证券研究报告 格力电器 (000651 CH) 空调龙头净利润稳步释放，仍为低估值、高股息标杆 公司披露 2024 年中报，1H2024 公司实现营业总收入 1002.87 亿元，同比 +0.5%，归母净利 141.36 亿元，同比+11.5%，其中，2Q2024 营收同比-0.6%， 归母净利同比+10.5%。公司仍将重点聚焦空调，并稳步推动渠道改革，且 加速发展多元潜力业务。我们维持 24-26 年预测 EPS 为 5.93、6.87、7.78 元，截至 2024/8/30，Wind 可比公司 2024 年平均 PE 为 10.5x，考虑到渠 道改革继续稳步推进，但仍存国际化表现偏慢等担忧，给予公司 2024 年 8xPE 估值，对应目标价 47.44 元（前值 59.3 元），维持"买入"评级。 空调出货季度波动，后续换新需求或支撑内销修复 核心主业上半年表现稳健，1H24 公司空调业务收入 779.61 亿元，同比 +11.38%。产业季度变化上看，2Q24 空调内销承压，5 月以来华南、华中 地区频繁降雨，一定程度影响了内销出货量表现。根据产业在线数据，2024 年 4-6 月公司空调出货量同比-5 ...

Investment Rating - The investment rating for Gree Electric Appliances is "Buy" (maintained) [5][7]. Core Views - Gree Electric Appliances reported stable revenue in Q2 2024, with strong performance expected due to frequent high temperatures and the gradual implementation of domestic sales policies, which may improve industry demand and company operations [2][7]. - The company's PE valuation is relatively low compared to other leading white goods manufacturers, and it offers an attractive dividend yield [2][7]. Financial Performance Summary - In H1 2024, Gree Electric achieved operating revenue of 99.783 billion yuan, a year-on-year increase of 0.55%, and a net profit attributable to shareholders of 14.136 billion yuan, up 11.54% year-on-year [7]. - Q2 2024 revenue was 63.419 billion yuan, a decrease of 0.57% year-on-year, while net profit attributable to shareholders was 9.461 billion yuan, an increase of 10.47% year-on-year [7]. - The air conditioning segment saw revenue of 77.961 billion yuan in H1 2024, growing by 11.38% year-on-year, outperforming the overall company growth [7]. - Domestic sales revenue reached 75.119 billion yuan, up 9.01% year-on-year, while export revenue was 14.825 billion yuan, increasing by 15.64% year-on-year [7]. - The overall gross margin improved by 1.72 percentage points year-on-year, with Q2 gross margin up by 1.57 percentage points year-on-year [7][9]. Cash Flow and Inventory Management - Operating cash flow for H1 2024 was 5.122 billion yuan, with Q2 showing a significant improvement to 8.063 billion yuan [7]. - As of June 30, 2024, contract liabilities decreased to 14.106 billion yuan, down 6.385 billion yuan from the previous quarter [7]. - Inventory levels were reported at 29.123 billion yuan, a decrease of 5.104 billion yuan from the previous quarter [7]. Future Outlook - The company anticipates improved operational performance in the coming quarters due to favorable weather conditions and the implementation of supportive domestic policies [2][7]. - Projected net profits for 2024 and 2025 are expected to be 32 billion yuan and 35.5 billion yuan, respectively, with current PE ratios of 7.0 and 6.3 times [7].

2024 年 9 月 2 日 公司研究 业绩超出预期，Q2 净利率再创新高 ——格力电器（000651.SZ）2024 年中报点评 买入（维持） 当前价/目标价：39.70/46.62 元 要点 作者 分析师：洪吉然 执业证书编号：S0930521070002 021- 52523793 hongjiran@ebscn.com 事件： 24H1 公司实现营收 1003 亿元（yoy+1%），归母净利润 141 亿元（yoy+12%）， 扣非归母净利润 139 亿元（yoy+15%）。24Q2 实现营收 637 亿元（yoy-0.6%）， 归母净利润 95 亿元（yoy+10%），扣非归母净利润 93 亿元（yoy+12%），业绩 增长超出市场预期。 点评： | --- | --- | |-----------------------|-------------| | | | | 市场数据 | | | 总股本(亿股 ) | 56.31 | | 总市值 (亿元) ： | 2236 | | 一年最低 /最高( 元)： | 29.06/41.39 | | 近 3 月换手率： | 35.55% | -16% -6% 4 ...

