The mutual guarantee of the Dunan environment, is the road to diversification of Gree Electric?

Recently, Gree Electric (000651), headquartered in Zhuhai, Guangdong, has been in trouble.

On July 5th, a paper followed by the Shenzhen Stock Exchange dragged Gree Electric into a Mutual Words, which was derived from 9.71%of the company's previously entered the Dunan Environment (002011). Since playing Gree Electric that it will take over the Dunan environment, for more than half a year, the topic of the two has continued.

Earlier, winning the Dunan environment was considered by the market to be an important one in Gree Electric's diversified layout. With the first throne of Gree Electric Air Conditioning, the market is eager to wait for this blue -chip big white horse to surrender the diversified answer sheet.

The Mutual Words of Dun'an Environment

In the letter of followers issued under the environment of the Dun'an environment, the company asked the company to explain that in the case of 50%of the associated guarantee debt, the company's first paid for the guarantee of the guarantee of the guarantee debt of the guarantee of the associated guarantee debt, respectively. The reasons and reasonableness, and explain whether the guarantee debt promised by Gree Electric's promise to pockets the control shareholder is occupied by non -operating funds of the controlling shareholder.

Who should pay for the associated guarantee debt over 300 million yuan? This is what the Shenzhen Stock Exchange wants to know, and it is also the answer that the market is urgent.

Earlier, Gree Electric vowed to solve the mutual guarantee leftover left by the original controlling shareholder of the M & A standard, that is, the principal and interest provided by Dunan Environment for the principal and interest of 666 million yuan for Dunan Holdings.

On March 31st this year, Dunan Jingong, Dunan Holdings and Gree Electric, and Hangzhou Branch of Zhejiang Commercial Bank Co., Ltd. signed the Special Agreement on Solving Related Guarantee Matters. At that time, many parties agreed that Dunan Holdings and Gree Electric will undertake 50%of the associated guarantee debt, and try their best to ensure that the associated guarantee debt was settled before May 15, 2022, and at the same time lifted the guarantee obligations borne by the Dunan environment.

However, Gree Electric is "cool" when the creditor's campaign is urged. The reason given is: the company and Dunan Holdings, Zijin Investment (Zijin Mining subsidiary) have not yet reached an agreement on the transfer of 9.71%of the shares of the Dunan environment. In the end, the amount that needs to be assumed is further negotiated, so the money cannot be paid yet.

Gree Electric's tangled is a shares transfer agreement signed by Dunan Holdings with Hangzhou Branch and Zijin Investment of Zhejiang Commercial Bank Hangzhou Branch and Zijin Investment. When the transfer of the environmental equity of Dunan, Dunan Holdings promised that before he informed and obtained the written consent of Gree Electric, he would not transfer the company's shares held by Dunan Holdings to a third party.

The issue of 9.71%of the equity ownership of Dunan environment seems to be the key to solving the problem of this mutual insurance. Gree Electric also stated that the progress of the above shares of the shunnian environment will progress. Before October 31, 2022, it will bear the final responsibility of the associated guarantee debt of the Dunan environment.

The shield environment sandwiched in the middle announced on July 4th that it decided to settle the guarantee debt. The 333 million yuan that can be taken out is equivalent to 44.82%of the company's existing monetary funds. The Dunan environment reluctantly stated that it will cause short -term pressure on the company's cash flow after debt repayment, and at the same time affect the financial statements in the first half of 2022.

The acquisition caused the storm

Regarding the specific situation of 9.71%of the equity, the reporter called Gree Electric and Dun'an Environmental Securities Department, respectively. Gree Electric said: "It is not clear about the specific content of the equity clause between the transfer of the transfer of the transfer with the Harong Holdings." Said: "The specific situation of 9.71%of the equity is subject to the company's relevant announcement."

However, in the April 30th shareholders' shares issued on April 30, the shareholders planned to transfer the company's shares announced whether the transfer was not mentioned whether the transfer was obtained from Gree Electric's written consent. It is worthy of interest that on the same day, Dun'an environment announced the news of Gree Electric's transfer of transfer of transfer. Gree Electric, who took control of control, was somewhat "dumb to eat Huanglian" at this time.

The much -watched Dunan environment also made Gree Electric, and even Dong Mingzhu fell into a public opinion storm.

