The 37-year-old TCL Group has grown in constant change.
On March 3, TCL Group announced that the company launched a global partnership and creative plan, involving 2285 employees, accounting for about 3% of the company's total.
This is the second time that the TCL Corporation has launched an equity incentive plan. The equity incentive plan that was launched in 2011 and implemented in 2015 has benefited 164 executives and core staff.
According to a number of brokerage research reports, the TCL Group's extensive equity incentive plan will deeply bind core employees and create a core interest community, which is a great advantage for the company itself and the market.
The TCL Group, which was listed at the beginning of 2004, was once a local state-owned enterprise. After undergoing three large-scale reforms, it has implemented measures such as globalization, diversified industrial layout, equity incentives, and employee shareholding, which has given the company rejuvenation. The company’s scale has expanded rapidly. , Has become a global company.
The data shows that from 2014 to 2016, TCL Group’s operating revenue exceeded RMB 100 billion for three consecutive years, and its net profit was stable at over RMB 2 billion. Industry insiders’ analysis shows that from the third quarter of last year, 2017 will be the fourth company’s fourth Billion years.
The official website shows that after years of industrial layout, TCL Group's products include telephones, televisions, mobile phones, refrigerators, washing machines, air conditioners, small household appliances, LCD panels and other fields.
In order to support the expansion of globalization, TCL Group has continued to raise funds. The wind data shows that since the listing, the company has raised 351.2 billion yuan in total, of which the direct financing through the capital market is close to 50 billion yuan.
Three years later, the equity incentives change again
Earlier this month, TCL Group disclosed the 2018 Restricted Equity Incentive Plan, also known as the “Innovation Plan” for the Central Grassroots. The company plans to grant 38.898 million restricted stocks to 1585 people, including the company's middle management/professionals. The grassroots supervisors/professionals, etc., the stock source is the company's stock for private placement of incentive objects, the award price is 1.83 yuan/share. On the eve of the launch of the plan, the closing price of the company's shares was 3.64 yuan. This means that More than 1,500 employees can get company stock at half price.
At the same time as the restrictive incentive plan, there is a global partner plan for the company's senior management and core players. The duration of the shareholding plan is 5 years, rolling out each year, and the planned size of the first phase of the stock plan does not exceed RMB 280 million. The target stocks will be obtained through legal compliance methods such as secondary market purchases. The incentive targets include the company's chairman, president, deputy president, headquarters department head, director, subordinate business unit general manager, and management team members and other key personnel. The two plans, which cover the company's high, middle and low-level 2,285 employees, accounted for 10% of the company's total. The company said that the launch of the incentive plan is to stimulate the company's employees' passion for the second venture.
With the TCL Group forecasting a net profit of RMB 2.6 billion to RMB 2.8 billion in 2017, this year's net profit will reach RMB 3 billion to RMB 3.2 billion, and the senior management team will be able to obtain these shares.
In the face of incentive plans for employees at the middle and lower levels, there are also performance constraints. Specifically, in 2018 and 2019, the net profit growth rate achieved by the company was not less than 10% and 20% from 2017. Using this as a standard, in 2018, In 2019, the net profit of the company should reach 2.8 billion to 3 billion yuan and 3 billion to 3.2 billion yuan respectively.
According to public information, as early as last April, TCL Corporation initiated a new round of reforms, reduced staffing, lowered costs, increased efficiency, improved overall efficiency, and brewing staff incentive plans.
The Yangtze River Business Daily reporter combed and found that this is the second time the 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 initial exercise price of 77.1212 million stock options was granted at 4 yuan and was enjoyed by 164 executives and core staff. The senior executive is TCL Group's executive director, COO (Chief Operating Officer) Bo Lianming, who was awarded 3,435,700 shares, which accounted for 3.99% of the equity granted. In 2015, the plan was formally released.
In response to the above equity incentive plan, a number of research reports commented that the TCL Group's deep binding of core employees will boost the company's development confidence.
Last year, net profit increased by 1 billion
A new round of employee stock ownership plan may increase investor confidence of TCL Group.
Last week, some investors told the Changjiang Commercial News reporter that the TCL Group once again launched an equity incentive plan, which in addition to achieving employee benefits binding and accelerating the globalization of the company, also contributed to strengthening investor confidence and stabilizing share prices.
The Changjiang Business Daily reporter noted that on November 10 last year, TCL Group's share price reached 5.14 yuan, which was the highest point of last year, and it fell to 3.30 yuan on February 9 this year, and it was 3.64 yuan on March 2nd, which was higher. Goed 35.80%. This is not consistent with the company's operating performance, valuation is low.
On January 16th this year, the company announced its 2017 performance forecast, showing that its net profit is expected to be 2.6 billion yuan to 2.8 billion yuan, an increase of 62% to 75% compared to 2016 net profit of 1.6 billion yuan.
