Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances with a target price of RMB 51.75, indicating a potential upside of 24% from the current price of RMB 41.69 [1][2]. Core Insights - Gree is expected to have flat revenue in 2024 at RMB 204 billion, while net profit is projected to grow by approximately 12% to RMB 32.6 billion. This growth is attributed to a significant increase in air conditioning demand driven by national subsidy policies [5][8]. - The report highlights a positive signal from the increase in shareholding by the dealer platform, which suggests improved alignment of interests between Gree and its distributors. This could lead to a potential dividend payout in April 2024, with an expected dividend yield of around 6% [6][8]. - The report emphasizes that Gree's stock price has been weak, providing a better entry point for investors, especially with upcoming dividend announcements and a favorable earnings outlook for Q4 2024 and Q1 2025 [7][8]. Financial Summary - Revenue and profit forecasts for Gree Electric Appliances are as follows: - 2024E Revenue: RMB 204 billion (flat YoY) - 2025E Revenue: RMB 212 billion (4% growth YoY) - 2026E Revenue: RMB 222 billion (4.7% growth YoY) - 2024E Net Profit: RMB 32.6 billion (12.2% growth YoY) - 2025E Net Profit: RMB 34.1 billion (4.7% growth YoY) - 2026E Net Profit: RMB 36.3 billion (6.4% growth YoY) [9][10][12]. - The report maintains the earnings per share (EPS) estimates at RMB 5.81 for 2024, RMB 6.09 for 2025, and RMB 6.48 for 2026 [2][9]. Valuation Metrics - Gree's current market valuation corresponds to a P/E ratio of 8.5x for 2025, which is considered attractive compared to its peers, with Midea at 14.6x and Haier at 13.1x [7][8]. - The report notes that Gree's TTM P/E has decreased to 7.6x, which is at the lower end of its trading range over the past two and a half years [7].

Investment Rating - The investment rating for Gree Electric Appliances is "Buy" with a target price not specified [6]. Core Views - Gree Electric Appliances' major shareholder, Jinghai Internet, plans to increase its stake in the company by investing between 10.5 billion to 21 billion CNY, reflecting confidence in the company's future [1][2]. - The company's air conditioning business is expected to see a significant uptick in retail growth due to the promotion of old-for-new exchanges, marking a potential turning point for the business [3]. - The projected net profits for Gree Electric Appliances from 2024 to 2026 are estimated to be 31 billion, 32.9 billion, and 34.7 billion CNY respectively, with corresponding price-to-earnings ratios of 7.5x, 7.1x, and 6.7x [3]. Financial Data and Valuation - Revenue for 2022 was approximately 190.15 billion CNY, with a projected increase to 205.02 billion CNY in 2023, followed by a slight decrease to 200.63 billion CNY in 2024 [4]. - The net profit attributable to the parent company for 2022 was around 24.51 billion CNY, expected to rise to 29.02 billion CNY in 2023 and further to 31.02 billion CNY in 2024 [4]. - The earnings per share (EPS) for 2022 was 4.38 CNY, projected to increase to 5.18 CNY in 2023 and 5.54 CNY in 2024 [4]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 9.53 in 2022 to 7.53 in 2024 [4].

Investment Rating - The investment rating for Gree Electric Appliances is "Buy" with a target price not specified [6]. Core Views - Gree Electric Appliances' major shareholder, Jinghai Internet, plans to increase its stake in the company by investing between 10.5 billion to 21 billion CNY, reflecting confidence in the company's future [1][2]. - The company's air conditioning business is expected to see a turning point in Q4 2024, driven by the promotion of old-for-new exchanges, leading to a significant increase in retail growth in the domestic air conditioning industry [3]. - The financial outlook for Gree Electric Appliances shows projected net profits of 31 billion, 32.9 billion, and 34.7 billion CNY for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 7.5x, 7.1x, and 6.7x [3]. Financial Data and Valuation - Revenue for Gree Electric Appliances is projected to be 200.63 billion CNY in 2024, with a slight decline of 2.14% compared to 2023, followed by growth rates of 3.44% and 4.50% in 2025 and 2026 respectively [4][12]. - The company's EBITDA is expected to be 40.99 billion CNY in 2024, with a projected increase to 44.60 billion CNY by 2026 [4]. - The net profit attributable to the parent company is forecasted to grow from 31.02 billion CNY in 2024 to 34.68 billion CNY in 2026, reflecting a growth rate of 6.90% in 2024 and gradually decreasing to 5.36% by 2026 [4][12]. - The P/E ratio is expected to decrease from 7.53 in 2024 to 6.73 in 2026, indicating a potentially undervalued stock [4].

