股 票 研 究 [Table_industryInfo] 家用电器业/可选消费品 [ Table_Main[格ITnaf 力bol]e 电_Ti器tle]( 000651) [评Tab级le_：Inv est] 增持 上次评级： 增持 23 业绩贴预告上限，24Q1 平稳增长 目标价格： 55.20 上次预测： 45.57 公 ——格力电器2023 年报及 24Q1 季报点评 当前价格： 42.12 司 蔡雯娟(分析师) 谢丛睿(分析师) 樊夏俐(分析师) 2024.05.06 更 021-38031654 021-38038437 021-38676666 [交Ta易bl数e_M据a rket] 新 caiwenjuan024354@gtjas.c xiecongrui@gtjas.com fanxiali@gtjas.com 报 证书编号 oSm08 80521050002 S0880523090004 S0880523090006 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 30.8 20 3- 74 ,2 1. 91 52 告 本报告导读： 总股本/流通A股（百万股） 5,631/5,5 ...

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a total revenue of 2050.18 billion yuan in 2023, representing a year-on-year increase of 7.82%. The net profit attributable to shareholders was 290.17 billion yuan, up 18.41% year-on-year. The gross profit margin improved to 30.57%, an increase of 4.53 percentage points [1][2] - The company is a leading player in the domestic air conditioning market, characterized by undervaluation and high dividend yield. The company is actively responding to the "old-for-new" replacement policy with a subsidy of 3 billion yuan, which is expected to boost future sales performance [1][2] Financial Performance Summary - In Q4 2023, the company achieved total revenue of 492.06 billion yuan, a year-on-year increase of 17.70%, and a net profit of 89.25 billion yuan, up 43.90% year-on-year. The gross profit margin for Q4 was 34.76%, an increase of 6.96 percentage points [1] - For Q1 2024, the company reported total revenue of 365.96 billion yuan, a year-on-year increase of 2.53%, and a net profit of 46.75 billion yuan, up 13.77% year-on-year. The gross profit margin was 29.45%, an increase of 2.04 percentage points [1] - The company plans to distribute a cash dividend of 23.80 yuan per 10 shares, with a cash dividend rate of 45.29% for 2023 [1] Revenue Breakdown - In 2023, the company's revenue from air conditioning, home appliances, industrial products, smart equipment, and green energy was 1512.17 billion yuan, 40.02 billion yuan, 100.03 billion yuan, 6.70 billion yuan, and 71.06 billion yuan, respectively, with year-on-year changes of +12.13%, -12.39%, +31.63%, +55.03%, and +51.16% [1] - For Q1 2024, the domestic and foreign sales of Gree air conditioners increased by 9.35% and 10.00% year-on-year, indicating stable growth in both domestic and international markets [1] Profitability and Forecast - The company’s profitability improved in Q1 2024, attributed to product mix optimization and cost management. The company’s contract liabilities at the end of Q1 were 204.91 billion yuan, a decrease of 34.93 billion yuan year-on-year, indicating support for future growth [1] - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 5.48 yuan, 5.97 yuan, and 6.40 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 7.7, 7.1, and 6.6 times [2][1]

