重要内容提示： 证券代码：000651 证券简称：格力电器 公告编号：2024-019 珠海格力电器股份有限公司 关于召开 2023 年度网上业绩说明会的公告 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。 二〇二四年六月八日 珠海格力电器股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日在 巨潮资讯网（http://www.cninfo.com.cn）披露了《2023 年年度报告》。为了便于 广大投资者更深入全面地了解公司的生产经营情况和发展战略，公司拟于 2024 年 6 月 14 日（星期五）举行 2023 年度网上业绩说明会。相关事项如下： 一、说明会召开的时间、方式 会议召开时间：2024 年 6 月 14 日（星期五）15:00～17:00 会议召开方式：采用网络方式举行 二、公司出席人员 公司董事长兼总裁董明珠女士；董事、副总裁兼董事会秘书邓晓博先生； 财务负责人廖建雄先生；独立董事王晓华先生将出席本次业绩说明会（如遇特殊 情况，参会人员将有调整）。 （二）为提高会议效率，公司现就本次业绩说明会提前向投资者征集相关问 题，广泛听 ...

珠海格力电器股份有限公司 关于召开 2023 年年度股东大会的通知 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。 一、召开会议的基本情况 1、股东大会届次：2023 年年度股东大会。 2、股东大会的召集人：珠海格力电器股份有限公司（以下简称"公司"）董 事会。 证券代码：000651 证券简称：格力电器 公告编号：2024-018 公司于 2024 年 4 月 29 日召开第十二届董事会第十八次会议审议通过了《关 于召开 2023 年年度股东大会的议案》。 3、会议召开的合法、合规性：本次股东大会的召集、召开符合《中华人民共 和国公司法》《上市公司股东大会规则》等法律、行政法规、部门规章、规范性 文件以及《珠海格力电器股份有限公司章程》的相关规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 6 月 28 日（星期五）下午 15:00。 （2）股东网络投票时间：2024 年 6 月 28 日（星期五）。其中，通过深圳证 券交易所交易系统进行投票的时间为：2024年6月28日的交易时间，即9:15-9:25， 9:30-11:30 和 1 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨格力电器（ ） 000651.SZ [营Ta收b保le_持T韧itle性] 增长，盈利能力持续改善 报告要点 [公Ta司ble2_0S2u3m年m实ar现y]营收2039.79亿元，同比增长7.93%，实现归母净利润290.17亿元，同比增 长18.41%，实现扣非归母净利润275.65亿元，同比增长14.92%，其中Q4实现营收489.72 亿元，同比增长18.01%，实现归母净利润89.25亿元，同比增长43.90%，实现扣非归母净利 润83.51亿元，同比增长54.09%；公司2024Q1实现营收363.64亿元，同比增长2.56%，实 ...

[Table_Page] 年报点评|家用电器 证券研究报告 [格Table_力Title] 电器（000651.SZ） [公Tab司le_I评nves级t] 买入 当前价格 42.12元 24Q1 增长稳健，23 年分红超预期 合理价值 54.28元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 公司披露2023年年报。公司实现收入2050.2亿元（YoY+7.8%)，归 [相Tab对le_P市icQ场uote表] 现 母净利润290.2亿元（YoY+18.4%），毛利率30.9%（YoY+4.4pct）， 归母净利率 14.2%（YoY+1.3pct）。23Q4 单季实现收入 492.1 亿元 22% （YoY+17.7%)，归母净利润89.3亿元（YoY+43.9%），毛利率35.1% 13% 4% （YoY+6.7pct），归母净利率 18.1%（YoY+3.3pct）。此外，公司公告 -4%05/23 07/23 09/23 10/23 12/23 02/24 04/24 2023年利润分配预案，拟分配现金131.4亿元，对应分红比例45.3% ...

证券研究报告 公 2024年05月07日 司 报 告 格力电器(000651) │ 行 业： 家用电器/白色家电 公 投资评级： 买入（维持） 司 2023A&2024Q1 业绩点评： 当前价格： 42.67元 年 报 主营恢复稳健，股息优势突出 目标价格： 48.28元 点 事件：格力电器发布 2023 年报及 2024 年一季报：23A 实现营收 2039.79 评 基本数据 亿，同比+7.93%，归属净利润290.17亿，同比+18.41%，扣非净利润275.65 总股本/流通股本(百万股) 5,631.41/5,583.15 亿，同比+14.92%;其中23Q4实现营收489.72亿，同比+18.01%，归属净利 流通A股市值(百万元) 238,232.99 润89.25亿，同比+43.90%，扣非净利润83.51亿，同比+54.09%；23年度 拟分红131.42亿，分红率45.29%。24Q1实现营收363.64亿，同比+2.56%， 每股净资产(元) 21.58 归属净利润46.75亿，同比+13.77%，扣非净利润45.25亿，同比+21.55%。 资产负债率(%) 67.08  主营表现稳 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company reported a revenue of 205.02 billion yuan in 2023, representing a year-on-year increase of 7.93%, and a net profit attributable to shareholders of 29.02 billion yuan, up 18.41% year-on-year. In Q4 2023, revenue reached 49.21 billion yuan, a 17.70% increase year-on-year, with a net profit of 8.93 billion yuan, up 43.90% year-on-year. For Q1 2024, revenue was 36.60 billion yuan, a 2.53% increase year-on-year, and net profit was 4.68 billion yuan, up 13.77% year-on-year [4][5]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 30.57%, an increase of 4.53 percentage points year-on-year. The net profit margin for 2023 was 14.15%, up 1.26 percentage points year-on-year. For Q4 2023, the net profit margin was 18.14%, and for Q1 2024, it was 12.78% [4][6]. - The company’s operating cash flow reached a record high of 56.4 billion yuan in 2023, which is double the net profit for the same period, indicating strong operational quality [4]. Revenue Breakdown - Revenue from air conditioning products was 151.2 billion yuan in 2023, up 12% year-on-year. Industrial products generated 10 billion yuan, up 32% year-on-year, while green energy products reached 7.1 billion yuan, up 51% year-on-year. Domestic sales accounted for 149.7 billion yuan, a 15% increase year-on-year, while exports were 24.9 billion yuan, up 7% year-on-year [4]. Future Outlook - The company plans to invest 3 billion yuan in a home appliance replacement program, which is expected to enhance brand concentration. The forecast for 2024 anticipates a net profit of 31.2 billion yuan, with a price-to-earnings (P/E) ratio of 10-11 times, suggesting a reasonable value range of 55.5-61.05 yuan per share [5][6].

