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格力地产(600185):国企改革再出发 注入免税新动能

Gree Real Estate (600185): State-owned enterprise reform starts again and injects new impetus for tax exemption

興業證券 ·  Dec 9, 2022 00:00  · Researches

Events: 1) Gree Real Estate plans to issue shares to Zhuhai State-owned assets Supervision and Administration Commission and Urban Construction Group (Zhujiang Free shareholders) and pay cash to purchase 100% shares of Zhumin Group; 2) it plans to raise funds from 35 private investors at 5.38 yuan per share, the total is expected to exceed 800 million yuan, no more than 566 million shares, no more than 30% of the total share capital before the transaction. 3) in 2020, the revenue of Zhujie Group in 2021 was 1.270.1.906 billion yuan, + 50.07% compared with the same period last year; the net profit of home was 1.329.528 billion yuan, which was + 301.12% over the same period last year; and the net interest rate of return to home was 10.36%, 27.68%, respectively, with strong profitability.

Reorganize and raise funds to optimize the asset-liability ratio and inject tax-free business to improve the company's profitability. Through this major asset restructuring, ① Gree Real Estate will inject tax-free business with strong profitability and broad development prospects; at the same time, ② will carry out project construction, debt repayment and liquidity supplement to Gree Real Estate's original real estate business through a non-public offering of shares to further optimize the company's asset-liability structure and speed up resource integration and business coordination with Zhu Min. In the future, duty-free business may become an important profitability driver for Gree Real Estate in the future and enhance the company's market competitiveness.

The pearl is tax-free from deep ploughing for many years, and constantly improves the layout of Hainan and Dawan area. As a veteran operator of the duty-free industry, Pearl duty-free business has formed a "city + port" dual layout model. In addition, after winning the bid for the exit duty-free shop project of Hengqin Port exit Hall in June 2022, the company once again won the bid for Zhongshan Port exit duty-free shop and Zhuhai Wanchai Port exit duty-free shop on December 2 and December 6, 2022, superimposed the steadily advancing Sanya Union Central Business District project and Hengqin Innovation Project, and constantly improved the company's layout in Hainan, Dawan area and other strategic locations.

Risk tips: epidemic-related risks, lower-than-expected acquisitions, and market competition exacerbate risks.

The translation is provided by third-party software.


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