We Think China Shengmu Organic Milk Limited's (HKG:1432) CEO Compensation Package Needs To Be Put Under A Microscope
We Think China Shengmu Organic Milk Limited's (HKG:1432) CEO Compensation Package Needs To Be Put Under A Microscope
Key Insights
主要见解
- China Shengmu Organic Milk will host its Annual General Meeting on 14th of June
- Salary of CN¥4.92m is part of CEO Jiawang Zhang's total remuneration
- The total compensation is 406% higher than the average for the industry
- Over the past three years, China Shengmu Organic Milk's EPS fell by 42% and over the past three years, the total loss to shareholders 66%
- 中国圣牧有机乳业将在6月14日举行年度股东大会。
- 薪资为CN¥492万,是CEO张佳望的总薪酬的一部分。
- 总补偿高出行业板块平均406%。
- 过去三年,中国圣牧有机乳业的EPS下降了42%,过去三年,股东的总损失达到了66%。
China Shengmu Organic Milk Limited (HKG:1432) has not performed well recently and CEO Jiawang Zhang will probably need to up their game. Shareholders will be interested in what the board will have to say about turning performance around at the next AGM on 14th of June. They will also get a chance to influence managerial decision-making through voting on resolutions such as executive remuneration, which may impact firm value in the future. The data we present below explains why we think CEO compensation is not consistent with recent performance.
中国圣牧有机乳业有限公司(HKG:1432)最近表现不佳,CEO张佳望可能需要加强自己的表现。股东们将对董事会在6月14日的下一次股东大会上有何话要说来翻转表现很感兴趣。他们还将通过投票表决(如执行薪酬)获得影响管理决策的机会,这可能会影响未来的公司价值。我们下面提供的数据解释了为什么我们认为CEO的报酬与最近的表现不一致。
Comparing China Shengmu Organic Milk Limited's CEO Compensation With The Industry
与行业比较,中国圣牧有机乳业CEO薪酬。
According to our data, China Shengmu Organic Milk Limited has a market capitalization of HK$1.6b, and paid its CEO total annual compensation worth CN¥9.1m over the year to December 2023. We note that's an increase of 14% above last year. Notably, the salary which is CN¥4.92m, represents a considerable chunk of the total compensation being paid.
根据我们的数据,中国圣牧有机乳业有限公司的市值为HK$16亿,截至2023年12月,其CEO的总年薪为CN¥910万。我们注意到相比去年增加了14%。值得注意的是,工资为CN¥492万,占总薪酬的相当大一部分。
For comparison, other companies in the Hong Kong Food industry with market capitalizations ranging between HK$781m and HK$3.1b had a median total CEO compensation of CN¥1.8m. Accordingly, our analysis reveals that China Shengmu Organic Milk Limited pays Jiawang Zhang north of the industry median. What's more, Jiawang Zhang holds HK$28m worth of shares in the company in their own name, indicating that they have a lot of skin in the game.
相比之下,市值在HK$78100万至HK$31亿之间的港股食品行业其他公司的总CEO薪酬中位数为CN¥180万。因此,我们的分析显示,中国圣牧有机乳业向CEO张佳望支付的薪酬高于行业中位数。此外,张佳望在公司名下持有价值为HK$2800万的股份,表明他们投入了大量的利益。
Component | 2023 | 2022 | Proportion (2023) |
Salary | CN¥4.9m | CN¥5.5m | 54% |
Other | CN¥4.2m | CN¥2.5m | 46% |
Total Compensation | CN¥9.1m | CN¥8.0m | 100% |
组成部分 | 2023 | 2022 | 比例(2023) |
薪资 | 人民币490万元 | 5.5万元人民币 | 54% |
其他 | CN¥4.2m | 250万元人民币 | 46% |
总补偿 | CN¥910万 | CN¥8.0m | 100% |
Speaking on an industry level, nearly 74% of total compensation represents salary, while the remainder of 26% is other remuneration. China Shengmu Organic Milk pays a modest slice of remuneration through salary, as compared to the broader industry. If salary is the major component in total compensation, it suggests that the CEO receives a higher fixed proportion of the total compensation, regardless of performance.
从行业层面来看,近74%的总薪酬代表工资,其余26%是其他报酬。与整个行业相比,中国圣牧有机乳业通过工资支付较少的报酬份额。如果工资是总薪酬的主要组成部分,这意味着CEO获得的固定报酬比例较高,而与绩效无关。
![ceo-compensation](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240608/0-900b4a83c6c97880ca2037c9c782e516-0-8baa73dd556cc526dfdf7aa67012dbbc.png/big)
A Look at China Shengmu Organic Milk Limited's Growth Numbers
了解中国圣牧有机乳业有限公司的增长数据
Over the last three years, China Shengmu Organic Milk Limited has shrunk its earnings per share by 42% per year. In the last year, its revenue is up 6.5%.
在过去的三年中,中国圣牧有机乳业有限公司平均每年的每股收益下降了42%。在过去一年中,其营业收入增长了6.5%。
Few shareholders would be pleased to read that EPS have declined. The fairly low revenue growth fails to impress given that the EPS is down. It's hard to argue the company is firing on all cylinders, so shareholders might be averse to high CEO remuneration. While we don't have analyst forecasts for the company, shareholders might want to examine this detailed historical graph of earnings, revenue and cash flow.
由于每股收益下降,很少有股东会感到高兴。相当低的营收增长并不令人印象深刻,鉴于每股收益下降。很难说公司已经蓄势待发,因此股东可能不愿意支付高昂的CEO报酬。尽管我们没有分析师对该公司的预测,但股东可能希望查看有关盈利,收入和现金流的详细历史图表。
Has China Shengmu Organic Milk Limited Been A Good Investment?
中国圣牧有机乳业有限公司是否是一个不错的投资?
With a total shareholder return of -66% over three years, China Shengmu Organic Milk Limited shareholders would by and large be disappointed. This suggests it would be unwise for the company to pay the CEO too generously.
在过去的三年中,中国圣牧有机乳业有限公司的总股东回报率下降了66%,股东们大多会感到失望。这表明,公司过于慷慨地支付CEO的薪酬是不明智的。
To Conclude...
总之...
Along with the business performing poorly, shareholders have suffered with poor share price returns on their investments, suggesting that there's little to no chance of them being in favor of a CEO pay raise. At the upcoming AGM, they can question the management's plans and strategies to turn performance around and reassess their investment thesis in regards to the company.
除了业务表现不佳,股东们在他们的投资中也蒙受了股价回报的损失,这表明他们很少或根本没有机会赞成CEO加薪。在即将召开的股东大会上,他们可以质疑管理层的计划和战略,以扭转业绩,并重新评估他们对公司的投资论点。
CEO compensation can have a massive impact on performance, but it's just one element. We did our research and spotted 2 warning signs for China Shengmu Organic Milk that investors should look into moving forward.
CEO的薪酬可能对绩效产生巨大影响,但这只是其中的一个因素。我们进行了调研,并发现了2个中国圣牧有机乳业的预警信号,投资者在未来应该关注。
Of course, you might find a fantastic investment by looking at a different set of stocks. So take a peek at this free list of interesting companies.
当然,你可能会通过观察其他股票的不同涨跌幅来找到一笔不错的投资。所以,可以看一下这个有趣的公司的免费列表。
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