[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 ...

Investment Rating - The report assigns a **Buy** rating to Gree Electric Appliances (000651 CH) with a target price of RMB 52.96, representing a potential upside of 25.7% from the current price of RMB 42.12 [1][2] Core Views - Gree Electric's 2023 profit exceeded expectations, with net profit margin reaching a 6-year high of 13.6% [1] - The company's air conditioning business showed robust growth, with revenue increasing by 12.1% YoY to RMB 151.2 billion in 2023, driven by both volume growth and price increases [1] - Other business segments, including industrial products, smart equipment, and green energy, also experienced high double-digit growth, contributing 8% of total revenue [1] - Domestic sales accelerated in the second half of 2023, with a 20% YoY increase, while overseas sales rebounded strongly with a 27% YoY growth in H2 2023 [1] - The report expects Gree Electric to maintain double-digit profit growth in 2024, supported by improved profitability and market leadership [1] Financial Performance - In 2023, Gree Electric's revenue grew by 7.8% YoY to RMB 205.0 billion, while net profit attributable to shareholders increased by 18.4% YoY to RMB 29.0 billion [1] - The company's gross margin, operating margin, and net profit margin all improved significantly in 2023, reaching 30.4%, 16.1%, and 13.6%, respectively [1] - For Q1 2024, revenue increased by 2.5% YoY to RMB 36.6 billion, with net profit attributable to shareholders rising by 13.8% YoY to RMB 4.67 billion [1] - The company announced a cash dividend of RMB 23.8 per 10 shares, maintaining a payout ratio of around 45% [1] Business Segments - Air conditioning business revenue reached RMB 151.2 billion in 2023, accounting for the majority of total revenue, with a gross margin of 37% [1] - Industrial products, smart equipment, and green energy businesses collectively contributed RMB 17.77 billion in revenue, showing high double-digit growth [1] - The company maintained its leading market position in the air conditioning sector, with a market share of 31.2% in 2023 [1] Valuation and Projections - The target price of RMB 52.96 is based on 9.0x average P/E for 2024-2025 and a PEG ratio of 0.8x [1] - Revenue is projected to grow at a CAGR of 6.2% from 2023 to 2026, reaching RMB 248.6 billion by 2026 [2] - Net profit is expected to increase at a CAGR of 9.1% from 2023 to 2026, reaching RMB 36.7 billion by 2026 [2] - The company's ROE is forecasted to remain above 24% through 2026, indicating strong profitability [7]

公司报告 | 年报点评报告 格力电器（000651） 证券研究报告 2024年05月 01日 投资评级 扣非净利润亮眼，蓄水池再度增厚，每股分红提升 行业 家用电器/白色家电 6个月评级 买入（维持评级） 当前价格 42.12元 事件：公司2023 年全年实现营业收入 2050.18亿元，同比+7.82%，归母净利 润290.17亿元，同比+18.41%；其中2023Q4实现营业收入492.06亿元，同比 目标价格 元 +17.7%，归母净利润89.25亿元，同比+43.9%。公司2024年Q1全年实现营业 收入365.96 亿元，同比+2.53%，归母净利润 46.75亿元，同比+13.77%，扣非 基本数据 归母净利润45.25亿元，同比+21.55%。23年公司向全体股东每10股派发现金 A股总股本(百万股) 5,631.41 红利23.80元（含税），分红率为45.3%。 流通A股股本(百万股) 5,583.15 24Q1扣非业绩增速靓丽，每股分红提升 A股总市值(百万元) 237,194.81 收入端：23年空调/其他业务收入同比+12.13%/-17.89%，主营实现较好增长； 流通A股市值(百万 ...

