Everyday Financial News, at 1 am on the 21st, Gree Electric suddenly disclosed the 2023 annual performance forecast. This operation was interpreted by the outside world as a self-help measure to increase the holding of Gree Titanium, and the market value evaporated by over 10 billion yuan a day.
In 2023, Gree Electric is expected to achieve a total operating income of 205 billion to 210 billion yuan, compared with 190.151 billion yuan in the same period last year; The net profit attributable to shareholders of listed companies was 27 billion to 29.3 billion yuan, an increase of 10.2% to 19.6% over the same period of last year; The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 26.1 billion yuan to 27.8 billion yuan, an increase of 8.8% to 15.9% over the same period of last year.
This performance forecast exceeded market expectations. It is generally expected that the total operating income of Gree Electric is 204 billion yuan, and the net profit attributable to shareholders of listed companies is 27.085 billion yuan.
Regarding the main reasons for the performance change, Gree Electric said that the company focused on the main air-conditioning business, adhered to the consumer demand-oriented, enriched product categories and actively expanded sales channels; At the same time, we will continue to carry out industrial transformation, continue to exert our strength in diversified fields such as high-end equipment, industrial products and green energy, create more leading technologies, and provide growth momentum for performance. Gree Electric said that "the performance growth is steady and strong, and the annual revenue and net profit may hit a record high."
It is worth noting that Gree Electric rarely publishes the annual performance forecast, and the last time it published the 2018 annual performance forecast was on January 17, 2019.
So what is this late-night announcement?
On December 20th, Gree Electric’s share price suffered a rare plunge, and its single-day market value evaporated by 13.2 billion yuan.
On the evening of 19th, Gree Electric announced that it was prepared to spend 1.015 billion yuan to increase its holding subsidiary Gree Titanium by about 270 million shares by accepting the shares held by existing shareholders. Recently, it has signed a share transfer agreement with 12 shareholders.
Moreover, in the next 12 months, we will continue to increase our holdings of Gree Titanium by no more than 304 million shares. If the holding plan goes smoothly in the future, Gree Electric and Dong Mingzhu will jointly hold 100% equity of Gree Titanium. Judging from the transfer price, Gree Titanium has a valuation of about 4.1 billion yuan, which is nearly 70% lower than the 13 billion valuation at the peak in 2016.