格力与董明珠高度捆绑，是一个高风险

董明珠与格力的故事，是中国家电企业不同发展路径的缩影。相比于美的、海尔、TCL，专注于空调的格力电器，成也董明珠，败也董明珠。

一方面，董明珠的女强人和空调女皇标签，让自身的曝光率满满，董明珠的曝光率甚至于超过了格力本身，同样是接班人出身，相比于低调的周云杰（海尔）、美的方洪波（格力），董明珠的巨星光环不仅远超两人，甚至让人很难再想到格力真正的创始人朱江洪。董明珠让自己跟格力画上了等号，董明珠的曝光率越高，也就代表了格力的曝光率越高，甚至连代言人都免了，董明珠自己上。

另一方面，董明珠与格力画等号之后，她的一些争议言行，难免也让格力受到影响，比如她押宝珠海银隆新能源的巨大争议。即使是格力完成了混合所有制改造，大股东换成了高瓴资本之后，依然是一切如故，格力还是董明珠的格力。

抛开年龄的因素，董明珠与格力的这种高度捆绑，是一个潜在的高风险。比如接班人问题。2021年格力股价的惨跌，让这个问题提前暴露出来。格力作为一只白马股，从一年前的66元跌到现在的35元，让投资人充满了愤怒。董明珠在公众舞台上表演得越开心，恐怕越加大投资人的愤怒，而机构的观点几乎完全一致：格力已经被美的、海尔拉下了一段距离，尤其是在国际化方面，美的、海尔手上的一批国际大品牌，以及更为丰富的品类，都让格力这个空调大王相形见绌。

或许，唯一能够让格力骄傲一些的，就只剩下分红率这个指标了，但在董明珠不断的买买买之下，在投资了珠海银隆之后，又控股了盾安环境，往好了说这是布局上下游全产业链，往坏了说，格力还是在空调这个圈子里面打转，很难真正出圈。

了解家电行业的朋友应该知道，当年的家电下乡，让国内的几大家电巨头获得了喘息之机，并且迎来了新一轮的黄金发展期，而美的、海尔选择的都是国际化的路线，不惜重金买下GE、东芝等洋品牌借船出海。TCL则是从电视向上游进军，成为全球前三的液晶屏幕供应商，电视单项也做到了全球第一。而格力则在董明珠的铁娘子光环之下，差距被越拉越大。

仅从市值来看，美的市值（4800亿）是格力（2100亿）的两倍多，双方从同一起跑线到现在中间已经差距巨大，而海尔（2600亿）的A股市值也超越格力，海尔还完成了三地（上海A股、香港H股、德国法兰克福D股）的三地上市。

至于一年前接盘的高瓴资本，一边是手上的宁德时代不断创下历史新高，市值刚刚超越了工行，成为A股第二大市值的超级公司。一边是格力股价不断阴跌，投资人怨声载道，高瓴自身也被深套。甚至有投资人只能幻想：高瓴资本现在只是引而不发，等着董明珠退休的那一天。只是，从目前的各种迹象来看，董明珠的退休完全没有时间表，高瓴也只能被动地跟着铁娘子起舞了。

简而言之，对于过去十年的格力，可谓是成也董明珠，败也董明珠。对于一家明星企业来说，掌门人的巨星光环，往往是一把双刃剑，好的时候就是火箭的助推器，可以一飞冲天，不好的时候就成了一颗未爆弹，投资人唯恐躲之不及。至于格力的未来在哪里，反而显得无足轻重了。

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