业绩稳增长，分红超预期 ——格力电器23年年报及2024Q1点评 格力电器（000651）/家电 证券研究报告/公司点评 2024年5月1日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：42.12元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 190,151 205,018 220,685 229,963 239,855 分析师：姚玮 增长率yoy% 0% 8% 8% 4% 4% 执业证书编号：S0740522080001 净利润（百万元） 24,507 29,017 32,055 34,415 36,766 Email：yaowei@zts.com.cn 增长率yoy% 6% 18% 10% 7% 7% 每股收益（元） 4 5 6 6 7 每股现金流量 5 10 9 7 7 净资产收益率 25% 25% 23% 21% 20% P/E 9.7 8.2 7.4 6.9 6.5 P/B 2 2 2 1 1 备 注：收盘价取自于2024/4/30。 投资要点 [基Ta本b ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 01 日 格 力电器(000651.SZ) 证券研究报告 盈利能力提升，股息率较高 白色家电Ⅲ 投资评级 买入-A 事件：格力电器公布2023年年报和 2024年一季报。公司 2023 维持评级 年实现总收入 2050.2亿元，YoY+7.8%；实现归母净利润 290.2 亿 6个月目标价 56.69元 元，YoY+18.4%。经折算，公司Q4 单季度实现总收入 492.1 亿元， 股价 (2024-04-30) 42.12元 YoY+17.7%；实现归母净利润89.3 亿元，YoY+43.9%。公司2024Q1 实现总收入366.0亿元，YoY+2.5%；实现归母净利润46.8 亿元， 交易数据 YoY+13.8%。我们认为，格力空调竞争力突出，海外业务持续增长， 总市值(百万元) 237,194.81 盈利能力持续改善，公司经营表现亮眼。 流通市值(百万元) 235,162.26 近两季收入延续增长态势：格力 2023Q4单季收入增速亮眼，我 总股本(百万股) 5,631.41 们推断主要因为：1）前期受疫情影响而积压 ...

公司快报 2024 年 05 月 01 日 格 力电器(000651.SZ) 证券研究报告 盈利能力提升，股息率较高 白色家电Ⅲ 投资评级 买入-A 事件：格力电器公布2023年年报和 2024年一季报。公司 2023 维持评级 年实现总收入 2050.2亿元，YoY+7.8%；实现归母净利润 290.2 亿 6个月目标价 56.69元 元，YoY+18.4%。经折算，公司Q4 单季度实现总收入 492.1 亿元， 股价 (2024-04-30) 42.12元 YoY+17.7%；实现归母净利润89.3 亿元，YoY+43.9%。公司2024Q1 实现总收入366.0亿元，YoY+2.5%；实现归母净利润46.8 亿元， 交易数据 YoY+13.8%。我们认为，格力空调竞争力突出，海外业务持续增长， 总市值(百万元) 237,194.81 盈利能力持续改善，公司经营表现亮眼。 流通市值(百万元) 235,162.26 近两季收入延续增长态势：格力 2023Q4单季收入增速亮眼，我 总股本(百万股) 5,631.41 们推断主要因为：1）前期受疫情影响而积压的空调更新需求持续 流通股本(百万股) 5,583.1 ...

公司报告 | 年报点评报告 格力电器（000651） 证券研究报告 2024年05月 01日 投资评级 扣非净利润亮眼，蓄水池再度增厚，每股分红提升 行业 家用电器/白色家电 6个月评级 买入（维持评级） 当前价格 42.12元 事件：公司2023 年全年实现营业收入 2050.18亿元，同比+7.82%，归母净利 润290.17亿元，同比+18.41%；其中2023Q4实现营业收入492.06亿元，同比 目标价格 元 +17.7%，归母净利润89.25亿元，同比+43.9%。公司2024年Q1全年实现营业 收入365.96 亿元，同比+2.53%，归母净利润 46.75亿元，同比+13.77%，扣非 基本数据 归母净利润45.25亿元，同比+21.55%。23年公司向全体股东每10股派发现金 A股总股本(百万股) 5,631.41 红利23.80元（含税），分红率为45.3%。 流通A股股本(百万股) 5,583.15 24Q1扣非业绩增速靓丽，每股分红提升 A股总市值(百万元) 237,194.81 收入端：23年空调/其他业务收入同比+12.13%/-17.89%，主营实现较好增长； 流通A股市值(百万 ...

证券研究报告 | 年报点评报告 2024年04月30日 格力电器（000651.SZ） 23A 业绩超预期，24Q1 扣非归母高增长 事件：公司发布2023年年报和2024年一季报。2023年实现营业总收入2050.18 买入（维持） 亿元，同比增长7.82%；实现归母净利润290.17亿元，同比增长18.41%，扣非 股票信息 归母净利润275.65亿元，同比增长14.92%。2023Q4单季营业总收入为492.06 亿元，同比增长17.70%；归母净利润为89.25亿元，同比增长43.90%，扣非归 行业 白色家电 母净利润83.51亿元，同比增长54.09%。2024Q1实现营业收入365.96亿元， 前次评级 买入 同比增长2.53%；实现归母净利润46.75亿元，同比增长13.77%，扣非归母净 4月29日收盘价(元) 40.51 利润45.25亿元，同比增长21.55%。 总市值(百万元) 228,128.25 2023年度维持往年高分红。2023年现金分红131.42亿元，分红比例45%，与 总股本(百万股) 5,631.41 往年持平。 其中自由流通股(%) 99.15 30日日均成交量(百万 ...

