"Gree does not want to find a new growth point, but to enter different fields." On August 23, Dong Mingzhu, chairman of Gree Electric Appliances (000651.SZ), which just announced the acquisition of Zhuhai Yinlong's specific plan, first analyzed this detail in detail. The logic behind the acquisition. According to Dong Mingzhu, in this over-billion-yuan acquisition, Gree valued the lithium titanate battery technology that Yinlong had mastered. The acquisition not only allowed Gree to quickly cut into the new energy vehicle field, but more importantly, it was in storage. Can do a great job in business. "If it is just for building a car, for the next one hundred billion, the cooperation between Gree and Yinlong is blind." Dong Mingzhu said that the core technology of lithium titanate battery is the key to Yinlong's efforts to drive Gree. In fact, as the domestic air-conditioning market has gradually entered a mature saturation stage, Gree is eager to seek transformation in recent years, hoping to cut into areas that have both growth potential and its core competitiveness. Since 2012, Gree has entered the field of molds, smart equipment and mobile phones. This new energy vehicle field is expected to further open Gree's diversified territory. With the acquisition of Zhuhai Yinlong, Gree's "diversified" layout has basically taken shape. At this point, from a horizontal perspective, Gree products have covered air conditioners, refrigerators, household appliances, mobile phones, smart equipment, precision molds, new energy vehicles, energy storage equipment, etc.; in the vertical direction, Gree has formed from components, processing equipment to products And the recycling of old products to the entire product life cycle of R & D, manufacturing and recycling of the entire industry chain. Ten billion acquisition of Zhuhai Yinlong On the 18th, Gree Electric announced the acquisition of Zhuhai Yinlong and its supporting funds. The company will acquire Yinlong with a valuation of RMB13 billion. After the transaction, Gree will hold 100% equity of Zhuhai Yinlong. According to the data, Zhuhai Yinlong's business mainly covers the research and development, production and sales of lithium battery materials, batteries, powertrains, complete vehicles, smart grids and frequency-modulated energy storage systems. In 2014, 2015 and January-June 2016, the company's revenue was 348 million yuan, 3.861 billion yuan and 2.484 billion yuan respectively; net profit was -2.66 billion yuan, 416 million yuan, and 377 million yuan. According to the plan, Gree Electric will raise funds for the non-public offering of 8 specific targets through the lock-up method to no more than 10 billion yuan, and the subscription price is 15.57 yuan / share. The total amount of funds raised shall not exceed 100% of the transaction price of the purchased assets. The above eight specific shareholders are Gree Group, Yintong Investment, Zhuhai Tuojin, Employee Stock Ownership Plan, Zhuhai Rongwang, CITIC Securities, Sun Guohua, and Zhaocai Hongdao. It is worth noting that through the employee stock ownership plan, Dong Mingzhu invested 937 million yuan to increase the holding of 60.15 million shares of Gree, bringing its individual shareholding to 100 million shares, and the shareholding ratio has also increased from 0.74% to 1.3%. Become the fourth largest shareholder of the company. Some analysts pointed out that Dong Mingzhu’s move is to use his capital injection to drive the management team to increase the holding of Gree stocks in order to improve the control of the group and avoid repeating the mistakes of Vanke. Dong Mingzhu said that the increase in shares is entirely due to the confidence in the development of Gree after the acquisition of Yinlong. "If there is an opportunity in the future, I will increase my holdings." According to Gree's latest financial report, the company achieved revenue of 49.182 billion yuan in the first half of this year, down 1.58% year-on-year; however, the net profit attributable to owners of the parent company was 6.404 billion yuan, an increase of 11.92%. The air-conditioning business recorded revenue of 41.982 billion yuan in the first half of the year, down 0.02% year-on-year. The reporter found from the semi-annual report that there are still 99.421 billion yuan of monetary funds on Gree's books, but the acquisition of Zhuhai Yinlong has adopted a method of non-public fundraising to specific shareholders. In this regard, Dong Mingzhu explained that this is due to the unique marketing method of Gree. "On the one hand, Gree should rapidly develop battery technology and continuously expand the establishment of battery production bases; secondly, Gree's own development, such as smart equipment, molds, The research on new technologies requires a large amount of capital reserves. A large part of the cash on the account is due to policy reasons, and it needs to be honored in the market." Dong Mingzhu said. It is worth mentioning that in this acquisition, Yinlong has also made relevant performance commitments, promising to achieve not less than 720 million yuan in actual net profit in the three fiscal years of 2016, 2017 and 2018 respectively. 1, 1 billion yuan and 1.4 billion yuan. "Since Yinlong’s senior management team signed this gambling agreement, we have the confidence to fulfill the requirements of the agreement.†Wei Yincang, chairman of Zhuhai Yinlong, told reporters that because the energy storage also involves issues such as policy environment and market support, However, the electric vehicle is a new energy industry. At present, it has entered the stage of market cultivation and support. Therefore, in the future, Yinlong will focus on making the bus more sophisticated, and then make adjustments in real time according to market demand and Gree's planning. New energy conspiracy "Made in China 2025" proposes that pure electric and plug-in hybrid vehicles, fuel cell vehicles, energy-saving vehicles, and smart connected vehicles are the key development directions in the future. Environmentally-friendly and energy-saving new energy vehicles are expected to receive strong support from national policies. The demand for electric vehicles in the public sector is the first to achieve explosive growth. According to statistics, from 2011 to 2015, the output of domestic pure electric buses increased from 1,360 to 88,248, with an average annual growth rate of 183.82%. In 2014 and 2015, the year-on-year growth rates reached 701.31% and 585.31%, respectively. Dong Mingzhu believes that the acquisition of Zhuhai Yinlong will not only enable Gree to quickly enter the field of new energy vehicles, but also bring a strong technical reserve to Gree. Dong Mingzhu refers to the lithium titanate battery technology mastered by Zhuhai Yinlong. In 2010, Zhuhai Yinlong won the top technology of global lithium titanate battery through strategic holding Nasdaq-listed company, American Aotai Nanotechnology Co., Ltd. Gree Electric has developed photovoltaic air conditioners a few years ago, and in recent years committed to building a family-based energy management system. Dong Mingzhu told reporters: "If lithium titanate batteries are added to this system, it can be described as 'extraordinary.' †"The current standby power should use diesel engines. If you can use the battery of Yinlong to store electricity, you can save energy and protect the environment. Secondly, the peak and valley electricity of the city, the price of peak electricity is higher than the price of ordinary electricity. A lot, if the new material battery technology can be used for household electricity storage during the day, the cost of household electricity can be greatly reduced.†Dong Mingzhu believes that the new material battery technology is an important technical reserve for the entire Gree. "In the future, all living appliances must be DC-converted and operated under low-voltage conditions. The use of new material battery technology can reduce the safety hazards of household electricity." "For example, Gree's photovoltaic products must be combined with batteries to achieve the best results. Therefore, Gree's acquisition of Yinlong is not a simple cross-border, but a fusion." Gree Electric's vice chairman and board secretary Wang Jingdong said. The acquisition of Yinlong is also expected to enhance the coordinated development of Gree and Yinlong. Dong Mingzhu expects that with the integration of the two, the future will be expected to further reduce management costs. “For example, the motor and Gree have mastered the core technology. In the past, Yinlong had to purchase from other manufacturers. After the coordinated development, the middle can be reduced. Trading, saving costs is a huge competitive force.†Dong Mingzhu believes that Gree and Yinlong are expected to achieve long-term coordinated development in various aspects such as industrial ecology, core technology, R&D resources, market channels, supply chain and finance. 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