格力电器大方分红内藏玄机
未来三年要拿出一半净利分红，或为董明珠连任铺路
羊城晚报记者 黄婷 实习生 张田
农历新年未到，分红一向慷慨的格力电器(000651)就官宣了“发大红包”的消息。近日，格力电器发布《未来三年股东回报规划(2022年-2024年)》(以下简称“规划”)。根据规划，在公司现金流满足公司正常经营和长期发展的前提下，公司2022年至2024年每年累计现金分红总额不低于当年净利润的50%。
分红消息一经传出，就引起大批股民关注。有网友称格力为“良心公司”，也有人持审慎态度，称分红掩盖不了业绩颓势和股价下滑。
不过，至少从短期看来，这则消息有效地提振了市场信心。1月25日，格力电器高开，盘中最高涨幅为3.11%，达到40.06元，收报38.89元，微涨0.1%。虽然涨幅不大，但是在A股三大指数集体重挫的情况下，有此涨幅实属不易。
上市26年仅4年未分红
1月24日晚间，格力电器同时公告了召开2022年第一次临时股东大会的通知，该股东大会除了审议未来三年股东回报规划外，还将选举第十二届董事会成员。
家电行业资深观察人士刘步尘表示：“今年是格力电器董事会的换届选举年，2022年1月，格力电器第十一届董事会任期届满，格力电器推出的未来三年股东回报规划可视为董明珠为谋求连任而做出的铺垫。”
记者梳理发现，格力在分红上向来出手阔绰，在家电行业中常年高居第一名。即使放眼全A股4908家上市公司中，累计分红金额排名仍高居第21位。
同花顺iFind数据显示，自1996年上市以来，截至去年年末，除1997年、2006年、2017年、2021年未实施分红外，格力26年内共实施现金分红22次，累计现金分红为843.18亿元。期间累计实现净利润1907.52亿元，分红率高达44.20%。
Among them, the dividend in 2020 is the most "proud", with a dividend amount of 22.674 billion yuan and a dividend rate of 102.25%.
It is worth noting that this is the first year that Gree completed the mixed reform.
In 2019, Gree Electric started the mixed-ownership reform, and Hillhouse spent 41.662 billion yuan to acquire a 15% stake in Gree Electric, becoming the single largest shareholder of Gree Electric.
The "repurchase king" can't stop the stock price from falling
Like dividends, Gree's repurchase plan in recent years is also a big deal.
Since April 2020, Gree Electric has completed three phases of its share repurchase plan. The total cost of the three phases of repurchase is about 27 billion yuan, surpassing its old rival Midea Group to become the well-deserved "repurchase king".
Unfortunately, the performance of Gree Electric's stock price last year was not proportional to its repurchase efforts, and the stock price also fell below the transfer price of Hillhouse.
In 2021, due to the shrinking air-conditioning market and rising raw material costs, white goods companies ushered in a "year of disappointment". For the whole year of last year, Gree Electric's stock price fell by 36.38%, and its market value evaporated by more than 150 billion yuan; from the beginning of December last year, Gree's stock price has stopped falling and fluctuating upwards.
The amount of dividends still needs to be based on good performance. Compared with Haier and Midea's two white goods companies, Gree Electric's performance in the third quarter of 2021 is slightly inferior and lower than market expectations.
Gree Electric achieved operating income of 47.083 billion yuan in the third quarter of last year, a year-on-year decrease of 16.50%; net profit attributable to shareholders of listed companies was 6.188 billion yuan, a year-on-year decrease of 15.66%.
The old rival Midea Group's revenue and profit in the third quarter of 2021 ranked first among the three companies, and it was firmly in the position of "the first brother of white electricity", but the growth rate slowed down compared with the first half of last year.
According to industry online data, the air-conditioning industry as a whole shipped 152.59 million units last year, a year-on-year increase of 7.90%, a slight increase of 1.3% compared to 2019 before the epidemic.
In terms of domestic sales, Gree and Midea achieved annual shipments of 31.65 million units and 28.18 million units respectively, up 6.80% and 9.90% year-on-year respectively, and both outperformed the industry average; Gree still maintained its leading position in terms of absolute value. The total share of consumer shipments reached 70.60%, an increase of 1.8 percentage points compared with 2020, and the concentration has further increased.
In terms of exports, Gree and Midea achieved export sales of 11.09 million units and 25.78 million units respectively, an increase of 3.80% and 15% year-on-year respectively. Gree's export performance was weaker than the industry average.
According to Gree Electric's announcement, the company is actively expanding export channels. In the first half of last year, it accelerated the establishment of overseas e-commerce teams, and the export market space is expected to be further opened.
In the third quarter, Gree's export sales increased by 13% year-on-year, and its export market share increased by 1.4 percentage points year-on-year.
Seeking second growth curve
In the context of increasing cost pressure and weak growth in the air-conditioning market, the three white goods giants have taken measures to make up for the loss of profits with diversification strategies.
Gree, which is stuck in a growth predicament, is also looking for the second growth curve of the company by entering the core parts industry of new energy vehicles.
At the end of August last year, Gree Electric announced that the company won a 30.47% stake in Yinlong New Energy Co., Ltd. by participating in a judicial auction on the same day.
At the same time, Dong Mingzhu entrusted the company to exercise the voting rights corresponding to the 17.46% stake in Yinlong New Energy held by him personally.
After the transaction was completed, Gree Electric controlled a total of 47.93% of the voting rights of Yinlong New Energy, Yinlong New Energy became a holding subsidiary, and was later renamed Gree Titanium New Energy.
Following the holding of Yinlong New Energy, Gree Electric has taken the leader in the refrigeration component industry into its pocket.
In November 2021, Gree Electric announced that the company intends to acquire a 38.78% stake in Dunan Environment, an A-share company, with a total investment of about 3 billion yuan through the transfer of shares and private placement.
In fact, holding Dunan Environment is also related to Gree Electric's layout of the core parts industry of new energy vehicles.
Gree Electric said in the announcement that Dun'an Environment's new energy thermal manager related product matrix is complete, and it has already carried out business cooperation with many well-known domestic enterprises; Gree Electric can quickly enter the thermal management track of new energy passenger vehicles, and through its own Procurement and production advantages, form scale effect, improve industrial competitiveness, and expand market share.