Investment Rating - The report maintains a "Buy" investment rating for Gree Electric Appliances [1][7][8] Core Insights - The recent increase in shareholding by Jinghai Internet Technology Development Co., Ltd. reflects the long-term confidence of distributors in the company's development [7] - Gree's air conditioning sales in January showed a slight underperformance compared to the overall market, but production is expected to return to double-digit growth from February to May due to seasonal demand and replacement policies [7] - The company is projected to achieve net profits of 31.9 billion yuan, 35.1 billion yuan, and 38.6 billion yuan for the years 2024 to 2026, respectively, with a consistent growth rate of 10% [7] Financial Data and Profit Forecast - Total revenue for 2023 is estimated at 205,018 million yuan, with a projected growth rate of 7.8% [5] - The expected net profit for 2024 is 31,927 million yuan, with a corresponding PE ratio of 7 [5] - The gross profit margin is forecasted to improve slightly from 30.6% in 2024 to 31.4% in 2026 [5]

Contract Awards - Gree Electric plans to increase its shareholding through Beijing Haihe Interconnection with an investment of between 1.05 billion to 2.1 billion yuan [1] - Topstrong plans to repurchase shares worth between 20 million to 35 million yuan [1] - Dongfang Zirconium's samples have received preliminary recognition from some solid-state battery material manufacturers for research and trial use [1] - Hongqi Chain is developing and innovating a robot unmanned vending system [1] - Jinyinhai recently entered into deep cooperation with Microvast in the solid-state battery field, with no significant impact on the company's performance in the short term [1] - Honghe Technology proposes a special cash dividend of 12.81 yuan per share [1] Shareholding Changes - Yueling Co.'s actual controller is set to change, and the stock will resume trading tomorrow [1] - Jiaozuo Wanfang's control is also set to change [1] - Yongji Co. plans to transfer part of its equity in Xiniu Wang Company [1] Operating Data - Aerospace Intelligent Manufacturing reported a net profit of 791 million yuan for 2024, an increase of 86.77% year-on-year [1] - Zhangyuan Tungsten reported a net profit of 177 million yuan for 2024, an increase of 23.25% year-on-year [1] - Guangdong Expressway A's net profit for 2024 decreased by 4.39% year-on-year, proposing a cash dividend of 5.23 yuan per share [1] - ST Hanma's heavy-duty truck sales in February reached 810 units, a year-on-year increase of 59.76% [1] - Jiangling Motors sold 21,600 vehicles in February, a year-on-year increase of 8.15% [1] - Dong'an Power's engine sales in February were 28,200 units, a year-on-year decrease of 5.16% [1] - Guangzhou Port's cargo throughput in February is expected to be 40.78 million tons, a year-on-year increase of 13.7% [1] - Far East Co.'s subsidiary won contracts worth over 19.09 billion yuan in February [1] - China Shipbuilding's subsidiary Jiangnan Shipyard signed a batch of dual-fuel container ship construction contracts worth approximately 18 billion to 19 billion yuan [1] - Tsinghua Unigroup signed a supply agreement for lithium battery cathode materials with SK On [1] - Fulongma is expected to win five sanitation service projects in February, with a total contract amount of 339 million yuan [1] - Terui De is expected to win a 194 million yuan new energy project [1] - Samsung Medical's wholly-owned subsidiary won a procurement project from Longyuan Power worth 115 million yuan [1] - Zhongcheng Co. is engaged in procurement business related to inverters and other equipment with related parties [1] Major Investments - Guodian Power is investing in the construction of the Dadu River Eagle Rock Level 1 Hydropower Station project [2] - Batian Co.'s subsidiary plans to invest in the expansion and upgrading of three related projects at the Xiaogaozhai Phosphate Mine [2] Other - Wancheng Group's chairman Wang Jiankun has been detained and is under investigation [2] - Yingjixin plans to acquire control of Huimang Micro, with trading suspended from tomorrow [2] - Hangyang Co. plans to issue convertible bonds not exceeding 1.63 billion yuan [2] - Solar Energy's subsidiary plans to purchase real estate for 367 million yuan [2] - GoerTek's subsidiary's H-share filing materials have been accepted by the China Securities Regulatory Commission [2] - Amway's "water-based solvent-free polyurethane composite material key technology" has been selected as one of the first batch of advanced applicable technologies by the Ministry of Industry and Information Technology [2] - Defang Nano's controlling subsidiary is increasing capital and introducing strategic investors [2] - Yuzhong Three Gorges A has terminated the sale of 10% equity in a small loan company [2] - Tianyu Co. received a warning letter from the FDA in the United States [2] - Haixing Power signed a strategic cooperation agreement with Kerun Zhikong to promote transformer products in overseas markets [2] - Bangjie Co.'s subsidiary Yangzhou Bangjie is temporarily suspending production for no more than three months [2] - Zhi Te New Materials signed a strategic cooperation agreement with Quantum Innovation Center and Microscopic Era [2] - Zhongjin Lingnan plans to raise no more than 1.5 billion yuan through a private placement to its controlling shareholder [2]

