1. Dong Mingzhu 砸 heavy gold to make chips Li Dongsheng said that 50 billion yuan is not enough;
Gree does not pay dividends, Gree Electric Chairman Dong Mingzhu said, must be a chip.
However, as the air-conditioner boss, Gree has undoubted manufacturing capabilities in the field of air-conditioning, but whether it can make a difference in the field of chips, is questioned by the outside world. After all, compared with home appliances, the chip industry has high threshold, high input cost, cycle Also longer.
A few days ago, when talking about chips, Gree founder Zhu Jianghong said: 'Gree is a high-end chip, I don't have much confidence.' He said that the main chip of air-conditioning is a very advanced chip, which is generally dependent on imports. Now (enterprise) to do Chip, need to accumulate, this is not a day or two or a year or two.
However, Dong Mingzhu is very firm on 'making chips'. She believes that Gree is going to challenge. Recently, she said that Gree is already making chips on his own. Although many people outside are not optimistic and think that they have to invest a lot of money, money is not the main problem. The main question is whether there is confidence.
In the field of home appliances, in addition to Gree, TCL has long been in the chip field, and it also teamed up with the chip crocodile purple light to jointly open up the world.
Li Dongsheng, chairman of TCL, said in an interview with Securities Daily that TCL has set up an investment industry fund for semiconductor chip integrated circuits. 'We are mainly investing in chip design projects. Currently, two projects have been successful, one of which is a chip company. Already listed, there will be other companies listed in the future. 'But he said that TCL will not easily enter the field of wafer chip manufacturing.
In general, chip investment is divided into two categories: investment in wafer chip manufacturing and investment chip design. The chip industry is an ecological chain, from design, manufacturing to packaging testing, there are professional companies, the main chip design companies have Qualcomm, MediaTek, Broadcom, while TSMC, SMIC (9.31 -0.75%), Yangtze River Storage and other companies are mainly do wafers, they are only focused on their own fields, generally do not cross-hunting.
Li Dongsheng said: 'The investment level of wafer chip manufacturing is hundreds of billions. We will not invest in this industry because we don't have so many resources. And TCL's investment is in the field of chip design. I have noticed that some companies say that Investing 50 billion yuan to make chips, I believe that this investment volume is about chip design. If you really want to do wafers, 50 billion yuan is not enough.
He warned: 'Home appliance companies' jumped to the 'unfamiliar field risk, the domestic and international chip gap is large, 20 years to 30 years behind.'
Shen Meng, executive director of Xiangxi Capital, believes that: 'The chip industry generally has three modes: full industry chain, chip design, and foundry. The first type of investment is the biggest, the risk is also large; the second type of investment, the risk is relatively small, but the competition is also The most intense; the third type of investment is large, the risk is small, mainly relying on scale cost, technology leading edge to compete for orders. The risk of general enterprises entering the chip field is still very high. ' Securities Daily
2. Dong Mingzhu responded to the postponement of Gree's reelection: Do not hurry to perform a day in the day;
The 2018APEC Business Leaders China Forum was opened in Beijing yesterday. Dong Mingzhu, Chairman of Gree Electric Appliances attended the relevant forum. In response to the recent delay in the resignation of the chairman of Gree Electric, Dong Mingzhu responded in an interview: 'I don't care So what are you worried about? I am not in a hurry, but one thing, I am in the day, I will be on duty for one day, don't worry. 'I wonder if this means that Dong Mingzhu will be re-elected.
In response to the recent Sino-US trade war, Dong Mingzhu also publicly stated: 'I don't think there is anything. If your technology is the world's most advanced technology, there is such a consumer demand in the world. I don't think it is a problem.'
Dong Mingzhu further exemplified that Gree brand has now really gone to the world. From the past to other people's OEM, to the core technology research, Gree is getting closer to the user's needs. In the Middle East where the temperature reaches 50 to 60 degrees Celsius, Gree air-conditioning occupied Absolute leadership. 'Everyone likes it. Why? Because in such a high temperature environment, only we have reached the temperature that they most want the most comfortable, this is what your technology shows.'
