证券代码：000651 证券简称：格力电器 公告编号：2025-007 珠海格力电器股份有限公司 关于证券事务代表辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 吴青青女士在担任公司证券事务代表期间勤勉尽责、恪尽职守，董事会对 吴青青女士在任职期间为公司发展所作的贡献表示衷心感谢！ 特此公告。 珠海格力电器股份有限公司董事会 二〇二五年三月二十八日 珠海格力电器股份有限公司（以下简称"公司"）董事会于近日收到公司证 券事务代表吴青青女士提交的书面辞职报告。吴青青女士因集团内部工作调整， 申请辞去公司证券事务代表职务，辞职后不再担任公司其他职务，将在子公司任 职。根据《中华人民共和国公司法》《珠海格力电器股份有限公司章程》等相关 规定，吴青青女士的辞职报告自送达公司董事会之日起生效。 截至本公告披露日，吴青青女士持有公司股票 35,000 股，占公司总股本的 0.0006%，上述股份将按照公司员工持股计划自愿锁定期有关规定进行管理。 ...

Core Insights - The mask concept stocks experienced a net inflow of 182 million yuan on March 26, with a rise of 1.16% in the concept index [1] - A total of 80 stocks within the concept rose, while 15 stocks declined [1] Company Summaries - Gree Electric (000651) saw a net inflow of 198 million yuan, accounting for 11.98% of its market [2] - BYD (002594) had a net inflow of 175 million yuan, with a price increase of 1.74% [2] - Lens Technology (300433) recorded a net inflow of 135 million yuan, with a price increase of 1.39% [2] - Huazhong CNC (300161) experienced a net inflow of 58.32 million yuan, with a significant price increase of 6.45% [2] - Genesis (300083) had a net inflow of 54.91 million yuan, with a price increase of 2.66% [2] - Hanyu Group (300403) saw a net inflow of 50.92 million yuan, with a price increase of 5.7% [2] - Jinlong Automobile (600686) recorded a net inflow of 39.78 million yuan, with a price increase of 1.94% [2] - Huasheng Co. (600156) had a net inflow of 39.65 million yuan, with a notable price increase of 10.06% [2] - Cixing Co. (300307) experienced a net inflow of 39.22 million yuan, with a price increase of 10.2% [2] - Hezhuo Intelligent (603011) recorded a net inflow of 30.07 million yuan, with a price increase of 9.96% [2]

Investment Rating - The report maintains a "Strong Buy" rating for Gree Electric Appliances [4][8]. Core Viewpoints - The company is undergoing a channel transformation that is reshaping its market position, with government subsidies boosting consumer confidence [2][8]. - Gree's market share in air conditioning has rebounded significantly post-subsidy, with online and offline shares increasing by 5.8 and 5.6 percentage points respectively, reaching 29% and 33% [2]. - The company is expanding its product categories and retail presence, aiming to open 3,000 stores by 2025, ultimately targeting 10,000 stores [2][3]. - Gree is transitioning from a single product manufacturer to a comprehensive solution provider in the HVAC sector, enhancing its competitive edge through AI and innovative product offerings [3]. Financial Data and Valuation - The current stock price is 45.16 CNY, with a total market capitalization of 253 billion CNY [4]. - The projected net profit for 2024 is 30.9 billion CNY, reflecting a 6% growth, with further increases expected in subsequent years [10][17]. - The company has a strong cash flow and high dividend yield, making it an attractive investment opportunity [8][10]. - The estimated PE ratio for 2025 is 7.5, indicating a low valuation compared to historical averages [10][17].

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances, indicating an expected relative price increase of over 15% [10]. Core Views - Gree Electric Appliances is positioned favorably with multiple advantages including an upward trend in fundamentals, high dividends, and low valuation. The company is expected to benefit from the long-term national subsidy policy for high-end air conditioners, which has significantly boosted its retail market share since Q4 2024 [1][2]. - The introduction of the Jinghong air conditioner brand aims to penetrate the lower-tier market, leveraging Gree's strong brand reputation to create a second growth curve [1][9]. - Recent share purchases by the dealer group Jinghai Interconnect reflect a stabilization of channel relationships and confidence in Gree's long-term development [1][8]. - The report emphasizes the increasing focus on high dividend yields in the current investment environment, suggesting that Gree's low valuation presents a rebound opportunity [1]. Summary by Sections Market Dynamics - The long-term national subsidy policy has positively impacted the high-end air conditioning market, leading to a notable rebound in Gree's market share. The subsidy for high-efficiency air conditioners can reach up to 20%, stimulating consumer demand for high-performance products [2]. - Gree's market share showed a decline in the first three quarters of 2024 but rebounded by 2.00 percentage points in Q4, with further growth of 4.63% in January-February 2025 [2]. Financial Performance - Key financial metrics for Gree Electric Appliances are as follows: - Revenue (in million): 188,988.38 in 2022, projected to reach 232,403.65 by 2026, with a CAGR of approximately 5.35% [3]. - Net Profit (in million): 24,506.62 in 2022, expected to grow to 37,297.65 by 2026, reflecting a CAGR of about 7.72% [3]. - Gross Margin: Expected to increase from 26.04% in 2022 to 31.20% by 2026 [3]. - P/E Ratio: Projected to decrease from 10.39 in 2022 to 6.83 by 2026, indicating improving valuation [3]. Strategic Initiatives - Gree plans to launch the Jinghong air conditioner brand to target the engineering and low-price market segments, aiming to regain market share in the lower-tier market where competitors have been gaining ground [9]. - The company maintains a robust dividend policy, with a proposed dividend of 2.38 yuan per share for 2024, totaling 131.42 billion yuan, resulting in a dividend rate of 45.29% and a yield exceeding 6% [10]. Industry Outlook - The global air conditioning demand is expected to remain stable, with domestic sales projected to grow by 1.9% to 10.38 million units in 2025, driven by the national subsidy policy [7]. - Gree is well-positioned to benefit from the overall industry demand increase, particularly in the high-end segment [7].

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 ...