证券代码：000651 证券简称：格力电器 公告编号：2025-006 珠海格力电器股份有限公司 关于持股 5%以上股东增持公司股份计划的公告 2.本次增持计划实施可能存在因资本市场情况变化或目前尚无法预判的其 他风险因素导致增持计划的实施无法达到预期的风险，敬请广大投资者注意投资 风险。 一、计划增持主体的基本情况 1.增持主体：京海互联网科技发展有限公司。 本次增持前，京海互联持有公司股份 392,442,954 股，占公司总股本的 7.01%。 2.本次公告前 12 个月内，京海互联通过集中竞价方式累计增持公司股份 6,399,916 股。 3.京海互联在本公告披露日前六个月内不存在减持公司股份的情形。 二、增持计划的主要内容 京海互联网科技发展有限公司保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1.近日，珠海格力电器股份有限公司(以下简称"公司")收到公司 5%以上股 东京海互联网科技发展有限公司（以下简称"京海互联"）出具的《关于增持珠 海格力电器股份有限公司股份的告知函》，京海互 ...

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances, with a target price of 54.10 CNY [6]. Core Views - The company is undergoing a structured transition with new board members, indicating a healthy generational shift in leadership. The new non-independent directors include two younger candidates, while the independent directors have strong industry backgrounds [2][3]. - The expected dividend yield for 2025 is projected at 7.1%, which is historically high, with only 25% of the time from 2013 to 2024 showing yields above 7% [3]. - Gree's absolute and relative dividend yields are at historical highs, suggesting potential for value re-evaluation [3]. Summary by Sections Board Restructuring - The board has proposed new candidates for both non-independent and independent director positions, with a focus on younger and industry-experienced individuals [2][3]. Financial Projections - Revenue and profit forecasts for Gree Electric Appliances are as follows: - Expected revenue for 2025 is 216.88 billion CNY, with a growth rate of 8.79% [5]. - Projected net profit for 2025 is 32.91 billion CNY, reflecting an 8.58% growth [5]. - Earnings per share (EPS) is expected to reach 5.88 CNY in 2025 [5]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 9 in 2022 to 6 in 2026, indicating a potentially undervalued stock [13]. - The price-to-book (P/B) ratio is expected to decline from 2.4 in 2022 to 1.4 in 2026 [13]. Dividend and Cash Flow - The expected dividend per share for 2025 is 3.13 CNY, with a projected dividend yield of 7.6% [14]. - Operating cash flow is anticipated to be 37.90 billion CNY in 2025 [11]. Profitability and Efficiency - The return on equity (ROE) is projected to decrease from 25.3% in 2022 to 22.2% in 2026, indicating a slight decline in profitability [13]. - The gross margin is expected to improve from 26.5% in 2022 to 32.9% in 2026 [13]. Market Position - Gree Electric Appliances is positioned to benefit from a strong dividend yield and a favorable valuation compared to long-term government bond yields, suggesting a robust investment opportunity [3].

