Gree Electric (000651): Hybrid reform successfully landed on the air-conditioning king to start a new chapter in business
The successful implementation of mixed reforms, improved corporate governance, deep binding of stakeholders and listed companies, high-capital capital industry empowerment, stable growth can be expected, and the estimated system is expected to break through and increase holdings.
Maintain profit forecast, maintain target price and maintain overweight rating.
The mixed reform was successfully implemented, corporate governance improved, stakeholders were deeply bound to listed companies, high-capital industry was empowered, and performance was expected to grow steadily. It is estimated that the system will also break through and 杭州桑拿 maintain EPS of 4 in 2019-2021.
23 yuan, maintaining a target price of 70.
84 yuan, corresponding to 14 in 19 years.
6xPE, maintaining the overweight rating.
The mixed reform was successfully implemented, and Gree Group, the controlling shareholder of Gree Electric Appliances, signed a “share transfer agreement” with Zhuhai Mingjun.
Gree Group with 46.
The price of 17 yuan / share transferred 15% of Gree Electric to Zhuhai Mingjun, for a total transfer price of 416.
6.2 billion, the transferee promised that the Gree Electric shares obtained as a result of this transfer will not be transferred for 36 months from the completion of the share transfer registration.
Corporate governance improved, and shareholders’ interests were deeply bound to listed companies.
The mixed reform plan has a clear and self-centered thinking. In the next five years, the stable triangular structure of high-level, high-profile, and other institutional investors will be effectively guaranteed by the system. The company’s mid- and long-term governance structure will be improved, and basic incentive measures will be optimized.
After calculation, a total of about 1 Gree Electric shares were transferred to the main entity in this transaction.
67%, it is expected that Dong Mingzhu’s actual shareholding in listed companies will reach 2.
33%, shareholders ‘interests are more consistent with shareholders’ interests.
The dividend rate is 50% + the target is clear, and the potential fair incentive of 4% is worth looking forward to.
The stable growth performance of Gaocheng’s industrial empowerment can be expected, and the king of air conditioning has started a new chapter in operation.
The improvement of Gao’s strategic resource reserve is expected to help Gree build the Internet gene, realize the upgrading of channels, and enable Gree’s new retail.
Gree, as an industry leader, has outstanding competitiveness, superimposed on strong brands and manufacturing barriers, and the company’s market share and performance growth are expected to pick up.
Core risks: The subsequent approval of equity transfer matters is blocked, and the economic 苏州桑拿网 environment is weakening and competition in the industry is intensifying.