Dong Mingzhu’s dream of making a car really needs to be realized.
The acquisition plan shows that the 100% equity of Zhuhai Yinlong has an estimated value of 12.966 billion yuan as of December 31, 2015. Taking into account the evaluation of the benchmark date, Zhuhai Yinlong received an investment of 90 million yuan from the shareholders, Zhuhai Yinlong shareholders' equity value should be increased by 90 million yuan to 13.056 billion yuan. After consultations between the parties, the parties unanimously agreed that the total price of the acquisition was 13 billion yuan.
Guangdong Yintong Investment Holding Group Co., Ltd. and Zhuhai Houming Investment Co., Ltd. and other eight issuers promised: Zhuhai Yinlong’s actual net profit in the three fiscal years of 2016, 2017 and 2018 are not less than 720 million yuan respectively. 1, 1 billion yuan and 1.4 billion yuan.
On the evening of August 18, Gree Electric (000651) announced the acquisition plan. After consultations between the parties, it was finally planned to acquire a 100% stake in Zhuhai Yinlong New Energy Co., Ltd. (Zhuhai Yinlong) at a price of 13 billion. After the completion of the acquisition, Zhuhai Yinlong will Become a wholly-owned subsidiary of Gree Electric.
Yinlong's main business is the development, production and sales of lithium batteries and new energy vehicles.
Gree Electric Appliances will issue 835 million new shares to all shareholders of Zhuhai Yinlong at a price of 15.57 yuan per share to purchase 100% of its shares. This price is 90% of the average price of the 20 deals before the suspension of Gree Electric.
However, Gree's stock market rose during the suspension period. After the plan came out, many Gree shareholders complained that the stock price was too low.
Zhuhai Yinlong's shareholders: Guangdong Yintong Investment Holding Group Co., Ltd. and Zhuhai Houming Investment Co., Ltd. and other eight issuers promised: Zhuhai Yinlong's actual net profit in the three fiscal years of 2016, 2017 and 2018 are not Less than 720 million yuan, 1 billion yuan and 1.4 billion yuan.
In accordance with this performance commitment, on the contrary, Gree Electric's acquisition of Zhuhai Yinlong gave a premium of 20 times the price-earnings ratio.
Gree Electric announced that in the current economic growth slowdown, the market is relatively balanced and saturated, in order to achieve the next "100 billion" goal, the company is eager to seek transformation, looking for new revenue and profit growth points. Based on the broad market space in the field of new energy vehicles and energy storage, and Zhuhai Yinlong New Energy Co., Ltd. have core technical capabilities in the fields of lithium batteries, new energy vehicles and energy storage, considering the two sides in the industry ecology, core technology, research and development resources, sales The network and resources, supply chain, finance and other aspects have strong synergies. The company actively promotes the acquisition of Zhuhai Yinlong New Energy Co., Ltd.
At the same time, Gree Electric also raised funds for the non-public issuance of shares to Zhuhai Gree Group Co., Ltd., the company's employee stock ownership plan, Guangdong Yintong Investment Holding Group Co., Ltd. and other long-term strategic investors. The financing amount does not exceed 10 billion yuan, priced at 15.57 yuan / share.
The fund-raising funds will be invested in the 1.662 billion ampere lithium battery production line project of Hebei Yinlong, the relocation and expansion project of Shijiazhuang Zhongbo Automobile Co., Ltd. (Phase II), the 200MWh energy storage module production base construction project of Hebei Yinlong Annual Production, Hebei Guangtong has an annual production capacity of 32,000 pure electric special vehicle conversion production base construction projects and Zhuhai Yinlong headquarters R&D center upgrade construction project.
According to the official website of Zhuhai Yinlong, as of the end of 2015, Zhuhai Yinlong has built three production bases in Zhuhai, Guangdong, Wu'an and Shijiazhuang, respectively, and has an annual output of 33,000 pure electric buses and 100,000 sports multi-functional electric vehicles. The battery is 620 million ampere-hours, the raw material of lithium titanate battery is 5,000 tons, and the energy storage capacity is 800MW.
It is reported that Zhuhai Yinlong achieved 7000 new energy vehicle sales orders in 2015, with a total output value of 10 billion yuan. Among them, 3,189 pure electric buses were produced, and the annual sales volume of pure electric buses ranked seventh in the country.
From the actions of Gree, Gree Chairman Dong Mingzhu is ambitious in the field of new energy vehicles and energy storage.
However, the weakness of the air-conditioning industry is indeed a shadow over the top of the Gree Electric Group. On the evening of the 18th, Gree Electric released its first half of this year: its revenue in the first half of the year was 49.182 billion yuan, down 1.85% from the same period of the previous year; the net profit attributable to owners of the parent company was 6.402 billion yuan, an increase of 11.92 over the same period of the previous year. %, basic earnings per share of 1.06 yuan.
This also means that Gree's main business air conditioner is still in the process of adjustment. This is also an important reason for Gree to enter new fields frequently.
In addition to the new energy field, Gree Electric has also begun a comprehensive planning layout in smart equipment. The company chooses Zhuhai, Wuhan, Hangzhou and Chengdu as the main R&D or production bases of Gree intelligent equipment, adheres to independent research and development, lean manufacturing, and masters the core technology of industrial automation; now intelligent equipment products have covered servo robots, industrial robots, intelligent AGVs. , intelligent warehousing, intelligent detection, special machine tools for heat exchangers, unmanned automated production lines, CNC machine tools and many other fields, more than one hundred specifications.
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