Investment Rating - The investment rating for Gree Electric Appliances is "Buy" with a target price not specified [3][2]. Core Views - The management team is becoming younger, which is beneficial for the company's long-term development. The new board secretary, Zhang Zhouhu, has a background in finance and has been with Gree since 2007 [1][2]. - The domestic air conditioning industry is expected to see significant retail growth in Q4 due to the promotion of old-for-new exchanges, indicating a potential turning point for the company's air conditioning business [2]. - The projected net profits for Gree Electric Appliances from 2024 to 2026 are estimated to be 31 billion, 33 billion, and 35 billion yuan respectively, with corresponding P/E ratios of 8.1x, 7.6x, and 7.3x [2]. Financial Data Summary - Total revenue for 2022 was 190.15 billion yuan, with a projected revenue of 205.02 billion yuan for 2023 and a slight decline to 200.63 billion yuan in 2024 [7][10]. - The net profit attributable to the parent company for 2022 was 24.51 billion yuan, expected to rise to 29.02 billion yuan in 2023 and further to 31.02 billion yuan in 2024 [7][10]. - The company's earnings per share (EPS) are projected to increase from 4.38 yuan in 2022 to 5.54 yuan in 2024 [7][10]. - The company's asset-liability ratio was 65.05% as of the latest report, indicating a moderate level of debt [4][10].

Core Viewpoint - The establishment of a new company named "Geli Power Technology" in Ganzhou, with a registered capital of 1 million yuan, indicates a growing interest in the home appliance and electrical equipment sector in China [1]. Company Summary - The legal representative of Geli Power Technology is identified as Wang Wei [1]. - The company is involved in various activities including the sale of home appliances, installation services, daily electrical appliance repairs, and online sales of electrical products [1]. - Geli Power Technology has already made investments in multiple locations across the country, suggesting a strategic expansion plan [1].

证券代码：000651 证券简称：格力电器 公告编号：2025-001 珠海格力电器股份有限公司 第十二届董事会第二十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 珠海格力电器股份有限公司（以下简称"公司"）于 2025 年 1 月 9 日以电 子邮件方式发出关于召开第十二届董事会第二十五次会议的通知，会议于 2025 年 1 月 10 日以通讯表决的方式召开。会议由董事长董明珠女士主持，应出席会 议董事 9 人，实际出席会议董事 9 人。本次会议召集、召开符合《中华人民共和 国公司法》和《珠海格力电器股份有限公司章程》（以下简称"《公司章程》"） 的规定。 二、董事会会议审议情况 以 9 票同意、0 票反对、0 票弃权审议通过了《关于变更公司董事会秘书的 议案》。 邓晓博先生因工作职责调整，不再担任公司董事会秘书职务，继续担任公司 董事、副总裁职务。根据《深圳证券交易所股票上市规则》及《公司章程》等相 关规定，经公司董事长提名、董事会提名委员会审核，董事会同意聘任章周虎先 生为公司董事会秘书，任期自本次董事会审议通 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][6]. Core Insights - The 2025 home appliance subsidy policy is expected to significantly benefit air conditioning sales, with consumers eligible for subsidies of up to 2000 RMB per unit for energy-efficient products [6][7]. - The company has a high revenue proportion from air conditioning, accounting for 74% of its total revenue in 2023, which positions it to benefit more from the new subsidy policy compared to competitors [7]. - The company plans to distribute a cash dividend of 55.2 billion RMB for the mid-year, with a dividend payout ratio of approximately 39%, indicating strong shareholder returns [7]. - Profit forecasts for the company show a net profit of 323.4 billion RMB in 2024, growing to 387.0 billion RMB by 2026, with corresponding EPS of 5.8 RMB and 6.9 RMB respectively [7][9]. Summary by Sections Company Overview - The company operates in the home appliance industry, with a current A-share price of 45.65 RMB and a target price of 55 RMB [1][6]. - Major shareholders include Zhuhai Mingjun Investment Partnership, holding 16.02% of shares [1]. Financial Performance - The company reported a net profit of 29.02 billion RMB in 2023, with projections of 32.34 billion RMB in 2024 and 35.77 billion RMB in 2025 [9]. - The expected dividend per share (DPS) is projected to increase from 2.60 RMB in 2024 to 3.45 RMB in 2026, reflecting a growing dividend yield [9]. Market Position - The company holds a significant market share in the air conditioning segment, which is expected to see increased demand due to favorable government policies [6][7]. - The report highlights the potential for growth in air conditioning ownership in China, which remains below levels seen in Japan, indicating room for market expansion [7].

