Can Mindray Medical's 1.5% discount to buy shares turn the tide?
The company's medical sector and its own business are both under pressure, and the growth rate of performance has slowed down significantly last year
Yangcheng Evening News reporter Hang Ying
As of the close of last Friday, Mindray Medical (300760) closed at 342.22 yuan, with a market value of 416 billion yuan.
The popularity of the company's draft employee stock ownership plan has stabilized, but it still saved the stock price trend that had been declining since the beginning of the month.
On the evening of January 19, Mindray Medical disclosed a draft employee stock ownership plan for 2022, planning to sell 3,048,700 shares worth about 1 billion yuan to employees at a price of 50 yuan per share.
Benefiting a large number of people and low-cost incentives have become the two major highlights of the plan.
After the news came out, the company's stock price rose nearly 6% on January 20.
This is the first time that Mindray Medical has released an employee stock ownership plan since its listing. There are rumors that this move is to hedge against rumors that the performance at the beginning of the month was not up to expectations and the sales staff left in large numbers.
As the New Year is approaching, in addition to Mindray Medical, many listed companies have also distributed "New Year's Gift Packs" in the form of employee stock ownership.
15% discount on employee purchase share price
According to Mindray Medical's announcement, the target group of this employee stock ownership plan is the company's core employees and technical backbones, with no more than 2,700 participants, and the stock price is 50 yuan per share.
According to the closing price of Mindray Medical at 335.22 yuan on January 19, the purchase price is equivalent to 1.5% off, and the net income per share is 285 yuan, which is not a big effort.
Regarding this price setting, Mindray Medical said that the company needs to further establish and improve a long-term incentive mechanism, so to achieve incentives for the participants of the employee stock ownership plan at a lower incentive cost, which can really improve the enthusiasm of the participants and effectively. Unify the interests of the participants and the company and its shareholders, thereby promoting the realization of the company's overall goals.
Of course, it is not without restrictions.
The announcement shows that the participants must sign a labor contract or employment contract with the company or its holding subsidiary within the validity period of the employee stock ownership plan.
According to the announcement, the plan will be unlocked in three batches in the future. The corresponding performance indicators are that, compared with 2021, the growth rate of net profit attributable to the parent in 2022, 2023 and 2024 is not less than 20%, 44%, 73%.
If a shareholding employee is demoted, resigned or dismissed during the period of existence, the management committee will forcefully withdraw no more than 50% or all of the share of the shareholding plan that has not been unlocked according to the situation.
In other words, if employees want to keep this benefit, they need to keep their existing "job bowls" during the duration and achieve the company's annual growth target of 20%.
在持股计划发布后，迈瑞医疗1月21日收盘报342.22元，市值达4160亿元，但和去年7月1日的巅峰市值6029.71亿元还相距甚远。不过，在去年7月后一路下滑的态势下稍有回血之色。
双向承压陷入增长难题
在这次发布员工持股计划前，半年内，迈瑞医疗已两次回购股份。根据披露，此次员工持股计划的股份就来自迈瑞医疗去年8月回购的普通股股票。
自去年7月1日迈瑞医疗触历史最高价502元后，股价一路下滑，下跌近30%。此后，迈瑞医疗在去年8月24日、今年1月13日两次各回购10亿元股份，分别预计回购250万股、回购价上限为400元。然而，两次回购并没有让股价有明显起色。深陷大量员工离职、2021年度业绩不达预计等传闻中的迈瑞医疗，靠此次员工持股计划的发布才勉强挽回局面。
公司官网显示，迈瑞医疗主要从事医疗器械的研发、制造、营销及服务，自2018年上市以来，公司营收净利始终未曾低于20%，再加之有火爆的新冠检测热点概念，公司此前被称作A股中的 “药械茅”。2021年，迈瑞医疗更是位居机构调研热门股榜首。东方财富Choice数据显示，迈瑞医疗全年合计机构接待量达到3065家次。
截至目前，迈瑞医疗尚未披露2021年业绩。年报显示，2018年至2020年公司归母净利增速分别为43.65%、25.85%、42.24%。而去年前三季度，营收193.92亿元，同比增长20.72%；归母净利为66.63亿元，同比增长24.23%，已超2020年全年水平。
作为医疗板块的“带头大哥”，市场对于迈瑞医疗的忧虑来自国外疫情常态化和国内疫情背景下，医疗行业的增长空间，以及集采名单入围后的利润冲击。
此前，随着疫情对医护产品的需求大增，迈瑞医疗生命信息与支持类产品业务线增长显著，2020年同比增幅达54.18%。但随后，国外疫情常态化、国内疫情控制有效，去年迈瑞医疗业绩增速明显放缓。此外，去年8月，迈瑞医疗体外检测业务线的14个化学发光检测项目入围安徽集采。入围集采名单，意味着迈瑞医疗的产品要出现较大程度的降价，短期内会对利润形成冲击。
这一情况并不限于迈瑞医疗。1月20日，长春高新股价连续第二日跌停，两天内市值“蒸发”200亿元。随着集采政策的进一步明确，近期，国务院常务会议指出，下一步要推动集中带量采购常态化、制度化并提速扩面。业内人士表示，集采等政策出台将利好货真价实的创新型医药企业，低质量重复型产品将逐步被淘汰。
员工持股方案成新年礼包
临近年关，多家企业都花样给员工发福利，员工持股计划也是常见选项。同花顺iFinD数据显示，除迈瑞医疗外，以员工持股计划预案日为统计口径，今年年初至今共有10家上市公司发布员工持股计划，预案金额总计16.54亿元，覆盖员工5963名。
根据证监会行业分类，10家上市公司主要集中在专用设备制造业、化学原料和化学制品制造业、生态保护和环境治理业、仪器仪表制造业。目前，已有2家上市公司持股计划通过股东大会审议，剩余8家形成董事会预案。
对此，工信部信息通信经济专家委员会委员盘和林表示：“上市公司推行员工持股，目的是激发员工工作热情，提高员工创造力。对于受让价格低于股价这件事，其实企业不同，原因不同，而动机也未必相同。”而在透镜公司研究创始人况玉清看来，激励行权定价应与行权条件深度挂钩。如果定价过低折扣过大，那就应该相应大幅提高行权条件，尤其是对业绩增长幅度的要求，否则效果会大打折扣。