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances (000651.SZ) with a target price of 46.62 CNY, compared to the current price of 42.12 CNY [1][7]. Core Insights - Gree Electric Appliances reported record-high performance in 2023, achieving revenue of 205 billion CNY (up 8% year-on-year) and a net profit attributable to shareholders of 29 billion CNY (up 18% year-on-year), aligning with the upper limit of its earnings forecast [5]. - The company announced a dividend of 2.38 CNY per share, exceeding market expectations, with a cash dividend payout ratio of 45.3% for 2023, remaining stable compared to 2022 [5]. - In Q1 2024, Gree's revenue reached 36.6 billion CNY (up 3% year-on-year) and a net profit of 4.7 billion CNY (up 14% year-on-year), with a non-recurring net profit of 4.5 billion CNY (up 22% year-on-year), indicating growth above market expectations [5]. Revenue Analysis - In 2023, air conditioning revenue approached historical peaks at 151.2 billion CNY (74% of total revenue, up 12% year-on-year), with sales volume increasing by 2% [6]. - Other business revenues were 29.4 billion CNY (14% of total revenue, down 18% year-on-year), returning to a reasonable level [6]. - The overall revenue growth in Q1 2024 was slightly lower due to a contraction in other business revenues and a cautious shipment pace in air conditioning to avoid high channel inventory [6]. Profitability Analysis - The net profit margin for 2023 was close to historical highs at 14.2%, with gross margins of 30.6% in 2023 and 29.5% in Q1 2024 [6]. - The gross margin for air conditioning products was 37.0% in 2023, reflecting improvements from price increases and a favorable product mix [6]. - The increase in profitability is attributed to product structure enhancement and channel reform, which improved pricing power [6]. Financial Position - Gree's operating cash flow reached a historical high of 56.4 billion CNY in 2023, with inventory levels continuing to decline, indicating strong sales in the air conditioning sector [6]. - The company's total assets were reported at 368.1 billion CNY in 2023, with a stable level of current liabilities [10]. - The cash flow from operating activities was significantly positive, reflecting robust operational efficiency [10]. Earnings Forecast and Valuation - The report projects net profits of 30.3 billion CNY for 2024, 32.9 billion CNY for 2025, and 36.4 billion CNY for 2026, with corresponding P/E ratios of 8, 7, and 7 times [7][8]. - Gree is recognized as a leader in the air conditioning industry, benefiting from strong brand power, product quality, and channel barriers [7].

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances (000651.SZ) with a current price of 42.12 CNY and a target price of 46.62 CNY [1]. Core Insights - Gree Electric Appliances reported record high performance in 2023, achieving revenue of 205 billion CNY (up 8% year-on-year) and a net profit attributable to shareholders of 29 billion CNY (up 18% year-on-year). The Q1 2024 results also exceeded market expectations with revenue of 36.6 billion CNY (up 3% year-on-year) and a net profit of 4.7 billion CNY (up 14% year-on-year) [5][6]. - The annual dividend proposal is set at 2.38 CNY per share, surpassing market expectations, with a cash dividend payout ratio of 45.3% for 2023, remaining stable compared to 2022 [5]. Revenue Analysis - In 2023, Gree's air conditioning revenue reached nearly a historical peak at 151.2 billion CNY, accounting for 74% of total revenue and growing by 12%. The sales volume increased by 2%, with domestic sales outperforming exports. Price increases contributed more to revenue growth than volume [6]. - Other business revenues declined by 18% to 29.4 billion CNY, returning to a more reasonable proportion of total revenue [6]. Profitability Analysis - The net profit margin for 2023 was close to historical highs, with gross margins of 30.6% in 2023 and 29.5% in Q1 2024. The air conditioning segment achieved a gross margin of 37.0% [6]. - The increase in gross margin is attributed to product price increases, a decrease in low-margin business revenue, and improved product mix due to currency depreciation [6]. Financial Position - Gree's operating cash flow reached a historical high of 56.4 billion CNY in 2023, with inventory levels decreasing to 32.6 billion CNY, indicating strong sales in the air conditioning sector [6]. - The company maintained stable other current liabilities and saw a significant increase in contract liabilities in Q1 2024, suggesting a recovery in dealer inventory levels [6]. Earnings Forecast and Valuation - The report forecasts Gree's net profit attributable to shareholders for 2024-2026 to be 30.3 billion CNY, 32.9 billion CNY, and 36.4 billion CNY respectively, with corresponding P/E ratios of 8, 7, and 7 times [7][8]. - The company is recognized for its strong brand, product quality, and channel barriers, with ongoing initiatives in new retail models and employee incentive plans enhancing corporate governance [7].

