The much-watched Aeon mixed reform has once again taken an important step.
On March 17, GAC Group announced that GAC Aean has completed a total financing of 2.566 billion yuan. This also means that GAC Aeon has once again "taken the lead" and created a precedent in the "mixed reform" trend of large state-owned automobile enterprises.
After this capital increase and share expansion, GAC Group continues to become the largest shareholder of GAC Aeon. GAC Group holds 93.45% of the shares of GAC Aean through direct and indirect shareholding.
As an incentive, the total shareholding ratio of GAC Aean employees and the scientific and technological personnel of GAC Research Institute is 4.55%, which further strengthens the talent competitiveness of GAC Eian. This allows enterprises and employees to "force out a hole, profit out of a hole" between the enterprise and the employees.
Compared with the first two changes, Kung Fu Automobile believes that there is still one point worth paying attention to in this round of stock expansion. That is, GAC Aean has simultaneously introduced 3 strategic investors, including Chengtong Group, Nanwang Kinetic Energy, and Guangzhou Ai'an.
Although the total shareholding ratio of the three war investments is not very high, it is 2%. But the background of these three war throws, each is not simple.
Chengtong Group is a central enterprise directly under the State Council, and is the first batch of pilot enterprises of the SaSAC to build a standardized board of directors and the first pilot enterprise of a state-owned asset management company. Chengtong Group will participate in this mixed reform on behalf of the China State-owned Enterprise Structural Adjustment Fund and the Mixed Ownership Reform Fund of Chinese State-Owned Enterprises, so as to empower GAC Aean to access more high-quality state-owned enterprise resources.
Southern Grid Kinetic Energy, a special fund jointly established by China Southern Power Grid and China Southern Airlines Group, will provide an important impetus to GAC Aean's future layout of infrastructure such as charging, power exchange and storage.
Guangzhou Ai'an was jointly established by Guangzhou Production and Investment Group, Guangzhou City Investment, Guangzhou Financial Holdings, Guangzhou Light Industry and other local state-owned enterprises. At present, it has invested 462 million yuan in GAC Aean and holds 1.18% of its equity.
Judging from the composition of the three war investments, it includes the capital operation of central enterprises, regional energy basic investment and local advantageous state-owned assets. The addition of these three war investments will undoubtedly bring important benefits to GAC Aean in various fields in the future, especially in capital operation.
In the view of Kung Fu Automobile, the strong "strength" of large state-owned enterprises, combined with the strong "driving force" of the capital market, and then injected the "vitality" brought by employee shareholding, through the mixed reform to make the future of Aean more expected.
The institutional advantages of the new car-making forces in the past will therefore be expected to be absorbed by the safety surface of GAC after the mixed reform, making it more competitive in the future-oriented competition.
In recent years, GAC Aeon has grown at a fairly high rate in both corporate revenue and product sales, including the release of new technologies such as magazine batteries and batteries, which have also made it a star enterprise in the new energy vehicle market.
Among them, GAC Aean's revenue in 2018, 2019 and 2020 was 2.33 billion yuan, 4.92 billion yuan and 7.1 billion yuan, respectively. Some institutions expect that in 2021, the revenue of GAC Aean will reach 17 billion yuan.
In terms of sales, GAC Aeon's annual sales in the past three years were 42,000 units, 60,000 units and 120,000 units, respectively, an increase of 277%, 41% and 102% year-on-year. According to the latest data, in February this year, GAC Aean sold 0.85 million units, an increase of 163.2% year-on-year; from January to February, the cumulative sales volume was 24,600 units, an increase of 131.8% year-on-year.
From the release of the plan, to the completion of the capital increase to the internal asset restructuring and integration, in less than 3 months, GAC Aeon has completed plans such as employee equity incentives. This shows that the key work of the mixed reform is advancing at a high speed and in an orderly manner, and also shows the determination and vigor of the GAC Group for the Aean mixed reform.
In the eyes of the capital market, this move will be the "outpost" of GAC Aeon's follow-up financing plan, and further preparations will be made for the subsequent off-hook launch of A round of financing, and even IPO and spin-off listing.
Previously, a number of institutions predicted that gac aviation aan would be given about 16 times PE, and the overall valuation would be about 200 billion yuan, even exceeding the current market value of GAC Group.
From the perspective of this round of capital increase and share expansion, GAC Group's investment in E-an Hybrid is quite large, and the market expectation of its harvest is also quite strong. With the rapid growth of GAC Aean, GAC Group, as the controlling shareholder of GAC Aeon, will undoubtedly reap the benefits of "rising tide".
Kung Fu shoots
This year is the year of decisive victory in the three-year reform of state-owned enterprises. The "mixed reform" that the automobile industry has been actively promoting has also reached the most critical juncture, and may also be the most difficult.
For state-owned enterprises, "mixing" is the method, and "reform" is the real goal.
How can we truly break the shackles that hinder the high-quality development of enterprises? Gac Aeon's round of mixed reform undoubtedly provides a high-quality sample with great research value for the frontier exploration of large state-owned enterprises in the field of new energy.