Written before the opening:
Recently, Gree Electric announced its profit distribution plan for 2023, with a dividend of 23.80 yuan per 10 shares, and a total cash dividend of 13.142 billion yuan.
The annual report shows that the net profit attributable to the parent company in 2023 will be 29.017 billion yuan, and the net profit not attributable to the parent company will be 27.57 billion yuan.
According to the net profit attributable to the parent company of 29.017 billion yuan, the ratio of total dividends to net profit was 45.29%, less than half.
Even if it is calculated according to the net profit of 27.57 billion yuan, the proportion is 47.67%, which is still less than half.
Why did Tigree Electric's 2023 dividend plan not reach half of the net profit realized in that year?
This has to start with Zhang Lei of Hillhouse Capital.
Investors who have been paying attention to Gree Electric Appliances for a long time know that back then, Zhang Lei of Hillhouse Capital stood out among many competitors and took over 15% of the equity of Gree Electric Appliances from his old employer, Gree Group, and became the largest shareholder in one fell swoop.
In addition to Hillhouse Capital's own funds, half of the overpaid transfer price was borrowed from the bank. In order to protect the interests of creditors, Zhuhai Mingjun, the largest shareholder of Gree Electric Appliances, with Zhang Lei of Hillhouse Capital as the behind-the-scenes boss, promised to actively exercise the voting rights of shareholders in the shareholders' meeting of listed companies involving dividends or urge the directors nominated by it to exercise their voting rights on the board of directors, so as to try their best to promote Gree's annual net profit dividend ratio of not less than 50%.
Today, Gree Electric's total dividends in 2023 account for 45.29% (or 47.67%) of the year's net profit, which is less than half of the year's net profit, which inevitably makes people question.
Did Zhang Lei of Hillhouse Capital do his best?
Zhuhai Mingjun, the largest shareholder of Gree Electric Appliances, with Zhang Lei of Hillhouse Capital as the behind-the-scenes boss, does it have the right to speak in Gree Electric?
Of course, the management of Gree Electric has long said that cash dividends will be paid twice a year, and the difference may be distributed in the medium term.
Morning:
As soon as the market opened, Gree Electric was able to quickly decline at the price of 42.70 yuan, so it decisively bought 800 shares at the price of 42.60 yuan and 42.40 yuan.
At 9:31, the stock price rebounded to $42.30, but seven minutes later, it fell again to $42.55.
At 9:50, the stock price fell to 42.17 yuan and immediately returned, and fifteen minutes later, it fell back to 42,674 yuan.
At 10:08, the stock price fell back to 42.50 yuan to create a downward trend, and then continued to fluctuate and consolidate.
At 10:33, the stock price fell again at the price of 42.62 yuan, and 18 minutes later, it stopped falling to the price of 42.28 yuan.
At 11:17, the stock price returned to 42.54 yuan and fell back until the close of trading at 42.41 yuan.
At that time, the handicap showed that the outer market was smaller than the inner market, the Shanghai Composite Index rose 15.07 points, or 0.48%, the super brand rose 6.72 points, or 0.47%, and Midea Group fell 0.6%.
Midday:
As soon as the afternoon opened, Gree Electric fell directly to the price of 42.27 yuan to consolidate, and at 1:32, it began to exert force and rose at the price of 42.21 yuan.
At 1:51, the stock price rose to the price of 42.59 yuan, and then continued to fluctuate and fall, and 47 minutes later, the price of 42.29 yuan no longer fell, but continued to move sideways, until it finally closed at 42.34 yuan, down 0.98% throughout the day.
At that time, the handicap showed that the outer disk was still smaller than the inner disk, and the gap was not small. The Shanghai Composite Index rose 2.5 points, or 0.08%, while Super Brands fell 0.38 points, or 0.03%, and Midea Group fell 0.06%.
After-hours insights:
Don't be afraid, adjust normally!
Of course, it's Gree Electric!