2024年05月01日 公 司点评 公 买入 / 维持 司 格力电器(000651) 研 究 目标价: 昨收盘:42.12 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 ◼ 走势比较 事件：2024年4月30日，格力电器发布2023年年报及2024年一季 报。2023年公司实现营收2039.79亿元（同比+7.93%），归母净利润290.17 30% 亿元（同比+18.41%），扣非归母净利润275.65亿元（同比+14.92%）。 太 18% 2024Q1公司营收363.64亿元（同比+2.56%），归母净利润46.75亿元（同 平 6% 比+13.77%），扣非归母净利润45.25亿元（同比+21.55%）。 洋 证 (6%)4/5/32 51/7/32 52/9/32 6/21/32 61/2/42 82/4/42 (18%) 2024Q1利润端双位数增长，2023H2内、外销均实现较快增速。1）分 券 (30%) 季度看，2023Q4公司营收489.72亿元（同比+18.01%），归母净利润89.25 股 亿元（同比+43.90%），业绩实现高增主系2022Q4基数相 ...

上 市 公 司 家用电器 2024 年05月 05 日 格力电器 (000651) 公 司 研 究 ——2023 年报暨 24 年一季报点评：在奋斗中前进 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  业绩符合预期，分红率稳定。公司2023年实现营收2040亿元，同比增长8%；实现归母 净利润290亿元，同比增长18%；实现扣非归母净利润276亿元，同比增长15%。其中， 证 市场数据： 2024年04月30日 Q4单季度实现营收492亿元，同比增长18%；实现归母净利润89亿元，同比增长44%； 券 收盘价（元） 42.12 实现扣非归母净利润84亿元，同比增长54%。2024 年Q1单季度实现营收366亿元， 研 一年内最高/最低（元） 42.75/30.78 究 市净率 2.0 同比增长3%；实现归母净利润47亿元，同比增长14%；实现扣非归母净利润45亿元， 报 息率（分红/股价） - 同比增长22%。公司整体业绩表现符合我们预期。公司拟向全体股东每10股派发现金红 告 流通A股市值（百万元） 235162 上证指数/深证成指 3104.83/9587.13 利23.8 ...

证券研究报告 | 2024年05月05日 格力电器（000651.SZ） 买入 2023 年报&2024 年一季报点评： 盈利能力持续提升，经营稳健股息率高 核心观点 公司研究·财报点评 盈利能力持续提升，2023年股息率接近6%。公司2023年实现营收2050.2 家用电器·白色家电 亿/+7.8%，归母净利润290.2亿/+18.4%，扣非归母净利润275.7亿/+14.9%。 证券分析师：陈伟奇 证券分析师：王兆康 其中Q4收入492.1亿/+17.7%，归母净利润89.3亿/+43.9%，扣非归母净利 0755-81982606 0755-81983063 chenweiqi@guosen.com.cn wangzk@guosen.com.cn 润83.5亿/+54.1%。2024Q1实现营收366亿/+2.5%，归母净利润46.8亿 S0980520110004 S0980520120004 /+13.8%，扣非归母净利润45.3亿/+21.5%。公司拟每10股派发现金股利23.8 证券分析师：邹会阳 联系人：李晶 元，现金分红率为45.3%，对应4月29日收盘价股息率为5.9%。 0755-819 ...