2024 年 09 月 02 日 公司点评 买入/维持 格力电器(000651) 目标价: 昨收盘:39.70 格力电器：2024Q2 盈利能力持续提升，空调品类和外销业务实现较快增长 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 格力电器 沪深300 ◼ 股票数据 总股本/流通(亿股) 56.31/56.31 总市值/流通(亿元) 2,235.67/2,23 12 个月内最高/最低价 (元) 43.83/30.78 5.67 相关研究报告 <<格力电器系列深度（一）：家空主业 为锚龙头地位稳固，铜价上涨+红海 事件拉动行业排产快增>>--2024- 06-17 <<格力电器：2024Q1 盈利能力持续提 升，投资 30 亿元启动"以旧换新"活 动>>--2024-05-05 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S119012403000 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company's revenue performance is stable, with continuous improvement in profitability [3] - In H1 2024, the company achieved revenue of 1002.9 billion yuan, a year-on-year increase of 0.5%, and net profit attributable to the parent company of 141.4 billion yuan, a year-on-year increase of 11.5% [3] - The company's air conditioning business grew well, with H1 revenue increasing by 11.4% year-on-year to 779.6 billion yuan [3] - The company's gross profit margin improved by 1.7 percentage points year-on-year to 30.5% in H1 2024, driven by changes in business structure [3] - The company's net profit margin attributable to the parent company increased by 1.5 percentage points year-on-year to 14.9% in Q2 2024 [3] Financial Performance and Projections - Revenue is projected to grow from 217,847 million yuan in 2024E to 238,189 million yuan in 2026E, with year-on-year growth rates of 6.3%, 4.7%, and 4.4% respectively [3] - Net profit attributable to the parent company is expected to increase from 32,653 million yuan in 2024E to 37,176 million yuan in 2026E, with year-on-year growth rates of 12.5%, 7.4%, and 6.0% respectively [3] - Earnings per share (EPS) are forecasted to rise from 5.80 yuan in 2024E to 6.60 yuan in 2026E [3] - The company's ROE is expected to decline slightly from 24.5% in 2024E to 22.7% in 2026E [3] - The company's PE ratio is projected to decrease from 6.8x in 2024E to 6.0x in 2026E [3] Business Segments - The air conditioning business contributed 779.6 billion yuan in H1 2024, accounting for a significant portion of the company's revenue [3] - Other main businesses, including industrial products and home appliances, also showed steady growth, with industrial products revenue increasing by 13.0% year-on-year to 62.0 billion yuan in H1 2024 [3] - The green energy segment saw a decline of 31.8% year-on-year to 19.9 billion yuan in H1 2024 [3] Operational Efficiency - The company's gross profit margin improved due to a significant reduction in the proportion of low-margin businesses [3] - The company's expense ratios remained stable or decreased slightly, with the sales expense ratio decreasing by 0.5 percentage points year-on-year to 8.5% in Q2 2024 [3] - The company's operating cash flow decreased by 49.0% year-on-year to 8.06 billion yuan in Q2 2024, but the cash content of net profit attributable to the parent company remained high at 85.2% [3] Industry Context - The air conditioning industry saw a 12.5% year-on-year increase in total sales in Q2 2024, driven by a 38.7% increase in export sales [3] - Domestic air conditioning sales were affected by unfavorable weather conditions, but the implementation of replacement policies is expected to drive future growth [3]

证券研究报告：家用电器 | 公司点评报告 2024 年 9 月 2 日 股票投资评级 增持|维持 个股表现 格力电器 家用电器 -17% -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |---------------------------|----------------------| | | | | 最新收盘价（元） | 39.70 | | 总股本 / 流通股本（亿股） | 56.31 / 55.45 | | 总市值 / 流通市值（亿元） | 2,236 / 2,202 | | 52 周内最高 / 最低价 | 43.58 / 30.80 | | 资产负债率 (%) | 67.2% | | 市盈率 | 7.61 | | | 珠海明骏投资合伙企业 | | 第一大股东 | ( 有限合伙 ) | 研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 格力电器(000651) 空调主业增长稳健，盈利能力持续提升 ⚫ 事件： 公司发 ...