珠海格力电器股份有限公司2023年年度报告全文 珠海格力电器股份有限公司 2023 年年度报告 二〇二四年四月 珠海格力电器股份有限公司2023年年度报告全文 ...

Revenue and Profit - Revenue for the first quarter of 2024 was RMB 36.36 billion, a 2.56% increase compared to the same period last year[3] - Total revenue for Q1 2024 reached RMB 36.60 billion, a 2.53% increase compared to RMB 35.69 billion in the same period last year[16] - Net profit attributable to shareholders was RMB 4.68 billion, up 13.77% year-over-year[3] - Net profit attributable to the parent company's owners was RMB 4.68 billion, up 13.77% from RMB 4.11 billion in the previous year[17] - Operating profit increased by 17.08% to RMB 5.32 billion from RMB 4.54 billion in Q1 2023[17] - Basic earnings per share were RMB 0.85, a 16.44% increase compared to the same period last year[3] - Basic earnings per share increased to RMB 0.85, up from RMB 0.73 in Q1 2023[18] Cash Flow and Financial Position - Net cash flow from operating activities was negative RMB 2.94 billion, a 119.52% decrease compared to the same period last year[6] - Operating cash flow decreased significantly to -2.94 billion yuan from 15.07 billion yuan in the previous period[19] - Net cash flow from investment activities improved to -1.57 billion yuan from -6.79 billion yuan[20] - Cash received from financing activities decreased to 30.80 billion yuan from 49.52 billion yuan[20] - Net cash flow from financing activities increased to 10.36 billion yuan from 2.73 billion yuan[20] - Cash and cash equivalents at the end of the period stood at 36.65 billion yuan, down from 42.71 billion yuan[20] - Cash received from tax refunds increased to 916.21 million yuan from 709.46 million yuan[19] - Cash paid for goods and services decreased to 28.25 billion yuan from 31.83 billion yuan[19] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 380.81 billion, a 3.47% increase from the end of the previous year[3] - Total assets increased to RMB 380.81 billion, up from RMB 368.05 billion at the beginning of the period[13][14] - Current assets totaled RMB 235.26 billion, compared to RMB 228.14 billion at the start of the period[13][14] - Monetary funds rose to RMB 125.15 billion from RMB 124.10 billion[13] - Accounts receivable increased to RMB 17.57 billion from RMB 16.10 billion[13] - Inventory grew to RMB 34.23 billion from RMB 32.58 billion[14] - Short-term borrowings surged to RMB 35.68 billion from RMB 26.44 billion[14] - Contract liabilities increased to RMB 20.49 billion from RMB 13.59 billion[14] - Long-term borrowings stood at RMB 39.27 billion, slightly up from RMB 39.04 billion[14] - Total liabilities amounted to RMB 209.05 billion for current liabilities and RMB 39.27 billion for non-current liabilities[14] - Total liabilities increased by 3.25% to RMB 255.45 billion from RMB 247.41 billion at the end of 2023[15] - Total equity rose by 3.91% to RMB 125.37 billion from RMB 120.65 billion at the end of 2023[15] - The company's total equity reached RMB 132.49 billion, up from RMB 127.08 billion[14] Shareholders and Equity - Shareholders' equity attributable to the parent company was RMB 121.53 billion, a 4.06% increase from the end of the previous year[3] - The top shareholder, Zhuhai Mingjun Investment Partnership, holds 16.02% of the company's shares[7] - Hong Kong Securities Clearing Company Limited holds 11.87% of the company's shares[7] Expenses and Income - R&D expenses decreased by 3.09% to RMB 1.49 billion compared to RMB 1.54 billion in the previous year[16] - Sales expenses increased by 2.71% to RMB 2.68 billion compared to RMB 2.61 billion in the previous year[16] - Financial income improved significantly to RMB -922.32 million, compared to RMB -553.29 million in Q1 2023[16] - Comprehensive income totaled RMB 3.89 billion, a decrease of 15.09% from RMB 4.58 billion in the same period last year[18] - Government subsidies received during the reporting period amounted to RMB 159.02 million[4] - Non-recurring gains and losses for the reporting period totaled RMB 149.67 million[4] Sales and Revenue - Sales revenue from goods and services dropped to 33.46 billion yuan from 55.96 billion yuan[19] Audit and Reporting - The company's first-quarter report for 2024 was not audited[21]