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances (stock code: 000651) [3][6][10] Core Views - The company is expected to continue its high dividend payout, with a mid-term dividend rate of 45% based on a net profit of 12.38 billion yuan for the first half of 2024 [6] - Gree Electric Appliances is positioned as a leader in the white goods sector, benefiting from a favorable air conditioning market environment and expected to achieve significant revenue growth [6][10] - The report forecasts Gree's net profit for 2024-2026 to be 32.78 billion, 36.15 billion, and 38.79 billion yuan respectively, with corresponding EPS of 5.85, 6.45, and 6.92 yuan [6][10] Financial Forecast Summary Revenue and Profitability - **Revenue Forecast (Million Yuan)**: - 2023A: 205,018.12 - 2024E: 235,525.00 (growth rate: 14.88%) - 2025E: 252,015.00 (growth rate: 7.00%) - 2026E: 266,313.00 (growth rate: 5.67%) [3][9] - **Net Profit Forecast (Million Yuan)**: - 2023A: 29,017.39 - 2024E: 32,779.41 (growth rate: 12.96%) - 2025E: 36,146.92 (growth rate: 10.27%) - 2026E: 38,787.66 (growth rate: 7.31%) [3][9] Earnings Per Share (EPS) and Valuation - **EPS Forecast (Yuan)**: - 2023A: 5.18 - 2024E: 5.85 - 2025E: 6.45 - 2026E: 6.92 [3][9] - **Price-to-Earnings (PE) Ratio**: - 2024E: 7.77 - 2025E: 7.04 - 2026E: 6.56 [3][9] Dividend Policy - The company has a historical dividend payout rate that has varied, with a notable 45% payout for the first half of 2024, and a commitment to maintain a minimum of 2 yuan per share or 50% of net profit for the years 2022-2024 [6][10]

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a potential upside of 15% to 35% [6][14]. Core Insights - The company is expected to benefit from the continuation of national subsidy policies for home appliances, particularly air conditioners, which have shown significant sales growth in recent months [5][14]. - The company has a high dividend payout ratio, with a proposed cash dividend of 55.2 billion RMB, translating to a dividend yield of approximately 2.2% based on the previous closing price [10][20]. - Future projections indicate a steady increase in net profit, with estimates of 323.4 billion RMB, 357.7 billion RMB, and 387.0 billion RMB for the years 2024 to 2026, respectively [14]. Product Portfolio - The company's product mix is heavily weighted towards air conditioning, which accounts for 88% of its revenue, while green energy and home appliances each contribute 3% [2]. Financial Performance - The company reported a net profit of 141.4 billion RMB for the first half of 2024, with a significant portion available for distribution as dividends [10]. - The projected earnings per share (EPS) for the upcoming years are 5.8 RMB, 6.4 RMB, and 6.9 RMB for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 8, 7, and 7 [14]. Market Position - The company's stock price has shown a notable increase of 52.6% over the past year, reflecting strong market performance [18]. - The company has a market capitalization of approximately 255.6 billion RMB, with a price-to-book ratio of 2.05 [18].

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances, with a target price of 54.10 CNY [5][15]. Core Views - Gree Electric Appliances is positioned as a low-valuation, high-dividend stock, with expectations for value re-evaluation. The current dividend yield is 6.2%, which is higher than that of major dividend stocks like Industrial and Commercial Bank of China (5.2%), China Shenhua (5.3%), and Yangtze Power (3.5%) [5][6]. - The report highlights the company's strong governance through employee stock ownership and share buybacks, enhancing its operational trends and profitability [5][6]. - Future projections indicate a steady increase in net profit, with estimates of 30.31 billion CNY for 2024, 32.91 billion CNY for 2025, and 36.42 billion CNY for 2026, reflecting a growth rate of 4.47%, 8.58%, and 10.66% respectively [20][22]. Summary by Sections Earnings Performance - Gree Electric's absolute return over the past year is 50.28%, with a relative return of 34.08% [2]. Dividend Analysis - The expected dividend yield of 6.2% is significant, especially in the current interest rate environment where the 10-year government bond yield is at 1.7%, making Gree's yield particularly attractive [6]. Profit Forecast and Valuation - The report forecasts Gree's revenue to be 199.35 billion CNY in 2024, with a slight decline from 205.02 billion CNY in 2023, followed by a recovery to 216.88 billion CNY in 2025 [20]. - The price-to-earnings (P/E) ratio is projected to be 8 for 2024 and 2025, indicating a favorable valuation compared to historical levels [20][22]. Governance and Corporate Actions - Gree has implemented employee stock ownership plans and share buybacks, which are expected to improve corporate governance and operational efficiency [5][6]. Market Position - Gree Electric Appliances is recognized as a leader in the air conditioning industry, benefiting from strong brand power, product strength, and channel barriers [5].