In 2018, it was 40 years of reform and opening up. In the change of the times, Dong Mingzhu started from a salesman and grew up to be the chairman of Gree Electric. She believes that her greatest contribution is to help Gree complete the reform of the system. When Gree Electric encountered a turning crisis and the consumer team was in turmoil, Gree also gave her valuable platform and opportunities to transform her personal thoughts into productivity. Dong Mingzhu said: 'How much do you have to do with great confidence, In your heart, you can put on this world, and the world will let you down. In recent years, Dong Mingzhu has launched many layouts in the fields of smart home, Gree mobile phone, chip research and development and new energy.
According to Dong Mingzhu, in the past 6 years, Gree’s profits and taxes have increased nearly four times. When it comes to Gree’s entry into the mobile phone market, she explained: 'We are not making mobile phones to cut the market, but preparing for smart homes. Gree mobile phone can be used as the user's mobile phone mall. All electrical products can be purchased on Gree mobile phones, which is convenient for consumption. Secondly, Dong Mingzhu said that in the future, smart homes, mobile phones can be used as security systems, can coordinate, monitor, All household electrical products are fully covered. 'The mobile phone will become the control part of the home, this is a system engineering.'
Previously, Dong Mingzhu also suggested that Gree air-conditioning should use all its chips next year. In this regard, Dong Mingzhu believes that the outside world is generally afraid of chips because there is no confidence. In the process of chip development, Dong Mingzhu believes that science should be respected. Said: '(Chip) There is always a process of nurturing growth. There is no reason not to do it, there is no reason to stipulate who can do it, who can't do it. Since there is no such rule, why can't Gree do?'
In addition to smart home and chip development, in Dong Mingzhu's view, new energy is a global issue and a future development direction. In the field of new energy, no country has mastered absolute technology. She said: 'We should be more here. The field to study, to break through. Can truly become a creator of the earth and the good life of all mankind, this is the dream. 'Dong Mingzhu evaluates Gree to be a new energy source, the first is the strategic issue, and the second is the future human needs. She said : 'Smart home, you must have to save energy. But not because today's new energy is not good, is it necessary for you to wait for everyone to finish, you have to do it?
3. Gree does not need to be too eager to do chips;
In the trend of making chips in the home appliance industry, Gree is the most determined????. In 2017, Gree does not pay dividends????, Chairman of Gree Electric Co., Ltd. Dong Mingzhu said categorically, the chip must Do?????. Subsequently, Gree founder Zhu Jianghong reminded me to say: 'Gree do chip?, I don't have much confidence' ???.
Li Dongsheng, chairman of TCL Group, recently told reporters in an interview that he said: 'Someone invests 50 billion yuan to make chips???? If it is really a wafer?????, 50 billion yuan is not enough? ??. The risk of home appliance companies jumping into unfamiliar areas is high, the gap between domestic and foreign chips is large, and it is 20~30 years behind overseas?????.
In fact, Dong Mingzhu is not so irrational. ???. Gree Electric (000651.SZ) announced on the evening of July 4th that it has spent about 400 million to 500 million yuan? ??, further increase the shareholding of the upstream compressor company Highly shares to 10%?????. This means that, in 2017, Gree does not pay dividends????, about 50 billion yuan of cash is not all left To do the chip, but to cover several areas of Gree expansion?????.
Dong Mingzhu revealed at the shareholders' meeting on June 25 that he was still busy with the chip the day before. ???. How does Gree do the chip specifically????, what form???? Need the company's board of directors to discuss the decision ???. Strive for Gree air-conditioning to use their own chips next year????.
As the world's largest home air-conditioning company????, has always been based on the core technology of Gree, to break the air-conditioning chip import dependence?????, determined to do their own chips is nothing wrong, even can be said to be courageous ???, but 'do not be too hasty'????.
