On August 23rd, Gree held the "Meeting of Acquisition of Silver Dragon and Collecting Matching Funds Media Meeting" held in Zhuhai Headquarters. Gree Electric Appliance Chairman Dong Mingzhu explained the main reason for the acquisition of Zhuhai Yinlong: Look at China National Yinlong's new energy battery and energy storage technology. However, she also mentioned that ( later) Yinlong Automobile is Gree Automobile. This has to make people think about it.
Dong Mingzhu called Yinlong “gold buried in the sand.†She said that Gree also invested a lot of money before, and tried to research and develop new energy battery technology. However, after two years of research and no breakthrough, the biggest problem is battery technology. . "We just saw the new technology of Yinlong, so we dig it out."
Dong Mingzhu said that Zhuhai Yinlong's lithium titanate battery technology is safe and energy-saving, and can be combined with Gree's home-industrial chain of photovoltaic air-conditioners and smart devices to achieve synergistic development. It is expected to generate trillions of yuan in revenue and even get rid of urban power grids. Dependency.
Gree DiversificationOn August 18th, Gree Electric Co., Ltd. announced plans to acquire Yinlong and its supporting raised funds: Gree Electric Appliances will issue a share acquisition price Yinlong at a valuation of RMB13.0 billion. After the transaction is completed, Gree Electric Appliances will hold a 100% stake in Zhuhai Yinlong. .
After the acquisition plan was released, the diversification pattern of Gree Electric Appliances was basically formed. In the horizontal view, air conditioners, refrigerators, living appliances, mobile phones, smart equipment, precision molds, new energy vehicles, and energy storage devices have been included. In the longitudinal view, Gree has formed components, processing equipment, and products. The old products will recover the benign ecosystems of the entire product life cycle of R&D, manufacturing, and reasonable recycling.
Dong Mingzhu explained that the development of Gree requires battery technology. The acquisition will drive the development of Yinlong and bring new technology to Gree. "If all the buildings are equipped with Yinlong's energy storage equipment, it will not only be a market of 100 billion yuan, and I am afraid that there will not be more than one trillion yuan. It will enable the city to get rid of the grid and the high-speed rail will not be suspended due to power outage."
Regarding whether senior managers will be sent to Zhuhai Yinlong in the future, Dong Mingzhu said that it is not a simple task to send a team. What needs to be done in the future is to integrate Zhuhai Yinlong's culture into Gree's culture. Gree's quality control and process management system Experience can be adopted by Yinlong, and management costs can be further reduced. She stressed that Gree’s control of cost quality is better than that of Yinlong, while Yinlong’s technology is scarce, and this cooperation is complementary.
Zhuhai Yinlong's main business is pure electric passenger vehicles. Dong Mingzhu did not disclose whether it plans to further expand product categories after the acquisition. Dong Mingzhu’s more emphasis on the conference was the business collaboration between Zhuhai Yinlong and Gree Electric after the acquisition.
Where are the 13 billion funds to be used?Wang Jingdong, vice president and board secretary of Gree Electric, said that the matching fund raised by Gree Electric Appliances will be used for the construction of the target company to raise investment projects. These include:
Hebei Yinlong's annual output of 1.462 billion ampere-hours lithium battery production line project;
Shijiazhuang Zhongbo Automobile Co., Ltd. relocation and expansion project (Phase II);
Hebei Yinlong annual production capacity of 200MWh storage module production base construction project;
Hebei Guangtong has an annual production capacity of 32,000 units of pure electric vehicles, and an upgrade project for Zhuhai Yinlong headquarters R&D center.
At present, the main products of Yinlong in Zhuhai are new energy buses and lithium titanate battery materials. Yinlong official website shows that by the end of 2015, three major production bases have been built in Zhuhai, Guangdong, Wu'an, Hebei, and Shijiazhuang, respectively. The sales orders for new energy vehicles have reached 7,000, of which 3189 pure electric buses have been completed, and their annual sales of pure electric buses are ranked in China. seventh.
At the beginning of this year, the national competent authorities started fraudulent inspections, which affected the progress of subsidy distribution. New energy auto companies were all in the capital chain tension.
In response to a reporter’s question, Yinlong’s chairman Wei Yincang stated that cooperation with Gree can ease Yinlong’s financial difficulties, and Gree’s electronic control technology can also be used in the production of new energy vehicles. In the future, Yinlong will give priority to the development of new energy buses and battery technologies, and will determine the development strategy depending on the market conditions.
After being integrated into Gree Electric Appliances, both parties can share resources in terms of technology, R&D, supply chain, and sales channels.
New energy is vulnerable to policyA battery expert said that lithium titanate batteries are suitable for fast charging, but their energy density is lower than mainstream lithium iron phosphate batteries. This battery is more suitable for fixed-line buses. The current mainstream of industry development is to further increase the battery energy density on the premise of ensuring safety. It is recognized by the industry that the ternary system with higher energy density is the future development direction.
There was a mixed reaction to this cross-border acquisition. Prior to this, several home appliance companies intended to enter the automotive industry, including Chunlan air conditioners, Bird mobile phones, and so on, all ended in failure. According to industry sources, passenger cars are vulnerable to policies, especially in the new energy sector.
On the one hand, the policies for new energy vehicles have tightened, and subsidies will also enter the detour path. The subsidy standards for passenger cars have been particularly noticeable. On the other hand, most of the new energy buses are currently purchased locally, and they face protection thresholds in larger areas. For example, Nanjing Jinlong announced this year that it will invest 8 billion yuan in setting up a factory in Shenzhen before acquiring local new energy bus purchase orders. Prior to this, many biddings were conducted by BYD.
Note: This article is comprehensively compiled from Xinhuanet, Securities Daily, Caixin and Yicai.
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