Gree Electric Appliances, as a leading enterprise in the domestic air-conditioning industry, recently issued an announcement to further strengthen the interests of investors and improve the quality of business development and investment value through the action plan of "double improvement of quality and return". This move not only reflects the company's confidence in its future development prospects, but also highlights the importance it attaches to the interests of its shareholders.
In the development process of Gree Electric Appliances, the air conditioning business has always been its core. However, the company is not satisfied with the success of a single business, but actively seeks the extension of the industrial chain and the development of diversified businesses. Through independent research and development of core technologies, Gree Electric has established a clear competitive advantage in the air conditioning industry, and gradually expanded its business to refrigeration, refrigeration, heating and other fields. By the end of 2023, the company has applied for more than 110,000 patents, of which invention patent applications account for more than half, which provides a solid foundation for the company to continue to lead the development of the industry. In 2023, the company's operating performance will be stable and upward, with revenue and profit increasing compared with the same period last year. The company has always focused on the main business of air conditioning, adhered to the guidance of consumer demand, enriched product categories, and actively expanded sales channels; At the same time, the company continued to carry out industrialization transformation, continued to make efforts in diversified fields such as high-end equipment, industrial products, and green energy, created more leading technologies, and provided growth momentum for performance.
The company increased its holdings in its subsidiary, Gree Titanium New Energy. According to the company's announcement on December 21, this transaction, Gree Electric Appliances at a price of 101.5 billion yuan, and a total of 24 Gree titanium were transferred to 12 trading partners54% of the shares, after the transfer, a total of 7247% of the shares (of which the company directly holds 55% of Gretitanium.)01%, Dong Mingzhu holds 1746% shares). In addition to this transaction, the management will still take the opportunity to carry out the transfer of the remaining shares of Gree Titanium with the remaining shareholders of Gree Titanium in the next 12 months.
Gree Titanium, formerly known as Yinlong New Energy, won the company's 30th bid in 2021After 47% of the shares, it was renamed Gree Titanium and became a holding subsidiary of Gree Electric Appliances. The main business includes the core materials of lithium titanate batteries, batteries, energy storage, basic components of new energy vehicles to the overall layout of terminal products, and the photovoltaic DC air conditioning and household appliance systems developed in combination with air conditioning technology, which is an important part of Gree Electric's new energy business segment. In 2022, Gree Titanium will still suffer a significant loss, achieving an operating income of 258.7 billion yuan, gross profit of 41.3 billion yuan, net profit of -190.5 billion yuan, annual net cash flow from operating activities 0.4.5 billion yuan. In 2023H1, Greti's loss narrowed, and the cash flow situation continued to improve, achieving an operating income of 14400 million yuan, net profit -17.1 billion yuan, net cash flow from operating activities 20.9 billion yuan.
In addition to investing in technological innovation, Gree Electric also attaches great importance to the return to shareholders. Since its listing, the company has paid more than 142 billion yuan in dividends, including more than 110 billion yuan in cash dividends and about 30 billion yuan in repurchased company shares. This move not only stabilized the operation of the market, but also effectively boosted investor confidence. Especially in 2023, the company quickly promoted and completed the fourth phase of ** repurchase, with a cumulative turnover of about 3 billion yuan, which further demonstrates the company's emphasis on the interests of shareholders.
In terms of business performance, Gree Electric has also achieved remarkable results. According to the performance forecast, the company will achieve revenue of 205 billion to 210 billion yuan in 2023, a year-on-year increase of 78%-10.4%；The net profit attributable to the parent company is expected to be 270-29.3 billion yuan, a year-on-year increase of 102%-19.6%。This achievement not only reflects the company's leading position in the air conditioning industry, but also demonstrates the initial results of its diversification strategy.
Looking forward to the future, Gree Electric will continue to consolidate its leading position in the field of air conditioning and actively promote the development of diversified businesses. With the gradual implementation of the company's layout in the fields of new energy vehicle industry chain, energy storage and battery manufacturing equipment, its future growth potential is worth looking forward to.
Investment Advice and Risk Warning
For investors, Gree Electric still has high investment value with its solid industry position, strong technical strength and clear diversification strategy. It is expected that the company's net profit will maintain steady growth in the next three years, and the corresponding price-earnings ratio will also show a gradual downward trend. Therefore, for long-term investors, Gree Electric is undoubtedly a target worth paying attention to.
However, investing always comes with risks. When investing in Gree Electric, investors need to pay attention to the impact that factors such as the slowdown in macroeconomic growth, the recovery of real estate is less than expected, the fluctuation of raw materials, and the company's operational risks.
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