Wall's nuclear material development expenditure is suspicious and the paving stock incentive

The first half of the development expenditure of the wall nuclear material is a big increase, the suspicion whitewash performance paving equity incentive. Earnings show that the first half of the company's development expenditure capitalization amount of 7.1148 million yuan, the current period of development expenditure accounted for the current research and development projects, the proportion of total expenditure of 100%. It is noteworthy that the company has not implemented the development expenditure capitalization policy, why suddenly implemented it? A financial person said, "Enterprises in the development phase of the recognition of the expenditure of a strong subjective, if the development phase of research and development project expenditure capitalization and less cost, you can achieve the purpose of manipulating profits." "Analysts in the" Apple than Apple, then make investment decision, "the article pointed out that development spending capitalization exaggerated enterprise assets, net profit. The company's net profit of 25.9477 million yuan in the first half, according to the calculation, development expenditure capitalization amount accounted for the current net profit ratio of 27.4%. In this regard, some investors said that the first half of the company's development spending a strange increase, may be related to equity incentive plans. Wall nuclear material announced on February 15, 2012, the equity incentive scheme, the company's share incentive to the limited stock incentive plan and the stock option incentive plan in parallel, the number of two incentives are 3 million shares of restrictive stocks and 7 million stock options, The restricted stock price and the stock option right price are 7.57 yuan and 15.8 yuan respectively. The two incentive methods of performance assessment, are based on 2010 years, the company 2011-2014, the growth rate of business income is not less than 20%, 60%, 90%, 130%; the net profit growth rate is not less than 5%, 10%, 40%, 70%, the weighted average net assets yield is no less than 10%. In the first half of 2013, the company deducted a net profit of 24.1312 million yuan, compared with 2010, the same period decreased 27.89%. Obviously, despite the company's big play development spending capitalization game whitewash performance, but if the second half of the year to maintain a similar growth, the company 2013 full time to achieve equity incentive requirements target value is not small difficulty. The company is a nuclear radiation modification of new materials enterprises, specializing in nuclear technology applications of electronic and electric power products, new equipment technology research and development, manufacturing and sales, leading products include: Heat shrinkable casing, heat shrink busbar, heat shrinkable cable accessories, cold shrink cable accessories, cable branch box, such as 9 major categories of more than 2,500 kinds of products.