GREE(000651) 国泰君安·2024-08-04 06:31Investment Rating - The report maintains an "Accumulate" rating for Gree Electric Appliances (000651) with a target price of 55.20 CNY, unchanged from the previous rating [1][3]. Core Views - The company has launched its third employee stock ownership plan, which covers a wide range of core executives and key employees, aiming to align interests [2][3]. - The total amount for the employee stock ownership plan is capped at 1.614 billion CNY, with a stock source from the company's repurchased shares [3][7]. - The plan emphasizes management participation, with the proposed subscription ratio for directors and senior management increasing significantly from 2.53% to 30% [3][9]. - The performance targets set for the plan are conservative, focusing on maintaining a return on equity (ROE) of no less than 20% for 2024-2025, reflecting the current external uncertainties [3][11]. - The company continues to emphasize its high dividend yield, with a projected cash dividend of no less than 2 CNY per share or 50% of the net profit attributable to shareholders for 2024, resulting in a dividend yield of 6.8% at the current price [3][11]. Summary by Sections Employee Stock Ownership Plan - The third employee stock ownership plan involves up to 12,000 employees, with a total incentive amount not exceeding 1.614 billion CNY [3][7]. - The stock price for the repurchased shares is set at 20.31 CNY per share, approximately 50% of the closing price on August 2, 2024 [3][7]. Management Focus - The current plan shows a significant increase in the proposed subscription ratio for management, indicating a stronger focus on binding the management team [3][9]. Performance and Dividend Outlook - The performance targets are conservative, with a focus on maintaining stable operational quality amid external pressures [3][11]. - The company’s commitment to high dividends remains intact, with a projected dividend yield of 6.8% based on the current price [3][11].