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Original title: at least take out half of the net profit dividend Gree Electric“Local Tyrant” Official Announcement! Can the market value be less than half of the United States to turn things around?Source: Broker China
In the A-share market,Gree ElectricofDividend, is notoriously generous.
On the evening of January 24th,Gree ElectricDisclosure for the next three yearsshareholderReturn planning, from 2022 to 2024, the company’s annual cash dividend shall not be lower than the current yearnet profit50%.
In response to the above-mentioned dividend plan, many shareholders have given positive comments. Some investors said that it is a “conscience company”, and some shareholders said that this shows that Gree has abundant cash flow and no shortage of money.
Statistics show that since listing in 1996, as of 2020,Gree ElectricCash dividends have been implemented 22 times, with a cumulative dividend of 84.3 billion yuan; the accumulated net profit during the period was 190.752 billion yuan, and the dividend rate was as high as 44.2%.In addition to generous dividends, in recent years, Gree Electric’s shares haverepoIt is also very fierce. The company has repurchased 27 billion yuan of shares since 2020, surpassingMidea Group, become the “king of repurchase” of A shares.
Gree Electric mostNew crotchThe price is 38.85 yuan per share, and the total market value is about 229.8 billion yuan, less thanMidea Grouphalf of .
Gree Electric clearly expects dividends
On the evening of January 24, Gree Electric disclosed its shareholder return plan for the next three years (2022-2024): the company will distribute profits twice a year from 2022 to 2024, namely annual profit distribution and interim profit distribution. On the premise that the company’s cash flow meets the company’s normal operation and long-term development, the company’s cumulative cash dividends from 2022 to 2024 will not be less than 50% of the year’s net profit.
Gree Electric said that according to the company’s production and operation conditions, investment planning, long-term development needs, or due to major changes in the external business environment and its own business conditions, if the return plan needs to be adjusted in light of the actual situation, the company can make profits without violating the company’s articles of association. An adjustment plan is proposed under the distribution policy, and the adjustment plan needs to be approved by the company’s board of directors,Shareholders’ meetingAfter deliberation and approval, the independent directors expressed their independent opinions.
The latest financial report data shows that in the third quarter of 2021, Gree Electric’sOperating incomeIt was 47.083 billion yuan, down 16.5% year-on-year; the net profit was about 6.188 billion yuan, down 15.66% year-on-year; the company’s third-quarter revenue andperformanceBoth were lower than market expectations.For the above data, there areanalystAccording to the statement, considering the stable price of air conditioners, it is speculated that Gree Electric’s revenue decline in the third quarter may be related to fluctuations in other business income items, mainly buying and selling raw materials.
In the first three quarters of 2021, Gree Electric achieved a total revenue of 138.135 billion yuan, a year-on-year increase of 9.73%; a net profit of 15.645 billion yuan, a year-on-year increase of 14.21%.As of the end of September 2021, the companycurrencyThe capital is 119.532 billion yuan.
Dividends and repurchases are never soft
Since its listing, Gree Electric’s dividends have been very generous.
The data shows that since its listing in 1996, as of 2020, the company has implemented cash dividends 22 times, with a cumulative dividend of 84.3 billion yuan, ranking among the topAppliance industryfirst place. During the period, the accumulated net profit was 190.752 billion yuan, and the dividend rate was as high as 44.2%.
In addition to generous dividends, Gree Electric’s share repurchase has also been frequent in recent years. In April 2020, Gree Electric launched a repurchase plan for the first time in its history, with a repurchase amount of 3 billion to 6 billion yuan; in October 2020, the second phase of repurchase was launched, and the repurchase amount was also 3 billion to 6 billion yuan. . The third phase of repurchase will be launched in May 2021, with a repurchase scale of 7.5 billion to 15 billion yuan.
Judging from the most implemented results, the above-mentioned three-phase repurchase plans were all completed at the top level, that is, the first phase repurchased 6 billion yuan, the second phase repurchased 6 billion yuan, and the third phase repurchased 15 billion yuan.The cumulative repurchase amount in the third phase is as high as 27 billion yuan, exceedingMidea Group, become the “king of repurchase” of A shares.
