The incentive conditions for the holding of shares of Royal Bank under the strict management

Net profit growth reached 80%! This is an unattainable height for the Royal Bank (002177, the former closing price of 15.40 Yuan).　　Today (December 2), the company launched the Equity Incentive Scheme Performance Evaluation index is locked here.　　"Daily economic news" found that last week just changed the investment into the Royal Bank stake, the intention to quickly launch the equity incentive is very clear, in order to quickly open market space for new projects, the company on the one hand through equity incentives to retain talent, on the other hand, through the interests of the management to wear a " Equity incentive standard is quite high today, a day of suspension of the Royal Bank shares announced the draft equity incentive. The company intends to grant stock option incentive target 2.7 million stock options, accounting for the current total share of the company's 1.019%. Of these, 2.5 million were awarded for the first time, representing 92.593% of the total number of proposed stock options, and 200,000 were reserved for 7.407% per cent of the total proposed stock options.　　The reserved stock option should be granted within 12 months after the incentive plan comes into effect.　　The announcement shows that the price of the first-granted stock option is 15.40 Yuan, which is 5 years ' power, and is awarded to 32 people, including general manager and financial Controller. For the right of ownership incentive, Royal Bank shares said that the equity incentive for the first line of business performance Evaluation Index is 2011-year weighted average net asset yield is not less than 12%, and the 2010 audited net profit as the base, the company 2011 audited net profit growth rate is not less than 80% of 2010.　　In the following years, the return on net assets demand to reach the 15%~16%, the net profit growth rate of 2010 years to reach 160%, 240%, 320%, 400% respectively.　　"Daily economic news" found that this performance assessment is a bit harsh on the Royal Bank shares, in addition to the year before the IPO (2006) The company's net profit growth rate of 206%, the company since its establishment in 2003, no net profit growth rate of more than 80% years. According to the data, the net profit growth rate of ~2009 shares was 71.82%, 1.07% and 50.35% respectively in the year of 2007.　　The company previously announced that the company's annual net profit growth rate of 2010 will not exceed 50%. In general, in order to avoid undermining the enthusiasm of management, the performance of equity incentives are generally not too high standards.　　However, 80% of the net profit growth level for the Royal Bank shares is not an easy thing, the company's move has a deeper idea?　　To promote new investment in the achievement? Royal Bank is a stock market at the end of 2007, small and medium-sized enterprises, mainly for the production and sale of ATM products. Just one weeks ago November 23, the Royal Bank shares issued a notice, the change in part to raise funds to invest.　　The original "8000 units of cooperative Operation ATM network construction project," the remaining fund-raising capital of 278.89 million yuan, transferred to the "ATM financing leasing Operation Services Project." The solution to the stock of Royal Bank for the change of fundsThe explanation is that, due to the destabilizing factors in China and the global economic environment, the company earlier initiative slowed down the speed of ATM operation, at the same time, the original fund-raising investment projects in the site location, network evaluation, cooperation with the cooperation of the conditions and other aspects of the requirements of more stringent, resulting in the company's original fund-raising projects progress less than expected progress, The company expects that the original investment project can not achieve the desired target according to the plan. After comprehensive consideration, the company intends to change some of the funds to the operation of more stable operating income, lower operational risk, less investment recovery period of the ATM financing leasing operations services. The company believes that after the completion of the transfer project, the total operating income is expected to achieve 820.8 million yuan, the total profit of 454.7221 million yuan.　　After the after-tax financial internal rate of return is 26.34%, higher than the original fund-raising investment project 20.58% of the financial internal rate of return. It is noteworthy that the Royal Bank shares, when talking about the technical risks of the project, has said that it will draw up a series of incentive mechanisms to attract and retain core technical personnel.　　This is perhaps the main reason for the Quick launch of the equity incentive.　　However, although the Royal Bank shares change to raise funds for better returns to the "ATM financing leasing Operation Services", but the project can make the company to rekindle the vitality, performance growth can reach 80%, is still unknown. Recently, the joint Securities analyst Feng Fulai in the field research Royal Bank shares after the release of research reports, optimistic about the new project. He believes that with the launch of ATM equipment, the future of corporate ATM leasing business There is still a lot of room for growth. However, the daily economic news also noted that in the future performance of the Royal Bank's shares forecast, Feng Fu to give the 2010 ~2012 year net profit of 114 million yuan, 168 million yuan, 227 million yuan, of which 2011, 2012 corresponding to 2010 year net profit growth rate is 47%　　And 99%, have not met the company's requirements of the right to the line of standards. It is not easy for the management of the bank's stake to put a share of the equity incentives in their pockets.