4.69 yuan. There are 2533 incentive objects in total, including directors, senior executives, middle managers and core business (technical) personnel. The exercise condition of stock options is that the year-on-year growth rate of net profit attributable to the parent company after annual deduction of non profits is not less than 10%; The exercise condition of restricted stocks is that the year-on-year growth rate of net profit attributable to the parent company after annual deduction of non-profit is not less than 10%

10% growth highlights the company's growth momentum. After the depression of the construction machinery industry since April 2011, the market's growth expectation for the construction machinery industry has been significantly reduced. The company's option and restricted stock program exercise conditions set that the annual net profit growth rate should not be less than 10% year-on-year, highlighting the company's confidence in the future growth of the industry and the company itself

is conducive to stabilizing the core team. The incentive objects of options and restricted stocks this time involve 2533 directors, senior executives, middle-level managers, core business (technical) personnel, etc., basically covering the core team that drives the development of the company. This is conducive to the establishment and improvement of incentive and restraint mechanisms, charge "However, mobilizing the enthusiasm of senior executives and employees is beneficial to the long-term development of the company.

the financial expenses in the next five years will be increased by 288 million yuan. According to the company's calculation, after deducting the reserved share options, the incentive plan will generate a management expense of 288.53 million yuan, which needs to be amortized in the next five years. The annual average distribution is 12.53 million yuan, 115.93 million yuan, 92.86 million yuan, 52.55 million yuan and 14.66 million yuan, and the greater impact is in 2013 and 2014. But considering the incentive The exercise condition is the growth rate of net profit after deduction of non profits, and the increase of management expenses is expected to be digested through the improvement of enthusiasm and efficiency

the industry still needs the expected transformation of new real estate construction. Infrastructure investment, the leading indicator of construction machinery sales, has changed from negative to positive in the first half of the year, and is expected to continue to rebound in the fourth quarter. At the same time, the hourglass of construction machinery investment logic has shifted from infrastructure to real estate. If the real estate sales continue, the chemical properties of lubricants (chemical activity of additives) will be extremely important at this time. The recovery, the stability and reliability period of the pre performance of the real estate policy will gradually stabilize. With the stabilization of the chemical removal rate and the increase of land acquisition, the new construction of real estate is expected to gradually rebound rather than fall sharply again. The indicators of real estate sales and new construction will change from negative to positive, driving the share price of construction machinery to stabilize and rebound

maintain profit forecasts and buy ratings. Maintain the EPS of the company at 0.93 yuan, 1.13 yuan and 1.31 yuan in 2012, 2013 and 2014, and the corresponding PE is 10 times, 8 times and 7 times respectively. We are optimistic about the long-term competitive advantage of the company and maintain the buy rating