Investment Rating - The report maintains a "Strong Buy" rating for Gree Electric Appliances, with a target price of 55 CNY, compared to the current price of 42.12 CNY [1][2]. Core Insights - Gree Electric Appliances achieved a total revenue of 205.02 billion CNY in 2023, representing a year-on-year increase of 7.8%, and a net profit attributable to shareholders of 29.02 billion CNY, up 18.4% year-on-year. In Q4 2023, the revenue reached 49.21 billion CNY, with a net profit of 8.93 billion CNY, marking increases of 17.7% and 43.9% respectively [1][2]. - The company plans to distribute a cash dividend of 23.8 CNY for every 10 shares [1]. - In Q1 2024, Gree reported a revenue of 36.6 billion CNY, a 2.5% increase year-on-year, and a net profit of 4.68 billion CNY, up 13.8% year-on-year [1][2]. Revenue Growth - The revenue growth is steady, with air conditioning products being the main revenue source, contributing 74.1% of total revenue and growing by 12.1% year-on-year. Other segments like industrial products and green energy saw significant growth rates of 31.6% and 51.2% respectively [2]. - Domestic and international sales both experienced growth, with increases of 15.2% and 7.0% year-on-year respectively [2]. Profitability Improvement - Gree's net profit reached a record high in 2023, with a gross margin of 30.6% and a net margin of 13.6%, reflecting improvements of 4.5 and 1.4 percentage points year-on-year. The company benefits from product structure upgrades and a more efficient sales model [2]. - In Q1 2024, the gross margin was 29.45%, up 2.03 percentage points year-on-year, while the expense ratio decreased by 0.5 percentage points to 13.6% [2]. Shareholder Returns - Gree has actively promoted appliance replacement policies, processing over 56.64 million units of discarded appliances by the end of 2023. The company announced a 3 billion CNY investment in 2024 to stimulate sales through these initiatives [2]. - The total cash dividends distributed since the company's listing amount to 155.298 billion CNY, with a cash dividend payout ratio of 45% in 2023, resulting in a projected dividend yield of 5.8% for 2024 [2]. Financial Projections - The report slightly adjusts the EPS forecasts for 2024 and 2025 to 5.69 CNY and 6.10 CNY respectively, with a new forecast for 2026 set at 6.51 CNY. The corresponding price-to-earnings ratios are projected at 7, 7, and 6 times [2][3].

证券研究报告 | 2024年05月05日 格力电器（000651.SZ） 买入 2023 年报&2024 年一季报点评： 盈利能力持续提升，经营稳健股息率高 核心观点 公司研究·财报点评 盈利能力持续提升，2023年股息率接近6%。公司2023年实现营收2050.2 家用电器·白色家电 亿/+7.8%，归母净利润290.2亿/+18.4%，扣非归母净利润275.7亿/+14.9%。 证券分析师：陈伟奇 证券分析师：王兆康 其中Q4收入492.1亿/+17.7%，归母净利润89.3亿/+43.9%，扣非归母净利 0755-81982606 0755-81983063 chenweiqi@guosen.com.cn wangzk@guosen.com.cn 润83.5亿/+54.1%。2024Q1实现营收366亿/+2.5%，归母净利润46.8亿 S0980520110004 S0980520120004 /+13.8%，扣非归母净利润45.3亿/+21.5%。公司拟每10股派发现金股利23.8 证券分析师：邹会阳 联系人：李晶 元，现金分红率为45.3%，对应4月29日收盘价股息率为5.9%。 0755-819 ...

[Table_Title] 证券研究报告 格力电器：Q1 扣非净利超预期，盈利能力持续改善 公司研究 [Table_ReportDate] 2024年5月5日 [Table_ReportType] 公司点评报告 [T➢a ble事_S件um：m 2a 3ry年] 公司实现营业收入2039.79亿元，同比+7.93%，实现归母 [格Ta力bl电e_器Sto(c0k0A0n6dR5a1n)k ] 净利润290.17亿元，同比+18.41%，实现扣非后归母净利润275.65亿 元，同比+14.92%。 上次评级 24Q1公司实现营业收入363.64亿元，同比+2.56%，实现归母净利润 本次评级 46.75亿元，同比+13.77%，实现扣非后归母净利润45.25亿元，同比 [罗Ta岸b阳le _ A u t家ho电r]行 业首席分析师 +21.55%。 执业编号：S1500520070002 ➢ 23年空调增长稳健，B端业务维持高增。 联系电话：13656717902 23年： 尹圣迪 家电行业分析师 空调：23年营收1512.17亿元，YoY+12.13%。根据奥维云网数据，23 执业编号：S1500524020 ...