Tianjin Prin: 60 Thousand Annual Salary To Drive The Chairman

In one day, the chairman and the Deputy General Manager

After experiencing a loss of 19 million 310 thousand yuan in 2010 and a drop of 771% in the same period of last year, Tianjin's [8.90 -0.11% share (002134) suffered another storm of executive resignation.

For this storm, the company understated the announcement, saying that "no significant impact on the company's business".

However, this reporter learned in an interview that the causes and effects of the earthquake behind Tianjin's prin high rise are not simple.

Tianjin Prynne is going through an unprecedented era.

Double resignation

In June 1st, Tianjin prin also announced the resignation of the chairman and deputy general manager of the company.

According to the announcement, the company received the written resignation submitted by Guan Jianhua, chairman of the company in May 30th.

Reporters read the relevant information learned that Guan Jianhua and Yan Guang Liang's tenure from November 30, 2005 to December 11, 2011, the resignation of the original term of office more than six months ahead of schedule.

The data also showed that Guan Jianhua had a long history in the printed circuit industry.

He has been director of the workshop of Tianjin kinescope factory and director of circuit board factory.

He also served as chairman of China Printed Circuit Industry Association, and was awarded the title of "outstanding entrepreneur" awarded by the Tianjin municipal government many times. He served as director and general manager of the company from November 30, 2005 to August 5, 2009, and served as chairman of the company in August 5, 2009.

Although he is the chairman of the company, Guan Jianhua's annual salary is very small. The annual report of the company in 2010 shows that the total remuneration he receives from the company is only 67 thousand and 500 yuan, and he is not half of the 179 thousand and 400 yuan salary of general manager Yan Guang Liang.

The salary of 67 thousand and 500 yuan was also reduced by 82.43% compared with 384 thousand and 200 yuan in 2009.

For the chairman of a listed company, the salary of 60 thousand yuan is indeed a very poor sum.

According to our correspondent, this salary level is in a fairly backward position.

The reason behind the sharp drop in pay is the result of poor company performance. In 2009, the net profit of the company decreased by 83.69% compared with 2008, compared with 771.16% in 2010.

Performance decline in stock investment did not reach expectations

Tianjin prin is a company specializing in the production of high density double-sided and multilayer printed circuit boards.

The company went public in 2007, and in the past three years (2004-2006 years) before the listing of the company, the situation of unstable performance has been revealed: in 2005, the net profit of the company dropped to 35 million 784 thousand and 600 yuan from 42 million 328 thousand and 600 yuan in 2004, and the rate of decline was 15%.

The first year of 2007 (2007) showed a 7% decline in corporate performance.

Since then, the company's performance decline has become the norm.

The reporter found that during the 2008-2010 years, the company's operating income decreased by 19.03% in 2009, but the main business income in other two years has actually increased. However, the situation of increasing profits has not increased. The company mainly attributed to the huge changes in the external business environment, including the appreciation of the renminbi and the rising price of raw materials. But there are also people in the industry who doubt that the profits of the same type of company are not so intense as that of Tianjin.

Since 2009, the boom of PCB industry has been recovering from a slump, and there is a picture of full recovery. Under such a favorable industry background, the company's performance has been so steep that it is indeed puzzling.

In the backdrop of the company's poor performance, IPO's high density interconnect multilayer printed circuit board (HDI board) project has been highly regarded by analysts as a bright spot for investment in the future.

It is understood that the HDI board is mainly used in mobile phones, automotive electronics and other fields. At present, the domestic mobile phone manufacturing industry has shifted from the Pearl River Delta region and the Yangtze River Delta region to the Bohai rim region.

As the region is concentrated on Samsung, Motorola, SONY, Ericsson and other large number of mobile phones and Hisense, Haier and other household electrical appliances manufacturers, once the company HDI board production, the company has to win these manufacturers to become HDI board user convenience.

It can be said that Future Ltd mass production of HDI products is the key to its success.

However, the progress of the project is not as expected as expected in the prospectus.

According to the prospectus of company IPO in 2007, the total investment of HDI project is 350 million yuan, and the timing of fund-raising is estimated to be in 2007 -2008.

After the completion of the project, 15000 square meters / month HDI production capacity will be formed.

But by the end of 2010, the HDI project had invested 310 million yuan and the investment progress was only 87.90%.