Investment Rating - The report assigns a rating of "Accumulate" to Gree Electric Appliances (000651) with a target price of 52.00 CNY, slightly down from the previous forecast of 52.12 CNY [2][12]. Core Views - Gree Electric Appliances has shown stable performance in its main business with an improvement in profitability. Despite a general decline in industry shipment demand, the company, as a leading player, demonstrates strong resilience and remains undervalued, making it a worthwhile investment [6][12]. Summary by Sections 1. Investment Recommendation - The report suggests maintaining an "Accumulate" rating based on a cautious approach, reflecting a downward adjustment in earnings forecasts for 2024-2026 [12][23]. 2. Performance Overview - For the first half of 2024, Gree reported a revenue of 100.29 billion CNY, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 14.14 billion CNY, up 11.54% year-on-year. The second quarter of 2024 saw revenues of 63.69 billion CNY, a slight decline of 0.63% year-on-year, while net profit was 9.46 billion CNY, up 10.47% year-on-year [14][16]. 3. Revenue Breakdown - The company's main business segments performed well, with air conditioning accounting for 78% of revenue, followed by other segments such as home appliances and industrial products. The revenue from air conditioning grew by 11% year-on-year, while other segments also showed positive growth [15][16]. 4. Profit Quality - Gree's gross margin for the first half of 2024 was 30.82%, an increase of 1.68 percentage points year-on-year, and the net margin was 13.85%, up 1.47 percentage points year-on-year. The second quarter's gross margin was 31.35%, reflecting a similar upward trend [16][18]. 5. Cash Flow and Financial Position - The company ended the first half of 2024 with cash and cash equivalents totaling 131.47 billion CNY, a slight increase from the end of 2023. However, operating cash flow saw a significant decline, with a net cash flow from operating activities of 8.06 billion CNY in the second quarter, down 77.32 billion CNY year-on-year [18][19].

盈利水平提升 ——格力电器 2024Q2 点评 | --- | --- | --- | |---------------------------------------|-------------|-------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： 2024-09-01 | | | | [Table_BaseData] 收盘价（元） | 39.70 | | | 近 12 个月最高 / 最低（元） | 43.83/30.78 | | | 总股本（百万股） | 5,631 | | | 流通股本（百万股） | 5,545 | | | 流通股比例（ % ） | 98.47 | | | 总市值（亿元） | 2,236 | | | 流通市值（亿元） | 2,202 | | | | | | [公司价格与沪深 Table_Chart] 300 走势比较 -26% -12% 2% 15% 29% 9/23 12/23 3/24 6/24 格力电器 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin ...

格力电器（000651.SZ） 业绩超预期，盈利能力同比提升 盈利能力同比提升。毛利率：2024Q2 公司毛利率同比提升 1.57pct 至 31.05%。费率端：2024Q2 销售/管理/研发/财务费率为 8.52%/2.47%/3.21%/-1.25% ，同比变动 - 0.54pct/0.04pct/0.08pct/0.41pct，费用管理能力较强。净利率：公 司 2024Q2 净利率同比变动 1.34pct 至 14.58%。 现金流同比下降，合同负债回落。现金流：24Q2 公司经营性现金 流净额 80.63 亿元，同比-48.95%。其中，销售商品收到的现金为 539.54 亿元，同比-25.03%。资产负债表：截至 24Q2，公司存货 同比/环比-23.22%/-14.91%，合同负债同比/环比-51.31%/- 31.16%，其他流动负债同比/环比-1.02%/+0.05%，其中销售返利 相比年初-1.68%。 盈利预测与投资建议。考虑到公司 2024 年上半年业绩表现及行业 整体环境， 我们预计公司 2024-2026 年实现归母净利润 317.94/343.77/367.76 亿元，同比增长 ...

证券研究报告 白色家电Ⅲ [Table_Finance1] (亿元) 2022A 2023A 2024E 2025E 2026E 主营收入 1,901.5 2,050.2 2,086.3 2,251.9 2,443.2 净利润 245.1 290.2 319.7 356.5 399.6 公司快报 2024 年 08 月 31 日 格力电器(000651.SZ) 空调主业持续增长，盈利能力提升 事件：格力电器公布 2024 年中报。公司 2024 年上半年实现营 业总收入 1002.9 亿元，YoY+0.5%；实现归母净利润 141.4 亿元， YoY+11.5%。经折算，公司 Q2 单季度实现营业总收入 636.9 亿元， YoY-0.6%；实现归母净利润 94.6 亿元，YoY+10.5%。我们认为， 格力空调内外销持续增长，盈利能力改善，Q2 业绩稳步提升。 Q2 收入同比小幅下降，主业稳步增长：H1 格力单季收入同比小 幅下降，主要受非主营业务减少影响，而公司空调主业收入同比 延续增长态势。H1 格力空调收入、其他业务收入 YoY+11.4%、- 43.8%。我们推断 Q2 空调收入延续增长态势。分区域 ...