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Original title: President Fang Hongbo collected more than 1.300 million Midea Group: Department of personal asset allocation
Cao Chen, reporter for Securities Times
On September 6, Midea Group (000333) publicly responded to Chairman and Chairman Fang Hongbo’s recent stock downsizing behavior, saying that “due to Fang’s total personal asset allocation needs, and this is the first time it has downsized the participation”. Midea Group also stated that the company’s next three quarters Fundamentals continue to improve and single-quarter revenue is expected to achieve strong growth.
An important background to Fang Hongbo’s downsizing is that since this year, the company’s share price has continued to rise, reaching an all-time high of 74.74 yuan per share on August 3, and the total market value It has also exceeded 500 billion yuan, but the share price has recently recovered.
Home appliance industry analyst Liang Zhenpeng told a Securities Times · e Company reporter that the epidemic in the first half of this year had a considerable impact on the home appliance industry, and the overall industry fell dramatically. , Midea Group’s performance was better than the industry average. With the improvement of the epidemic situation, the recovery of the performance of the Midea Group in the second half of the year will be more evident.
Fang Hongbo collected more than 1.3 billion
Looking back, on September 2, the Shenzhen Stock Exchange block trading information showed that Midea Group’s block trading that day amounted to 20.4182 million shares, with a turnover of 1.39 billion yuan and a average price of 68.12 yuan per share. Meidi Group’s closing price was 70.93 yuan that day, which is equivalent to a 4% discount.
It is worth mentioning that the aforementioned transactions included two large-scale transactions with a total of 20 million shares, representing 98% of the total transactions.
From the perspective of the object of the transaction, the seller of the transaction is the commercial department of China CICC Fortune Securities Pingtan Xihang Road, and the buyer is the institution andGuotai JunanThe Shanghai Jiangsu Road Sales Department, whose institutions bought 13 million shares, with a turnover of 886 million yuan; Guotai Junan Shanghai Jiangsu Road Sales Department bought 7 million shares, with a turnover of 477 million yuan, and the cumulative value of the two transactions was 1.362 million yuan.
On September 3, the Shenzhen Stock Exchange website updated an important piece of information on shareholder changes, which showed that Fang Hongbo appeared on the list of directors, supervisors and senior shareholders, reducing his holdings by 20 million shares, which means that Fang Hongbo cashed in through a block transaction on September 2. More than 1,300 million in cash.
Regarding Fang Hongbo’s large cash withdrawal, Midea Group responded that Fang Hongbo was due to personal asset allocation needs and that it was the first time it had reduced its holdings. The company said that Fang Hongbo had previously increased its stakes in Midea Group. The transferee of the transaction is primarily a foreign investment institution and will continue to hold it for a long time, and the transferee will not reduce its holdings within six months of the transaction in accordance with legal requirements.
It is worth mentioning that just two days before Fang Hongbo reduced its holdings, Midea Group announced the progress of the share buyback. According to the announcement, as of August 31 this year, Midea Group has repurchased 14.265 million shares through a centralized bidding method through a special securities account buyback, representing 0.2031% of the share capital. company total as of August 31, and the highest transaction price was 54.18 yuan. / Share, the lowest transaction price is 46.30 yuan / share, and the total payment amount exceeds 700 million yuan.
Judging from the list of the top ten shareholders released by Midea Group in the first half of 2020, Fang Hongbo owns 137 million shares of the company, representing 1.95%, making him the fourth largest shareholder. of the company. After reducing its holdings of 20 million shares, there are still 117 million shares, Fang Hongbo can return to the company’s fifth largest shareholder.
Strong recovery in second quarter performance
One of the main antecedents for the president of Midea Group to reduce its holdings is that, since the beginning of this year, the company’s share price has continued to rise, reaching an all-time high of 74.74 yuan on August 3, and the total market value has exceeded 500 billion yuan. As of September 4, Midea Group’s share price has been corrected, with a closing price of 68.79 yuan, a cumulative increase of more than 21.5% this year.
The rise in the Midea Group share price is closely related to the company’s fundamentals. On the night of August 30, Midea Group announced its financial report for the first half of 2020. The financial report shows that Midea Group achieved revenue of 139.67 billion yuan, a year-on-year decrease of 9.56%; net profit was approximately 13.928 million yuan, a year-on-year decrease of 8.29%.
Although performance has declined, due to the impact of the new corona pneumonia epidemic in the first half of this year, the overall performance of the home appliance industry was not good and the operating conditions of the Midea Group were significantly better than average. of the industry. According to data from the China Light Industry Information Center, from January to June 2020, the domestic appliance industry operating income was 626.51 billion yuan, a year-on-year decrease of 15.3%; total profit was 44.15 billion yuan, a year-on-year decrease of 17.8%.
In the first half of 2020, the share of Midea’s main home appliance categories in the Chinese market has increased to varying degrees. Among them, the omnichannel share of home air conditioning products has increased significantly, with online market share exceeding 35%, ranking first in the entire network, and offline market share. More than 30%.
In terms of channels, Midea’s online channels have grown rapidly. In the first half of 2020, Midea’s entire network sales exceeded 43 billion yuan, a year-on-year increase of more than 30%, accounting for 49% of domestic sales, ranking first in the entire network and ranking first on Tmall, JD.com andSuning Online MarketOther platforms maintain the leadership in all categories of home appliances.
From a single season perspective, Midea Group has shown a rapid recovery trend in the second quarter. In the second quarter, the company’s total operating income was 81.4 billion yuan, a year-on-year increase of 3.2% against trend; Net profit attributable to the parent company was 9.1 billion yuan, an increase of 0.7% year-on-year. In the second quarter, net profit after no deduction also increased 2% against trend.
In the second quarter of the strong recovery, many brokerages published research reports expressing optimism. Guosheng Securities said that, heading into the second half of the year, factors such as support for real estate completion and the release of anticipated demand compensation will drive sales to stabilize and recover. Midea Group is expected to grow well in the second half of the year.
China Merchants ValuesFrom a medium to long-term perspective, the company continues to deepen its core business, deepen retail transformation, and improve efficiency. The probability of achieving double-digit growth in the next three years is relatively high; The company has a solid capital incentive plan and stable dividend expectations, with excellent quality.
Regarding future recovery in performance, Midea Group, in response to the chairman’s stakes reduction, also emphasized that the company’s fundamentals will continue to improve over the next three quarters, with single-quarter revenue expected to achieve a strong growth.
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