יהוה, יהוה.
The matter of Dong Mingzhu and Meng Yutong is still fermenting, and Gree Electric Appliances ushered in the "darkest moment" in the stock market, and the market value evaporated 13.3 billion yuan in one day on December 20. In the early morning of the 21st, Gree Electric Appliances released a record high annual performance forecast, and issued a supplementary announcement of "Foreign Investment and Related Party Transactions".
The early morning release was a blockbuster positive Earnings are expected to hit record highsAfter the market value evaporated 13.3 billion yuan in one day on December 20, Gree Electric (000651. SZ) released its 2023 performance forecast in the early morning of December 21, and this year's revenue is expected to break through the 200 billion yuan mark again, and the net profit attributable to the parent company is expected to increase by more than 10% to more than 27 billion yuan. Compared with the performance of previous years, Gree Electric is expected to achieve a record high in revenue and profit.
Source: Announcement
In the early morning of December 21, Gree Electric Appliances released its 2023 performance forecast, with total operating income in 2023 reaching 205 billion yuan to 210 billion yuan, breaking through the 200 billion yuan mark again, net profit attributable to the parent company will reach 27 billion yuan to 29.3 billion yuan, a year-on-year increase of 10.2%-19.6%, non-net profit attributable to the parent will reach 26.1 billion yuan to 27.8 billion yuan, a year-on-year increase of 8.8%-15.9%, and earnings per share will reach 4.82 yuan/share-5.23 yuan/ shares, up from 4.43 yuan per share last year.
As for the reasons for the expected growth in performance, Gree Electric explained that the company has always focused on the main business of air conditioning, adhered to consumer demand-oriented, enriched product categories, and actively expanded sales channels;
It is worth mentioning that Wind shows that this is also the first time that Gree Electric has disclosed its annual performance forecast since 2019, and it is also the first time that Gree Electric has disclosed its performance forecast before the end of the reporting period.
Source: Wind
In the early morning, Gree Electric Appliances rose more than 3% in early trading on December 21, but then the increase declined slightly, as of the close, up 2.24% from the previous trading day, closing at 31.49 yuan / share, with a total market value of 177.3 billion yuan.
Announced a 1 billion increase in Gree Titanium Yesterday's market value evaporated by 13.3 billionLate at night before the stock price crash yesterday, Gree Electric announced a 1 billion increase in Gree Titanium.
Late at night on December 19, Gree Electric announced that it intends to increase its holdings of Gree Titanium by transferring about 271 million shares of Gree Titanium New Energy Co., Ltd. (24.54% of the total share capital of Gree Titanium) held by 12 counterparties, with a transaction price of about 1.015 billion yuan, and after the completion of this transaction, Gree Electric will control 72.47% of the voting rights of Gree Titanium's total share capital, of which 55.01% of Gree Titanium is directly held and through the voting rights entrustment arrangement, it owns the voting rights corresponding to about 193 million shares of Gree Titanium held by Dong Mingzhu (accounting for 17.46% of the total share capital of Gree Titanium). The valuation of 100% equity of Gree Titanium is about 4.138 billion yuan. After the completion of the transaction, Dong Mingzhu's shares in Gree Titanium will remain unchanged, and Gree Electric Appliances and Dong Mingzhu will hold a total of 72.47% of Gree Titanium's shares.
According to the announcement, Gree Electric also plans to acquire no more than 304 million shares of Gree Titanium (that is, no more than 27.53% of the total share capital of Gree Titanium) in the next 12 months, which does not exceed the valuation of this transaction, which also means that Gree Electric Appliances plans to wholly acquire Gree Titanium within the next year.
Source: Wind
On December 20, the share price of Gree Electric Appliances fell sharply, once falling below the 31 yuan mark in early trading, and the closing price hit a new low in recent times, and the market value evaporated 13.3 billion yuan in one day. In the Gree Electric Appliance stock bar, some stockholders said, "With an investment of 1 billion, the stock price has fallen by 10 billion, what is the reason?", and some netizens questioned "whether Gree Titanium is worth 4 billion yuan".
Gree Titanium had a net loss of 171 million in the first half of the year Gree is full of confidence in the future development of Gree TitaniumGree Electric increased its holdings of Gree Titanium by 1 billion, why is the secondary market discouraged?
Gree Electric said in the announcement that Gree Titanium is a comprehensive new energy industry group integrating the research and development, production, sales and power battery recycling of lithium titanate battery core materials, batteries, intelligent energy storage systems, new energy vehicles, and power battery recycling.
Back to Gretitanium, its predecessor is Yinlong New Energy, which was established in 2008 and is headquartered in Zhuhai. In 2016, Gree Electric planned to acquire 100% of the shares of Yinlong New Energy for 13 billion yuan, but it was ultimately stranded. At the end of 2016, Dong Mingzhu invested in Yinlong New Energy in his personal name, and later increased his capital to win 17.46% of the equity.
Since the beginning of 2018, Yinlong New Energy has been exposed to a series of problems such as arrears to suppliers, large-scale production cuts in factories, layoffs, seizure of industrial parks, and suspected fraud of state financial funds by former chairman Wei Yincang and former general manager Sun Guohua. In 2021, Gree Electric won 30.47% of the equity of Zhuhai Yinlong through judicial auction, and Yinlong New Energy became a holding subsidiary of Gree Electric Appliances and changed its name to Gree Titanium.
In addition, Gree Electric said in the announcement that "with the support of listed companies and the efforts of Gree Titanium's management, Gree Titan's business situation has been improving", but Gree Titanium is still in a state of net loss.
According to the announcement, Gree Titanium's net loss in 2022 will be 1.905 billion yuan, and the net loss in the first half of 2023 will be 171 million yuan. At the same time, as of June 30 this year, Gree Titanium's total assets were 24.311 billion yuan and total liabilities were 24.245 billion yuan.
In the early morning of this morning, together with the performance forecast of Gree Electric Appliances, there was also the "Supplementary Announcement on Foreign Investment and Related Party Transactions". In the announcement, Gree Electric emphasized three things: performance growth in the first three quarters and expected growth in 2023, Gree attaches importance to shareholder returns and cash dividends, and increases the role of Gree titanium in Gree Electric.
Gree Electric said in the supplementary announcement, "Increasing the holdings of Gree Titanium will help the company strengthen the management and control of Gree Titanium, give full play to the synergy between the two parties, reduce internal management costs, and respond more actively and proactively to the rapid development and changes of the new energy industry." Gree Electric also said in the previous announcement, "Gree Titanium is an important part of the company's new energy sector, as the controlling shareholder of Gree Titanium, the company is full of confidence in the future development of Gree Titanium." ”
After the announcement of the record high profits, the stock price of Gree Electric Appliances turned into a rise today, but the increase hovered around 2% throughout the day.
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