In the early hours of the night, Gree Electric suddenly released its 2023 performance forecast. According to the announcement, in 2023, Gree Electric's net profit will be between 270 and 29.3 billion. In 2022, Gree Electric's net profit will be 24.5 billion. This means that this year, Gree's net profit can increase by at least 2.5 billion, with a high probability of more than 3 billion.
But there is a big background to the early release of this performance forecast. It's typical to use one piece of good news to disguise another piece of bad news.
On December 19, Gree Electric issued a new announcement to spend 1.015 billion yuan to acquire 24.54% of Gree Titanium's equity, and the total shareholding will increase to 72.47%. Among them, Dong Mingzhu himself holds 17.46% of the equity of Gree Titanium and does not participate in this transaction.
Because Dong Mingzhu entrusted the voting rights of her own equity to Gree Electric Appliances, Gree Electric Appliances has de facto become the absolute controlling party of Gree Titanium, and the voting rights have risen to more than 99%. But investors were not optimistic about the deal, and as soon as the announcement was issued, the share price of Gree Electric collapsed, plummeting 7%, basically erasing Gree Electric's annual gains.
Seeing that the stock price fell too hard, Gree Electric issued a "net profit performance forecast" in advance in the early hours of the night to boost the stock price. At the opening of today's market, as of the time before the captain wrote this, Gree Electric rose slightly by 1.3%, reversing the continuous decline in stock prices. Why are investors not optimistic about this deal? There is only one reason: Greti's original name was "Zhuhai Yinlong".
Zhuhai Yinlong is a major Waterloo in Dong Mingzhu's investment career, which can be called a professional stain and a negative example of capital mergers and acquisitions. Zhuhai Yinlong is a new energy company that manufactures pure electric buses, and its main core technology is "lithium titanate battery".
At present, domestic power batteries are mainly divided into two major schools, one is the lithium iron phosphate battery represented by BYD, and the other is the ternary lithium battery represented by CATL. This Gree Titanium chose the third way, with zero batches of strangeness, focusing on "lithium titanate batteries". It is characterized by safety and stability, good fast charging performance, long cycle life, high temperature resistance, low temperature resistance, and the disadvantages are that the energy density is too low, the cost is too high, and the market share is small.
Power battery is already a very mature industry, and the market competition is extremely fierce. Whether this lithium titanate battery works or not, we don't need to look at its technical characteristics, just look at the market share. The market is the most rational, whether it works or not, the market will make a choice.
Moreover, today's new energy vehicle price war is too fierce, and without a price advantage, the market is difficult to accept. The bug of Zhuhai Yinlong is not about technology and cost, but about the founder's illegal payment and running away. The founder of Zhuhai Yinlong is named Wei Yincang, and this person is not concentrating on technology, but with the help of a technical concept, he specializes in making money.
Wei Yincang was born in Zhaijia Village, Handan, Hebei Province, and he was a gangster since he was a child, with an unknown education, and he must have not graduated from high school, because he was entrusted by his parents at the age of 17 and sent to the army as a soldier. But Wei Yincang is not a soldier, he served for 4 years and chose to retire. In the army, he didn't get any outstanding results either. After retiring, he went to an auto repair shop as an apprentice and learned Xi car repair.
A few years later, Wei Yincang saved a sum of money, opened an auto repair shop, and embarked on the path of entrepreneurship. Relying on the business of the auto repair shop, Wei Yincang earned the first pot of gold. But this money is not much, how did he get rich?
Wei Yincang devoted himself to the industry of the contractor, undertook the construction of highways, and suddenly became rich. Who is this road to fortune like? Especially like Gao Qiqiang. The difference is that Gao Qiqiang started by killing fish, and Wei Yincang started as an auto repair shop, and there is no essential difference between the two.
In 2005, Handan City, Hebei Province, received a report letter from Wei Yincang on suspicion of corruption. After receiving the signal, Wei Yincang ran away with the money overnight, and fled to the United States with hundreds of millions. After the limelight passed, Wei Yincang returned to China again. This is even more awesome than Ding Yizhen.
After returning to China, Wei Yincang found that new energy is the key direction of policy support. He used his funds and connections to acquire Aotai Nano Company for 300 million. The company's core technology is "lithium titanate battery". Wei Yincang renamed it "Yinlong", which is the origin of Zhuhai Yinlong. At the beginning, Zhuhai Yinlong was really good, and lithium titanate batteries were also carried on buses in large quantities and won unanimous praise.
But the money earned by Wei Yincang, without engaging in technological updates and iterations, has been eating the dividends of old technology. After the rise of ternary lithium batteries and lithium iron phosphate batteries, lithium titanate batteries have become chicken ribs, and no one pays for them. Soon, Zhuhai Yinlong fell into crisis.
At this time, Dong Mingzhu appeared. Dong Mingzhu originally planned to promote Gree Electric to invest 13 billion yuan to wholly acquire Zhuhai Yinlong, but was unanimously opposed by minority shareholders. Dong Mingzhu was furious at the shareholders' meeting, but he was helpless. There was no way, Dong Mingzhu went to raise money by himself. On the one hand, he pledged his own shares of Gree Electric Appliances, and on the other hand, he pulled Wanda, Jingdong, Suning and other companies to invest 3 billion together to buy 22.388% of the equity of Zhuhai Yinlong.
Two years later, Zhuhai Yinlong exploded. Wei Yincang illegally embezzled more than 1.2 billion yuan of the company's assets, ran away with the money, and fled to the United States. Wei Yincang ran away, and the actual controller of Zhuhai Yinlong became Dong Mingzhu. Miss Dong did not give up, and bypassed the shareholders' meeting and promoted Gree Electric to invest 1.828 billion yuan and buy 30.47% of Zhuhai Yinlong's equity through judicial auction. Now, Gree Electric Appliances has invested 1.015 billion again to buy the remaining 24.54% of Zhuhai Yinlong's equity, which is equivalent to Dong Mingzhu jumping 3 times in the same pit, not only taking all his net worth, but also betting on 2.8 billion of Gree Electric Appliances.
According to public information, Zhuhai Yinlong's debt ratio has exceeded 99 percent, and the net assets on its account are only 60 million. How can such a shell company be valued at 4.1 billion yuan? How can the capital market be willing to pay for Dong Mingzhu's paranoia?
At present, the general concern of the capital market is, who will succeed Gree? If the problem cannot be solved, the problem can only be solved.