However, judging from the performance of the stock price in the secondary market, such a high repurchase has not been able to reverse theConvert stockprice decline. Since the high of 66.79 yuan per share in early December 2020, Gree Electric’s share price has continued to adjust for a year. As of November 30, 2021, the stock price of Gree Electric Appliances reported 34.56 yuan per share, a 48% correction from the high point, and the market value evaporated by more than 190 billion yuan.
Beginning in early December 2021, Gree Electric’s share price finally stopped falling and maintained a volatile upward trend. As of the close on January 24, Gree Electric reported 38.85 yuan per share, with a total market value of about 229.8 billion yuan, but its market value was less than half that of Midea Group.
Institution: with long-term configuration value
According to industry online data, the overall air-conditioning industry will ship 152.59 million units in 2021, a year-on-year increase of 7.9%. Compared with 2019 before the epidemic, there is still a slight increase of 1.3%; of which domestic sales will ship 84.7 million units, a year-on-year increase of 5.5% , down 8.1% from the same period in 2019, and the export market achieved 67.89 million units, an increase of 11.0% year-on-year and an increase of 16.1% from 2019.
In terms of domestic sales, Gree and Midea achieved annual shipments of 31.65 million units/28.18 million units respectively, up 6.8% and 9.9% year-on-year respectively, both outperforming the industry average; Gree still maintained its leading position in terms of absolute value. The total share of consumer shipments reached 70.6%, an increase of 1.8 percentage points compared with 2020, and the concentration has further increased.
In terms of exports, Gree and Midea achieved export sales of 11.09 million units and 25.78 million units respectively, an increase of 3.8% and 15% year-on-year respectively. Gree’s export performance was weaker than the industry average.
According to industry online forecast data, the domestic sales volume of the household air conditioner industry will decline by 2.1% in 2022, and the overall demand is expected to continue to be weak; in terms of export sales, due to factors such as high export base and increased inventory in overseas channels, shipments are expected to decline. 3.7%.
Shanghai Shenyin WanguosecuritiesThe research institute pointed out that considering that the overall demand for air conditioners is still expected to be relatively sluggish, copper prices are still at a historically high level.profit prediction, it is estimated that the company’s net profit attributable to the parent in 2021-2023 will be 23.26 billion yuan, 27.77 billion yuan, and 31.02 billion yuan respectively (the previous value was 24.49 billion yuan, 28.09 billion yuan, 31.67 billion yuan), a year-on-year increase of 4.9% and 19.4% respectively. And 11.7%, corresponding to the current price-earnings ratio of 10 times, 9 times and 8 times, respectively, the company’s current valuation level is extremely long-term allocation value, maintain a “buy” rating.
It is worth noting that when the main business of air conditioners is relatively sluggish, Gree Electric is increasing its new energy business.At the end of August last year, Gree Electric entered the new energy vehicle market through the acquisition of Yinlong New Energy.Batteryfield.At that time, there werebrokerageAnalysts said that with Gree becoming a controlling shareholder, Yinlong’s internal governance and production and operation are expected to recover quickly. The superimposed new energy industry is currently in a dividend period driven by policy + supply and demand, and the release of synergies between the two parties. The follow-up business expansion is expected, and the proportion of Gree’s new energy business is expected to continue to increase.
In mid-November last year, Gree’s new energy layout took another step forward.At that time, Gree Electric releasedannouncementSaid that the company plans to transfer 2.19 billion yuan to A-share listed companiesDunAn environment270 million shares, the transfer price per share is 8.10 yuan.At the same time, Gree Electric intends to subscribe in cashDunAn environmentThe non-public offering of 139 million shares to specific objects is priced at 5.81 yuan per share, and the subscription price is about 810 million yuan.After the completion of this transaction, Gree Electric will holdDunAn environment410 million shares, accounting for 38.78% of the total share capital of Dunan Environment behind the issuance. DunAn Environment will become a holding subsidiary of Gree Electric. It is understood that the air-conditioning and refrigeration components business of DunAn Environment has deep technical accumulation and good production and manufacturing capabilities. The new energy thermal manager related product matrix is complete, and it has carried out business cooperation with many well-known domestic enterprises.
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Responsible editor: Chen Youran