The original intention of Gree Electric Phaseway is to use the latter's "automotive thermal management system" to lay out the field of new energy vehicles, but the industry has questioned sounds. On November 18 last year, Sanhua Zhikong (002050) shouted "Gree Electric and Dun'an Environment involved in new energy vehicle thermal management"; then "replenishing the knife", pointing directly at the acquisition or ordering Dun An An An The environment is reduced to internal suppliers of Gree Electric.

The Dunan environment subsequently responded in the form of response to investors' questions in the interaction platform: the new energy vehicle industry is in the air period, and the company will continue to maintain independence in the future.

In fact, the guess of Sanhua Zhikong may not be "groundless." In the subsequent announcement, the company is expected that the sales amount of Gree Electric and its subordinate companies in 2022 may increase from 1.689 billion yuan in the previous year to 2.9 billion yuan. The purchase amount is expected to increase from less than 60 million yuan to 200 million yuan. The total amount of affiliated transactions reached 3.1 billion yuan, an increase of 80%.

Because of the related transaction of 3.1 billion yuan, the Shenzhen Stock Exchange issued a letter of attention to the Dunan environment, which led to another problem: Gree Electric's desire to descend Liu Yanwei, Wang Xiaohua, and Xing Ziwen, the independent director of the Dunan environment. Reasonable? The focus of market attention is not only why Gree Electric should directly copy and paste the company's independent director team. Liu Yanwei's Dong Mingzhu's "girlfriend" identity has also triggered an uproar in investors. In addition, 9.71%of the shares transfer, Gree Electric and the "honeymoon period" of Gree Electric and Dun'an environment are hard to say. How to answer the first after the air conditioner is lost?

Another interesting phenomenon is that one of the big customers of the previous refrigeration business of Dun'an environment is Gree Electric's old opponent Midea Group (000333). Because of this, Sanhua Zhikong once said in the air, saying: "Gree's acquisition of Dunan may lead to a decrease in their own Gree orders, but the orders of customers other than Gree will be greatly inflow into the company."

The logic of Sanhua Zhikong's remarks is also easy to understand: Dun'an environment is doing the money of downstream manufacturers while making the supplier, and indirectly participated in the downstream competition. Isn't the downstream manufacturer who purchased from your purchase?

What's more, the fighter of the air -conditioning between Gree Electric and Midea's group is at the fierce stage.

In the first half of 2020, Midea Group's HVAC business revenue surpassed Gree Electric's air -conditioning business for the first time. As of the end of 2020, Gree Electric's data is 3.3 billion yuan less than the group. By 2021, the difference between the two parties further expanded to 10.166 billion yuan. Gree's proud air -conditioning business ushered in a shuffle.

The changes in the air -conditioning business quickly reflected the market value. At the peak of Midea Group, the market value of the group once exceeded 70 billion yuan, and now there are nearly 410 billion yuan. The market value of the market value of Gree Electric is only several billion yuan, which is about 2.2 times the market value of Gree Electric.

In 2012, Midea Group and Gree Electric's home appliance carrier almost replaced the "helmsman" at the same time. Fang Hongbo and Dong Mingzhu walked to the stage. The ten -year contention from the beginning of this seemed to have a phased result. From the last time the total revenue has been slightly behind, and even now the air -conditioning business has been surpassed, what happened to the Blue Chip and Big White Magle Electric?

The market has a point of view that the problem of Gree Electric is inadequate -except that the air -conditioning business is unique, and the company has no other fist business. Taking the household appliance business as an example, Midea Group realized revenue of 131.9 billion yuan in 2021, an increase of 15.8%year -on -year. On the other hand, Gree Electric, the relevant business revenue in 2021 was less than 4.9 billion yuan, 4%of the group, which was not yet beautiful, and the speed increased by only 8%in 2021. The small base is slow, and the gap between Gree Electric's business in this business is being widen.

In fact, Gree Electric has not never thought of a way. In addition to the Dunan environment, Gree Electric has followed the market hotspots in recent years. It has invested in Wentai Technology, Xinjiang Zhonghe, and San'an Optoelectronics, which has deployed semiconductor and new energy. However, the drawing of these beautiful blueprints has not yet been reflected in revenue. As for the previously hype mobile phone business and Dong Mingzhu's personally popular Meng Yuchong, whether it can turn the tide, these are a big question mark.

So far, the secondary market does not seem to have received answers. The capital market is very realistic, and the answer is always more important than the process. Right now, Gree Electric really needs to answer this diversified test paper.

Reporter Li Yan Intern reporter Chen Yan

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