First of all, Gree has already started in the chip field, and low-end chip replacement is not difficult.. Zhang Bang Consulting analyst Zhang Wei pointed out that ??, Gree can already put IGBT (power semiconductor The device itself is packaged as an IPM (power module) that must be used for inverter air conditioners. The main chip of the air conditioner can also be designed independently. In the future, more core devices will be developed. In terms of mode, it will be self-use????. Even if the cost of the own chip is slightly higher than the outsourcing?????, Gree will ship 60 million air conditioners a year, and the cost is easy to self-digest.
In the latest industrial structure of Gree displayed by Dong Mingzhu, chips and IoT devices, mobile phones, and big data are all placed in the communications equipment company sector, which shows that she hopes in the future Gree In the ecology of smart homes, as a 'brain' chip, you have to have control.?????. Gree Electric has established the Institute of Communication Technology in November 2015?????. So? ??, Gree does not plan for the chip?????, but the fact????.
Secondly, the chip has different levels???, the high-end chip replacement of air conditioning is not short-term can be achieved.. Dong Mingzhu revealed????, an air conditioner has a few chips???, Gree a year in the chip It will cost about 4 billion yuan????? At present, most of these chips still rely on imports?????. 'We have developed chips?????, their own designs are small and effective' ??? ??, but she also frankly?????, Gree's current development in chip design is still fur????.
A senior expert in the home appliance industry believes that ???, air-conditioning chips are divided into different grades?????, like air-conditioning remote control chips are low-end chips?????, the price is within a few dollars????, localization Completion is not a problem????. But????, the inverter driver chip????, the host chip is a high-end chip????, a piece of about 15 yuan????, which requires long-term technology??? ?, Talent accumulation???, not one or two years to break through???. Like Gree, the use of Texas Instruments' variable frequency drive chip?????.
China is the world's largest air-conditioning production base?????, accounting for about 60% of the global air-conditioning capacity. However, China's air-conditioning inverter driver chip, the majority of the host chip Relying on imports, the main suppliers include Texas Instruments, STMicroelectronics, Japan Renesas, China Taiwan Hanzhi, etc. A large number of talents????, technology accumulation????, once the supply exceeds demand, it will lose money. Renesas has lost money for many years, and ultimately controlled by the Japanese government????. Home?????, the rise of the electric vehicle industry??, stimulated the growth of demand for chips???, but it is not appropriate to rush into????.
The third one, the chip industry chain is very long, Gree can cut from the chip design, step by step, the water and long flow????, one day, the water can be worn by the stone?????. But?? ???, if you are too eager to do so, you will encounter tremendous pressure on the capital market????.
The chip industry is actually an ecological chain, from design to manufacture, to packaging and testing, there are professional companies?????. Like Qualcomm????, MediaTek?, Broadcom Are chip design companies????, designing chip solutions to find chip manufacturers to produce ???. Chip manufacturers like TSMC and SMIC?????, Yangtze River storage????, do not do chip design ????, only do wafers.. Even the chip of Apple 10 mobile phone is also looking for a factory in Taiwan.
As Li Dongsheng said????, the fab's investment level reached tens of billions????, hundreds of billions????, TCL will not invest because there are not so many resources???? ?, but TCL will use the light assets approach?????, from the chip design cut into the ?????, recently invested in Shang Tang Technology, Cambrian????, will also use their chips ????.
So?????, from the point of view of risk reduction, Gree is cut into the chip design, is a pragmatic way????. Do high-end chip design????, can be fostered or acquired Some chip design companies????, after 5~10 years, constantly designing, applying????, improving?????, one day maybe a breakthrough?????. If you are too hasty????, even if you invest 50 billion yuan at a time, it will not be immediate.????, instead, as in the previous period, Dong Mingzhu said that the share price of the chip Gree Electric Appliances fell.
Wen Weiping, the chairman of Aowei Cloud Network (AVC), thinks that???, Gree is a chip maker, and it needs to be divided into two.?????, home appliance companies urgently need chip support, including inverter air conditioners. ???, the core products such as inverter refrigerators, the impact of chips in it is getting more and more heavy. And the chip itself is the most missing part of the current capacity of Chinese home appliance companies????. So? ????, Gree wants to make the chip itself, its original intention, the starting point and courage is worthy of recognition????.
