Gree spent 6.2 billion yuan to buy back 2% of its shares

两个月前，格力的150亿元回购计划曾一度曝光。现公司公布回购进展情况。近日，格力电气在回购股份比例达到2%时，发布了股份回购进展公告。公告显示，截至7月23日，公司第三期回购计划已通过回购专用证券账户集中竞价回购公司股份1.21亿股，占公司总股本的2.0187%，实收总额62.33亿元。

Two months ago, Gree's 15 billion yuan repurchase plan once brushed the screen. Now the company announced the progress of repurchase. Recently, Gree Electric issued an announcement on the progress of share repurchase when the proportion of shares repurchased reached 2%. The announcement shows that as of July 23, the third phase of the company's repurchase plan has repurchased 121 million shares of the company through centralized bidding through the special securities account for repurchase, accounting for 2.0187% of the company's total share capital, and the total amount paid is 6.233 billion yuan.

两个月内回购62亿美元

$6.2 billion repurchase in two months

今年5月26日，格力电气宣布计划利用自有资金以集中竞价交易的形式回购部分公开股，用于公司股权激励或员工持股计划。格力本次回购资金总额不低于75亿元（含），不超过150亿元（含），回购价格不超过70元/股。

On May 26 this year, Gree Electric announced that it plans to use its own funds to buy back some public shares in the form of centralized competitive trading for the company's equity incentive or employee stock ownership plan. Gree's total funds to be used for repurchase this time shall not be less than 7.5 billion yuan (inclusive), not more than 15 billion yuan (inclusive), and the repurchase price shall not exceed 70 yuan / share.

据悉，格力150亿元的回购规模也刷新了美的集团此前a股历史上最大规模回购的纪录。美的集团2月24日宣布，计划以不超过140元/股的价格回购5000万至1亿股，回购金额预计不超过140亿元。

It is reported that Gree's 15 billion yuan repurchase scale also refreshed the previous record of Midea Group's largest repurchase in the history of a shares. Midea Group announced on February 24 that it plans to repurchase 50 million to 100 million shares at a price of no more than 140 yuan / share, and the repurchase amount is expected to be no more than 14 billion yuan.

两个月后，格力电气宣布了最新的回购进度。7月26日晚，公司宣布，截至7月23日，公司第三期回购计划已通过回购专用证券账户集中竞价回购公司约1.21亿股股份，占公司截至7月23日总股本的2.0187%，2021年，最高交易价格为56.11元/股，最低交易价格为48.82元/股，支付总额约为62.33亿元（不含交易费用）。本次回购符合相关法律法规和公司既定回购计划的要求。

After two months, Gree Electric announced the latest repurchase progress. On the evening of July 26, the company announced that as of July 23, the third phase of the company's repurchase plan had repurchased about 121 million shares of the company through centralized bidding through the special securities account for repurchase, accounting for 2.0187% of the company's total share capital as of July 23, 2021. The highest transaction price was 56.11 yuan / share and the lowest transaction price was 48.82 yuan / share, The total amount paid is about 6.233 billion yuan (excluding transaction costs). This repurchase meets the requirements of relevant laws and regulations and the company's established repurchase plan.

多次回购的股价仍处于低迷状态

The share price of multiple repurchases is still in the doldrums

格力电气在2020年推出了两项回购计划。根据公告，格力电气在2020年4月推出了股份回购计划，回购资金总额不低于30亿元，不超过60亿元，回购价格不超过70元/股。2020年10月，格力电气宣布，在公司大股东的提议下，计划以不低于30亿元、不超过60亿元的自有资金回购公司股份，回购价格不超过70元/股。

Gree Electric has launched two repurchase plans in 2020. According to the announcement, in April 2020, Gree Electric launched a share repurchase scheme with a total repurchase fund of no less than 3 billion yuan and no more than 6 billion yuan, and the repurchase price is no more than 70 yuan / share. In October 2020, Gree Electric announced that under the proposal of the company's major shareholders, it planned to repurchase the company's shares with its own funds of no less than 3 billion yuan and no more than 6 billion yuan, and the repurchase price was no more than 70 yuan / share.

据了解，格力电器前两次回购已分别于2021年2月24日和5月17日完成。两轮回购共耗资120亿元，购入公司2.09亿股，占总股本的3.48%。目前，经过近两个月的回购，格力电气已投入180亿元进行回购。

It is understood that the first two buybacks of Gree Electric Appliance have been completed on February 24 and may 17, 2021 respectively. The two rounds of buybacks cost a total of 12 billion yuan and bought 209 million shares of the company, accounting for 3.48% of the total share capital. At present, with the repurchase in the past two months, Gree Electric has spent 18 billion yuan on repurchase.