The company explained that thanks to the advantage of Huaxing Optoelectronics market share and LCD TV sales of TCL Multimedia increased by about 16% year-on-year, and air conditioners, sales of washing machines grew steadily, coupled with the non-core business separation, the company's profitability increased.
This profitability level was the second annual outstanding performance achieved in the TCL Group's 14-year listing. The best year was 2014, and the net profit was 3.183 billion yuan. By comparison, in 2015, the profitability of 2016 dropped slightly.
However, the company's operating income has grown steadily.
According to the data, in 2014, the company’s operating revenue exceeded 100 billion yuan for the first time, reaching 101.297 billion yuan. In 2015 and 2016, it stood for a hundred billion yuan camp, which was 104.878 billion yuan and 106.816 billion yuan respectively. Last year's three quarterly report showed that the company The operating income achieved was 82.337 billion yuan, an increase of 5.84% year-on-year, and the growth rate was higher than 2015 and 2016.
Industry insiders expect that from the perspective of its performance forecast, many segments such as home appliances and multimedia have seen significant growth. The operating income of TCL Group may exceed 110 billion yuan last year. This means that the company will continue to earn more than 1,000 revenues for 4 consecutive years. Billion.
In November last year, TCL Group basically completed a capital reorganization. Prior to this, the company increased its stake in Huaxing Optoelectronics to more than 80%, and the company will transform into a financing platform for display panel business in the future, becoming the company behind A shares second only to display panel leader BOE A. At the same time, TCL Multimedia, its controlling subsidiary, was renamed 'TCL Electronics Holdings Co., Ltd.' and became its branded consumer electronics industry group.
The market value of TCL Group is much lower than that of BOE A, which has a revenue of less than RMB 100 billion. As of March 9, the market value of BOE A was 204.267 billion yuan, while the TCL Group had only 51.627 billion yuan. It is worth mentioning that 3 Some of the strategic investor stocks that participated in the TCL Group's increase in the number of years ago have been lifted. The Guokai Kaikou Group’s Guokai Innovation, Guokai Jingcheng, and Guokai’s equipment have been reduced. As of today, the cumulative reduction has been 0.5%.
Financing 350 billion frequent industrial layout
TCL Group's operating revenue exceeded RMB 100 billion, and TV sales worldwide were the third highest. The global fifth-order achievement of the panel was closely related to the company's frequent industrial layout.
Wind data shows that since its listing, TCL Group has raised a total of 351.2 billion yuan in financing, including direct financing of 49.854 billion yuan (including the initial issue of 2.513 billion yuan, an increase of 17.131 billion yuan, and the issuance of 30.2 billion yuan), and the cumulative new long- and short-term loans are 383.76 billion yuan. In addition, the total cash received for borrowing was 301.345 billion yuan.
From the perspective of the increase in equity refinancing, from 2009 to the present, the company has implemented five fixed-income increments. Except that the fundraising amount in 2009 was RMB 905 million, which is lower than RMB 1 billion, the remaining four times are far more than RMB 1 billion. Last year, the total increase of 4 raises was 16.236 billion yuan.
In addition, starting from 2016, TCL Group initiated the establishment of four rounds of merger and acquisition funds, raising over 23 billion yuan.
Specifically, with the establishment of a billion-dollar industrial M&A fund with Ziguang Group, the company will focus on the core areas of the semiconductor and electronics industry upstream and downstream, and conduct global industrial investment and M&A integration in semiconductor chips, semiconductor displays, industrial intelligent manufacturing, and Internet+. Together with the Hubei Province Yangtze River Guidance Fund and Hubei Branch Investment, a billion-dollar industrial merger and acquisition fund was established, with a focus on TMT, Industry 4.0, especially the optoelectronics information industry.
In addition, the company has successively established Xinjiang Dongpeng Heli Equity Investment Fund, Deqing Puhua Equity Investment Industry M&A Fund, and the investment field is TCL Group's industry upstream and downstream, technology, media, communications, artificial intelligence and other fields.
In addition to the investment fields of the aforementioned industrial funds, the TCL Group focuses on semiconductor panels. Its subsidiary panel company Huaxing Optoelectronics Co., Ltd. is also the company with the largest financing needs. According to incomplete statistics, the company’s investment in Huaxing Optoelectronics will exceed 100 billion yuan.
Changjiang Business Daily reporter noted that at present, China Star Optoelectronics has become the TCL Group's best quality assets.
According to the semi-annual report last year, Huaxing Optoelectronics achieved operating revenue of RMB 13.987 billion, accounting for 25.75% of the company's operating income, and net profit of RMB 2.421 billion, which was 2.34 times the company’s current net profit of RMB 1.034 billion.