However, the chip industry technology update iteration speed is fast????, and the investment is large????, talent????, the capital is highly intensive. These genes Gree currently have not much reserve??? The rush to enter the chip field is very challenging?????, especially if it is more difficult to enter the chip manufacturing process, the risk is higher?????.
Of course, Gree is a listed company with a market capitalization of over 200 billion yuan. It is a benchmark enterprise in the home appliance industry. If it is willing to spend a long time planning for preparation, it will steadily advance???? The chip is not a chance or not?????. So????, Gree to do the chip?????, should look to the long-term?????, should not be too hasty????.
4. Gree Electric has a strong second-hand levy
After a lapse of 10 months, Gree Electric (hereinafter referred to as Gree) once again reached out to Haili shares (hereinafter referred to as Haili).
Recently, Gree announced that it has increased its holdings of Haili's 43.31 million shares by means of bidding. In September last year, Gree has already acquired 5% of Haili's equity.
After the second placard, Gree held 10% of the shares, approaching Hangzhou Fusheng Holdings, the second largest shareholder of Haili, which holds 10.18%. The largest shareholder of Haili, Shanghai Electric (6.34 suspension, diagnosis) (2.55 -1.16%) currently holds 20.22%.
Regarding whether it will further increase its holdings and even seek the status of a major shareholder, Gree has not given a positive statement at present, which also leaves a huge imagination for the outside world.
However, it is worth noting that after a few days of announcement, Haili shares announced that it intends to issue new shares to the controlling shareholder Shanghai Electric, raising no more than 1 billion yuan. After the completion of the increase, Shanghai Electric’s shareholding ratio will be Further growth, but will not exceed 33.51%. In the face of Gree's strong placard, Haili's major shareholders seem to have begun to take measures.
Dong Mingzhu wants a double arrow
According to Haili's current market value, Gree would have to spend about 1 billion yuan if it wants to surpass Shanghai Electric's shareholding. However, this is not difficult for Gree, which holds a lot of cash. Gree Electric's quarterly report shows that during the reporting period. The net cash flow is 14.4 billion yuan. Initial calculations, currently placards twice, Gree has taken out 1 billion yuan of real money.
Liu Buchen, an observer in the home appliance industry, said: 'Gree's intention to acquire Haili is more obvious. It intends to strengthen the control of upstream air conditioning resources (compressors) and strengthen the layout of Gree's air-conditioning industry. Gree's acquisition of Highly should not stop there. '
In fact, the major shareholder Shanghai Electric has long been interested in selling the shares of Highly, but ultimately it is no longer.
This was seen by Dong Mingzhu, Chairman of Gree Electric Appliances Co., Ltd., who quickly led Gree to launch a round of acquisitions for Highly. After two months of placarding, He Mingzhu expressed his interest in the outside world. Optimistic. She said: 'Hai Li and we have more than ten years of feelings.' She believes that Haili will become a world leader in the field of air-conditioning compressors.
The industry believes that: 'Hai Li's performance has been fairly satisfactory, but as an upstream compressor company, lack of support from the downstream large-scale enterprises, so that its business scale is limited, has been difficult to open. After the entry of Gree, Highly The downstream has support, and Gree can also improve the air-conditioning industry chain and accelerate expansion. At the same time, Highly has a high market share in the air-conditioning and new energy vehicle compressors, and Dong Mingzhu intends to double-edged.
Shanghai Electric began to fight back?
Gree has just announced that it will further increase its holdings of Highly. The major shareholders of Highly have begun to take action and want to participate in Haili Dingzeng.
Although this issue will not lead to changes in the company's control, after the completion of the increase, Shanghai Electric's shareholding ratio will rise: not less than 20.22%, not more than 33.51%. Shanghai SASAC is the actual controller of the company.
Insiders said: 'From the plan to withdraw to plan to further strengthen control, the attitude of the actual controller of the company has changed. At present, in the face of Gree's 'knocking', the company's major shareholder has begun Counterattack. ' Securities Daily