Gree issued dividend rules yesterday, and shareholders are boiling!
Gree’s dividend is 30 yuan (tax included) for every 10 shares, and the dividend rate exceeds 5%.
In 2020, Gree's net profit was 22.175 billion yuan, and dividends accounted for 80% of the net profit, which is the highest dividend rate in history.
As a good comrade with thick eyebrows and big eyes, he is eating meat for shareholders again!
This is not the first time Gree has paid generous dividends. It can be seen that, except for 2017, Gree has thrown money in large sums every year, which is simply a philanthropist behavior.
The small shareholders are happy, and finally came to a generous rich man, and finally can get a lot of money from the blood-sucking stock market!
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Dividends are distributed to shareholders in accordance with their share rights. If you hold 100 shares, you can get 300. The major shareholder who holds 10 million shares can get 30,000. Dividends are even more bloody for major shareholders. .
Who is Gree's major shareholder?
The Hong Kong Securities Clearing Company, the mysterious "northbound capital", holds the most tradable shares. According to the rule of "no tax for one year," Hong Kong Clearing can allocate 2.97 billion yuan.
The second largest shareholder of tradable shares, Zhuhai Mingjun Partnership Investment Enterprise, is actually the largest shareholder of Gree Electric. This LP company is very famous, a limited partnership of Dong Mingzhu and Hillhouse Capital.
In addition, Hillhouse Capital has also invested a lot of directly. It seems that Zhang Lei and Dong Mingzhu are jointly in charge of Gree!
The high dividend payout has brought a lot of conspiracy theories to Gree, and many shareholders have dismantled and studied Gree's annual report.
The annual report shows that Gree's inventory has risen again. It was only 20.7 billion in the third quarter of last year, and it soared to 32.9 billion in the first quarter of this year. With so much inventory, is it because there are too many materials in the account, or are there too many finished products in the warehouse that have not been sold?
Last year, Midea’s efforts brought a certain threat to Gree—Midea’s air conditioners surpassed Gree for the first time in domestic and foreign sales.
In fact, you don't need to care about it. Holding inventory is Dong Mingzhu's specialty. Inventory conceptualization is an asset for the company’s future growth. Advances in advance are equivalent to consuming its potential, and Gree will consume the potential in advance to gradually increase Gree’s performance in the future.
When the inventory is too large, the price war of destocking will be ushered in. This is Gree's strength again. In the past few years, Gree has been a brand that actively started a price war in the market, and it has seized the market with Midea and Haier, and Gree is confident.
The good thing about Gree is that the cycle has arrived:
In 2020, my country’s air-conditioning market shipments will be 83 million units, a year-on-year decrease of more than 10%. Since the third quarter of last year, the air-conditioning indu
The rise of the white goods market mentioned in 2021 is another opportunity for the home appliance industry to adjust the market. The serious overseas epidemic has given Gree and other home appliances more opportunities to go overseas.
As a result, Gree's dividends in 2021 may be even more lucrative.
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The most criticized part of Gree lies in the predicament of the white electricity industry: Is the air conditioner ushering in the inventory ceiling?
In Gree’s business structure, air conditioners accounted for 70% of revenue in 2020, and Ms. Dong has always emphasized that the small household appliances to be made only have revenue of 4.5 billion, accounting for 2.69%, and the other smart equipment is even worse. Sold less than 800 million yuan!
In this way, Gree made money by pointing to the air conditioner.
In the field of air-conditioning, there is actually a lot of room for exploration when subdivided, and car air-conditioning is the direction that can be developed.
Although Gree can't build new energy cars, it can be used as a power-saving air conditioner for new energy cars. Ms. Dong can realize the dream of making cars in a curve.
Although household appliances are an area that Gree is not good at, Gree has money and connections!
Philips issued a statement last month, deciding to sell the company's home appliance business to Hillhouse Capital, with a sale price of approximately 28.6 billion yuan. It plans to complete the sale before the third quarter of 2021. Hillhouse Capital has the right to use the Philips brand for 15 years after the transaction. .
And Philips’ sales last year was around 17 billion yuan, which is more than Gree’s 4.5 billion. Hillhouse Capital has smashed 30 billion on Gree, and it is not a matter of words that the small appliance business has a share of the pie!
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Gree is too rich, with a market value of 350 billion yuan and more than 100 billion currency funds.
With this more than 100 billion, Gree can’t sleep at night like sitting on pins and needles. It’s better to distribute the money in your hands. It’s not as good as everyone’s pleasure, so it distributed 17.5 billion in dividends.
Dividends are good for shareholders, but for developing companies, too much money is used for dividends. Is Gree really generous or ill-considered?
Gree not only uses real working capital for dividends, but also plans to invest 29 billion yuan to allow the company to have more levels of capital flow. Maybe Gree has his own ideas!
Miss Dong is an honest person. She actually holds 44.5 million shares and pledged 43.63 million shares. She is 66 years old, and her retirement is in sight.
In 2021, the foreign economy affected by the epidemic will decline in an all-round way. There is a wave of opportunities for domestic brands to go overseas. If Gree can grasp this wave of east wind, it can also send Miss Dong to Qingyun.
*Disclaimer: The stock market is risky, and investment needs to be cautious. This article does not constitute investment advice.