GREE(000651) 华创证券·2025-05-12 14:13Investment Rating - The report maintains a "Strong Buy" rating for Gree Electric Appliances, with a target price of 60 yuan [2][9]. Core Views - Gree Electric Appliances reported a revenue of 189.16 billion yuan in 2024, a year-on-year decrease of 7.26%, while the net profit attributable to shareholders was 32.18 billion yuan, an increase of 10.91% [2][5]. - In Q1 2025, the company achieved a revenue of 41.51 billion yuan, a year-on-year increase of 14.1%, and a net profit of 5.90 billion yuan, up 26.3% year-on-year [2][5]. - The company continues to enhance its dividend payout ratio, proposing a cash dividend of 20 yuan per 10 shares for 2024, which represents 52.06% of the annual net profit [2][9]. Financial Performance Summary - For 2024, the main financial indicators include: - Revenue: 190.04 billion yuan, with a year-on-year growth rate of -7.3% - Net profit: 32.19 billion yuan, with a year-on-year growth rate of 10.9% - Earnings per share: 5.75 yuan [5][10]. - The forecast for 2025 includes: - Revenue: 206.52 billion yuan, with a year-on-year growth rate of 8.7% - Net profit: 35.01 billion yuan, with a year-on-year growth rate of 8.8% [5][10]. Market Performance - Gree Electric's external sales showed significant growth, with a 13.25% increase in overseas revenue, while domestic sales decreased by 5.45% [2][9]. - The company has successfully expanded its international presence, with notable sales increases in Brazil (75% year-on-year) and the establishment of over 200 exclusive stores in Eastern Europe [2][9]. Operational Efficiency - The report highlights a significant improvement in operational quality, with a net profit margin of 14.2% in Q1 2025, an increase of 1.3 percentage points year-on-year [2][9]. - The company has implemented digital operations to enhance channel efficiency and reduce inventory risks [2][9].