Core Viewpoint - Gree Electric Appliances is experiencing unprecedented changes in the home appliance industry, emphasizing the potential of Chinese manufacturing in the face of significant global transformations [1] Group 1: Technological Advancements - The future is characterized by technology and intelligence, with Gree having mastered technologies such as CNC machine tools, equipment molds, and industrial robots, establishing fully automated "dark factories" to liberate people from repetitive labor [2] - Gree's CNC equipment achieves an international leading positioning accuracy of 0.003mm, serving various sectors including global new energy vehicles, machinery manufacturing, and healthcare [2] Group 2: Talent Development - Talent is viewed as the internal driving force for enterprise development, requiring substantial investment in training and providing platforms for independent growth [2] - Gree has developed a standardized model for nurturing key talent groups, including innovative technical R&D personnel, application-oriented skilled workers, and pioneering management talents, supported by numerous strategic training programs [2] Group 3: Innovation and Sustainability - The consensus among home appliance companies is to pursue independent innovation and transition from "Made in China" to "Intelligent Manufacturing in China," with a focus on core technology as the foundation for sustainable development [3] - Gree aims to continuously promote industrial structure upgrades through technological innovation in the coming year [3] Group 4: Global Market Position - Chinese brands are increasingly recognized on the global stage for their high quality and technological content, shifting the perception of Chinese products from "low quality and low price" to trusted quality choices for consumers worldwide [4] Group 5: Strategic Goals - Gree plans to adhere to channel reforms and achieve high-quality development through production and sales integration by 2025, emphasizing long-termism and driving all partners towards win-win outcomes [5]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (PE) ratio of 8.2x for 2024, 7.7x for 2025, and 7.3x for 2026 [10][19][30]. Core Views - The company is expected to benefit from a significant increase in retail sales in the domestic air conditioning industry due to the promotion of trade-in programs, indicating a potential turning point for its air conditioning business [10][15]. - The projected net profits for the company are estimated to be 31 billion, 32.9 billion, and 34.7 billion yuan for the years 2024, 2025, and 2026 respectively [10][11]. Financial Summary - The company's revenue for 2022 was 190.15 billion yuan, with a projected increase to 205.02 billion yuan in 2023, followed by a slight decrease to 200.63 billion yuan in 2024 [11][32]. - The net profit attributable to the parent company is forecasted to grow from 24.51 billion yuan in 2022 to 29.02 billion yuan in 2023, and further to 31.02 billion yuan in 2024 [11][32]. - The earnings per share (EPS) is expected to rise from 4.38 yuan in 2022 to 5.18 yuan in 2023, reaching 5.54 yuan in 2024 [11][32]. Dividend Policy - The company has a strong focus on shareholder returns, with a proposed cash dividend of 10 yuan per 10 shares for the first half of 2024, reflecting a payout ratio of 39% [13][17]. - The company aims to distribute a total cash dividend of no less than 50% of its net profit annually from 2022 to 2024, ensuring consistent returns to shareholders [23]. Shareholder Return Plan - The company has outlined a three-year shareholder return plan, committing to distribute at least 30% of the average distributable profits over the last three years [23]. Market Performance - The company's stock price has shown a significant increase, outperforming the market with a 53% rise compared to the Shanghai Composite Index [12]. Financial Ratios - The company’s price-to-book (P/B) ratio is projected to decrease from 2.63 in 2022 to 1.76 in 2026, indicating improved valuation over time [11][34]. - The debt-to-asset ratio stands at 65.05%, reflecting the company's leverage position [19]. Future Outlook - The report suggests that the company is well-positioned for growth in the coming years, particularly in the air conditioning sector, which is expected to recover and expand [10][15].

证券代码：000651 证券简称：格力电器 公告编号：2024-041 珠海格力电器股份有限公司 第十二届监事会第二十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 本议案尚需提交公司股东大会审议。 特此公告。 珠海格力电器股份有限公司监事会 二〇二四年十二月三十一日 二、监事会会议审议情况 以 3 票同意，0 票反对，0 票弃权审议通过了《2024 年中期利润分配预案》。 为积极响应《国务院关于加强监管防范风险推动资本市场高质量发展的若干 意见》及中国证监会、深圳证券交易所相关文件指导精神，按照有关法律法规、 公司章程以及公司 2022 年-2024 年股东回报规划，结合实际经营情况，保障公 司现金分红的稳定性、持续性和可预期性,制定 2024 年中期利润分配预案。 公 司 拟 以 本 利 润 分 配 预 案 披 露 日 享 有 利 润 分 配 权 的 股 本 总 数 5,521,943,646 股（总股本 5,601,405,741 股扣除公司回购账户持有的股份 79,462,095 股）为基数，向全体股东每 10 ...