然而，格力的多次回购并没有挽救其股价的下跌。根据wind数据，格力的股价在2020年12月初达到阶段性高点后呈下降趋势。截至昨日收盘，格力电气报告47.56元/股，总市值为2861亿元。今年以来，股价下跌了23.31%。

However, Gree's repeated buybacks did not save its share price decline. According to wind data, Gree's share price showed a downward trend after reaching a stage high in early December 2020. As of yesterday's close, Gree Electric reported 47.56 yuan / share, with a total market value of 286.1 billion yuan. Since this year, the share price has fallen 23.31%.

据了解，格力电气的业绩增长缓慢。根据公司年报，2019年和2020年，格力电器净利润连续两年下降，实现归属于母公司的净利润分别为246.97亿元和221.75亿元，归属于母公司的净利润增长率分别为-5.75%和-10.21%。

It is understood that Gree Electric's performance growth is slow. According to the company's annual report, in 2019 and 2020, the net profit of Gree Electric Appliance fell for two consecutive years, realizing a net profit attributable to the parent of 24.697 billion yuan and 22.175 billion yuan respectively, and the growth rate of net profit attributable to the parent was - 5.75% and - 10.21%.

观点

viewpoint

扭转股价下跌的关键在于公司治理和业务

The key to reversing the decline of stock price lies in corporate governance and business

家电行业观察家丁少将在接受《信息时报》采访时表示，格力股价下滑的主要原因是去年以来整个空调市场一直处于低迷状态，行业和格力都处于增长瓶颈期。此外，格力的多元化战略虽然有想象空间，但目前效果并不明显，还需要时间培育"股票回购只是一种市值管理的技术动作"丁少将认为，公司股价的提升基本上在于治理和业务上的重大突破，如渠道转型成功、家电多元化发展成功、员工持股计划顺利实施等。

In an interview with the information times, major general Ding, an observer of the home appliance industry, said that the main reason for the downturn in Gree's share price is that the overall air conditioning market has been in a depressed state since last year, and both the industry and Gree are in a growth bottleneck period. In addition, although Gree's diversification strategy has imagination space, the effect is not obvious at present, and it still needs time to cultivate" Stock repurchase is only a technical action of market value management. " Major general Ding believes that the company's improvement of share price basically lies in important breakthroughs in governance and business, such as the success of channel transformation, the success of diversified development of household appliances, the smooth implementation of employee stock ownership plan and so on.

行业和经济观察人士梁振鹏认为，格力的产品结构相对单一。虽然近年来也加强了多元化发展，生产冰箱、洗衣机、小家电等产品，但效果不是很明显。

Liang Zhenpeng, an industry and economic observer, believes that Gree's product structure is relatively single. Although it has also strengthened diversified development in recent years and made refrigerators, washing machines, small household appliances and other products, the effect is not very obvious.

格力的渠道模式也有争议。根据天丰证券的研究报告，在当前以消费者需求为中心的业务运营模式下，格力层层分销渠道模式问题突出。由于缺乏与消费者的直接接触，或无法根据需求及时调整产品结构，价格水平分布下的价格涨幅过大，终端与竞争对手的价格差距较大。

Gree's channel model is also controversial. According to the Research Report of Tianfeng securities, under the current business operation mode focusing on consumer demand, the problem of Gree's layer by layer distribution channel mode is prominent. Due to the lack of direct contact with consumers, or the inability to adjust the product structure on demand in time, the price increase rate under the price level distribution is too high, and the price difference between the terminal and competitors is large.

然而，天丰证券认为格力的核心竞争力依然存在。随着公司渠道模式更符合未来行业趋势，格力仍有足够能力有效享受空调行业规模增长红利。公司渠道改革主要进行三大变革：简化渠道层次，降低渠道价格涨幅；销售模式由返利激励转变为终端差价激励，经销商对自身利润更具确定性，对消费者更为敏感；推广新的零售模式，使公司在渠道选择上更加多样化和灵活。

However, Tianfeng Securities believes that Gree's core competitiveness still exists. With the company's channel model more conforming to the trend of the industry in the future, Gree still has enough ability to efficiently enjoy the scale growth dividend of the air conditioning industry. The company's channel reform mainly carries out three changes: simplifying the channel level and reducing the channel price increase rate; The sales model has changed from rebate incentive to terminal price difference incentive, so dealers are more deterministic about their own profits and more sensitive to consumers; Promote the new retail model and make the company more diversified and flexible in channel selection.

Link：https://new.qq.com/omn/20210801/20210801A01R8H00.html

update time：2021-08-01 10:37:05