Gree Electric appliances issued by Guangdong province Sasac official reply

NetEase Financial September 8 News of Gree Wednesday Evening announced that the company's controlling shareholder Zhuhai Gree Group Co., Ltd. received the Guangdong Provincial People's government state-owned Assets Supervision and Administration Committee issued the "on the Zhuhai Gree Electric Appliance Co., Ltd. Public offering shares of the letter" (Guangdong state capital Letter (2010)644 number),　　Agree to the company's plan to open up stock offerings. Gree Electric Appliances recently disclosed the issuance of additional bills show that the plan to open up more than 250 million shares, raise funds not more than 3.26 billion yuan, to the home air-conditioning and other 5 projects. Specific include: Headquarters commercial air-conditioning Technical transformation expansion Project 600 million yuan,　　Wuhan Commercial air Conditioning construction project 560 million yuan, Zhengzhou home air-conditioning construction project 760 million yuan, annual output of 6 million new energy saving and environmental protection home air-conditioning compressor project 1.18 billion yuan, energy-saving and environmental protection refrigeration Equipment Engineering Technology Research Center technical Renovation construction project 560 million yuan. Galaxy securities that, due to the high level of commercial air-conditioning, the new commercial air-conditioning project will optimize the company's product structure, improve the overall profitability.　　Overall, the issuance of plans will be the company's comprehensive competitiveness has a greater promotion.　　The company's 2010-2012 earnings are expected to be 1.2 yuan, 1.39 yuan and 1.53 yuan respectively, the corresponding PE valuation of 13.3 times times, 11.5 times times and 10.4 times times, continue to give "recommended" rating. In the first half of 2010, gree electrical appliances to achieve a net profit of 1.57 billion yuan, the year-on-year increase of 27.68%; basic earnings per share of 0.84 yuan.