Tiger Medicine Equity Incentive Draft is accused of low performance requirements

Tiger Medicine (quotes, interrogation) (300347. SZ) recently issued an equity incentive plan (draft), some brokers pointed out that the programme's performance requirements lower than the market expectations. Financial profit PO, current savings interest rate promotion 1000% Draft shows that the company intends to issue more than 173 middle managers and core staff to grant 3 million stock options, the first line of the price of 54.57 yuan/share. The right conditions are: first, 2012 years operating income of 250 million yuan as the base, 2013-2015 operating income growth rate of not less than 26.06%, 60.01% and 104.47%　　The second is based on the 2012-year net profit of 67 million yuan, 2013-2015 net profit growth rate is not less than 30%, 70.3% and 124.8% respectively, and the deduction of the net profit and not deducted the lower number of the net profit as the basis for calculation. According to the macro-source Securities (market, inquiry) of the calculation, the right to the conditions of the data conversion to the year-on-year growth rate, 2013-2015, the company's income year-on-year increase of 26%, 27% and 28%; in 2013-2016, the company's equity incentive fees are expected to be amortized at 2.93 million yuan, 10.62 million yuan,　　6.43 million yuan and 2.91 million yuan, after deducting the net profit of the company 2013-2015 year-on-year growth of 30%, 31% and 32%. Hongyuan Securities noted that such performance requirements are below market expectations.　　"Investors are looking for companies that have a high growth rate of more than 50% a year, not just 30% per cent a year," he said. Earnings showed that in 2010, 2011, 2012 and the first half of 2013, the year-on-year growth rate of the company's ownership of listed companies was 306%, 51%, 42% and 44%, respectively.　　The firm's dynamic and static P/E ratios were 77 times times and 93 times times, according to the September 23 closing price. The market is also widely believed that the above performance conditions are easy to achieve. National Gold Securities (market, inquiry) pointed out that the company 2013 and 2014 orders are expected to maintain a 35%-40% high growth.　　Therefore, the above scheme has given the incentive target "to send money" means. Of particular concern is that 173 of the participants were motivated by 3 posts as "drivers."　　Because the equity incentive is the company's middle managers and core technical personnel, so the company's approach to raise the question of investors.　　The draft shows that a total of 173 people received the first 2.7 million options, 15,600 per capita, of which the senior Director of Medical v Chen Ruibo to 78,900 stock options, and 3 of the driver's stock options are 7511 shares.　　Tiger Medicine responded that the 3 drivers were only drivers who used their vehicles in the day-to-day work of the executive Department, and that being motivated, the main consideration was to motivate employees with old qualifications or ordinary employees to have exemplary effects on other employees, and to help team stability. Comments on macro-source securities and the explanation of the company "coincidence", "the companyMarket share in recent years gradually increased, competitive advantage is mainly in cost advantages, at this time large-scale, broad area of promotion of equity incentives, the company is another way to compensate employees income, but also to the option to stabilize the people and enhance corporate performance.　　Despite the above flaws, at present, the market as a whole is still more optimistic about the plan, which with the bill will be the right price of 54.57 yuan/share has a certain relationship, the price slightly higher than the closing of the close of 54.45 Yuan/unit (September 16), the stock price formed a certain supporting role. September 18, the company's stock price once hit the limit, the whole day closed up 6.19%, reported 57.82 Yuan. September 23, the company received a rise of 2.09%, reported 59.03 Yuan. Equity incentive scheme issued after two trading days, the company's share price has risen more than 8%.