格力电器：业绩超预期，盈利能力同比提升

Investment Rating - The report maintains a "Buy" investment rating for Gree Electric Appliances [2][5] Core Views - Gree Electric Appliances reported better-than-expected performance in H1 2024, with total revenue of 100.29 billion yuan, a year-on-year increase of 0.50%, and a net profit attributable to shareholders of 14.14 billion yuan, up 11.54% year-on-year [1][5] - The company's main business revenue remains stable, with air conditioning, home appliances, industrial products, smart equipment, and green energy revenues growing by 11.38%, 10.68%, 13.01%, 4.95%, and declining by 31.84% respectively [1] - Profitability improved year-on-year, with a gross margin of 31.05% in Q2 2024, an increase of 1.57 percentage points [1] Financial Performance Summary - In Q2 2024, the company achieved a total revenue of 63.69 billion yuan, a year-on-year decrease of 0.63%, while net profit was 9.46 billion yuan, up 10.47% year-on-year [1] - Operating cash flow decreased by 48.95% year-on-year to 8.06 billion yuan in Q2 2024, with cash received from sales declining by 25.03% [1] - As of Q2 2024, inventory decreased by 23.22% year-on-year, and contract liabilities fell by 51.31% year-on-year [1] Earnings Forecast - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 31.79 billion yuan, 34.38 billion yuan, and 36.78 billion yuan respectively, representing year-on-year growth rates of 9.6%, 8.1%, and 7.0% [1][5]