Core Viewpoint - Gree Electric Appliances announced the candidates for its new board of directors, with Dong Mingzhu re-elected and new faces expected to join the board, indicating a potential shift in leadership dynamics within the company [1] Group 1: Board Composition - Dong Mingzhu, born in 1954, has been the chairperson since 2001 and holds approximately 101 million shares, representing about 1.79% of the company, valued at over 4.1 billion [1] - The new board candidates include non-independent directors Dong Mingzhu, Zhang Wei, Zhang Jundu, Shu Lizhi, and Zhong Chengbao, while independent director candidates are Zhang Qiusheng, Cheng Ming, Li Hongqi, and Weng Guomin [1][2] - Zhang Wei and Zhang Jundu are familiar faces on the board, with Zhang Wei serving since January 2019 and Zhang Jundu since May 2012 [2] Group 2: New Candidates - Shu Lizhi joined Gree in December 2019 and has been the vice president since December 2020, previously working at the National Audit Office [3] - Zhong Chengbao, a product of Gree's internal training, has held various technical positions since joining in 2008 and is currently the chief engineer and assistant to the president [3] Group 3: Departing Members - Two non-independent directors, Guo Shuzhan and Deng Xiaobo, were not nominated for the new board, with Guo having served since January 2019 and Deng since November 2020 [4] - Three independent directors, including Liu Shuwei, were not nominated, with only Zhang Qiusheng being re-nominated [4]

☑ 是 □ 否 珠海格力电器股份有限公司独立董事候选人声明与承诺 声明人翁国民作为珠海格力电器股份有限公司第十三 届董事会独立董事候选人，已充分了解并同意由提名人珠 海格力电器股份有限公司董事会提名为珠海格力电器股份 有限公司（以下简称该公司）第十三届董事会独立董事候 选人。现公开声明和保证，本人与该公司之间不存在任何 影响本人独立性的关系，且符合相关法律、行政法规、部 门规章、规范性文件和深圳证券交易所业务规则对独立董 事候选人任职资格及独立性的要求，具体声明并承诺如下 事项： 一、本人已经通过珠海格力电器股份有限公司第十二 届董事会提名委员会或者独立董事专门会议资格审查，提 名人与本人不存在利害关系或者其他可能影响独立履职情 形的密切关系。 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百四 十六条等规定不得担任公司董事的情形。 ☑ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办 法》和深圳证券交易所业务规则规定的独立董事任职资格 和条件。 ...

珠海格力电器股份有限公司独立董事候选人声明与承诺 声明人张秋生作为珠海格力电器股份有限公司第十三 届董事会独立董事候选人，已充分了解并同意由提名人珠 海格力电器股份有限公司董事会提名为珠海格力电器股份 有限公司（以下简称该公司）第十三届董事会独立董事候 选人。现公开声明和保证，本人与该公司之间不存在任何 影响本人独立性的关系，且符合相关法律、行政法规、部 门规章、规范性文件和深圳证券交易所业务规则对独立董 事候选人任职资格及独立性的要求，具体声明并承诺如下 事项： 一、本人已经通过珠海格力电器股份有限公司第十二 届董事会提名委员会或者独立董事专门会议资格审查，提 名人与本人不存在利害关系或者其他可能影响独立履职情 形的密切关系。 ☑ 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百四 十六条等规定不得担任公司董事的情形。 ☑ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办 法》和深圳证券交易所业务规则规定的独立董事任职资格 和条件。 ...