股 票 研 究 [Table_industryInfo] 家用电器业/可选消费品 [ Table_Main[格ITnaf 力bol]e 电_Ti器tle]( 000651) [评Tab级le_：Inv est] 增持 上次评级： 增持 23 业绩贴预告上限，24Q1 平稳增长 目标价格： 55.20 上次预测： 45.57 公 ——格力电器2023 年报及 24Q1 季报点评 当前价格： 42.12 司 蔡雯娟(分析师) 谢丛睿(分析师) 樊夏俐(分析师) 2024.05.06 更 021-38031654 021-38038437 021-38676666 [交Ta易bl数e_M据a rket] 新 caiwenjuan024354@gtjas.c xiecongrui@gtjas.com fanxiali@gtjas.com 报 证书编号 oSm08 80521050002 S0880523090004 S0880523090006 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 30.8 20 3- 74 ,2 1. 91 52 告 本报告导读： 总股本/流通A股（百万股） 5,631/5,5 ...

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a total revenue of 2050.18 billion yuan in 2023, representing a year-on-year increase of 7.82%. The net profit attributable to shareholders was 290.17 billion yuan, up 18.41% year-on-year. The gross profit margin improved to 30.57%, an increase of 4.53 percentage points [1][2] - The company is a leading player in the domestic air conditioning market, characterized by undervaluation and high dividend yield. The company is actively responding to the "old-for-new" replacement policy with a subsidy of 3 billion yuan, which is expected to boost future sales performance [1][2] Financial Performance Summary - In Q4 2023, the company achieved total revenue of 492.06 billion yuan, a year-on-year increase of 17.70%, and a net profit of 89.25 billion yuan, up 43.90% year-on-year. The gross profit margin for Q4 was 34.76%, an increase of 6.96 percentage points [1] - For Q1 2024, the company reported total revenue of 365.96 billion yuan, a year-on-year increase of 2.53%, and a net profit of 46.75 billion yuan, up 13.77% year-on-year. The gross profit margin was 29.45%, an increase of 2.04 percentage points [1] - The company plans to distribute a cash dividend of 23.80 yuan per 10 shares, with a cash dividend rate of 45.29% for 2023 [1] Revenue Breakdown - In 2023, the company's revenue from air conditioning, home appliances, industrial products, smart equipment, and green energy was 1512.17 billion yuan, 40.02 billion yuan, 100.03 billion yuan, 6.70 billion yuan, and 71.06 billion yuan, respectively, with year-on-year changes of +12.13%, -12.39%, +31.63%, +55.03%, and +51.16% [1] - For Q1 2024, the domestic and foreign sales of Gree air conditioners increased by 9.35% and 10.00% year-on-year, indicating stable growth in both domestic and international markets [1] Profitability and Forecast - The company’s profitability improved in Q1 2024, attributed to product mix optimization and cost management. The company’s contract liabilities at the end of Q1 were 204.91 billion yuan, a decrease of 34.93 billion yuan year-on-year, indicating support for future growth [1] - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 5.48 yuan, 5.97 yuan, and 6.40 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 7.7, 7.1, and 6.6 times [2][1]

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances (000651.SZ) with a target price of 46.62 CNY, compared to the current price of 42.12 CNY [1][7]. Core Insights - Gree Electric Appliances reported record-high performance in 2023, achieving revenue of 205 billion CNY (up 8% year-on-year) and a net profit attributable to shareholders of 29 billion CNY (up 18% year-on-year), aligning with the upper limit of its earnings forecast [5]. - The company announced a dividend of 2.38 CNY per share, exceeding market expectations, with a cash dividend payout ratio of 45.3% for 2023, remaining stable compared to 2022 [5]. - In Q1 2024, Gree's revenue reached 36.6 billion CNY (up 3% year-on-year) and a net profit of 4.7 billion CNY (up 14% year-on-year), with a non-recurring net profit of 4.5 billion CNY (up 22% year-on-year), indicating growth above market expectations [5]. Revenue Analysis - In 2023, air conditioning revenue approached historical peaks at 151.2 billion CNY (74% of total revenue, up 12% year-on-year), with sales volume increasing by 2% [6]. - Other business revenues were 29.4 billion CNY (14% of total revenue, down 18% year-on-year), returning to a reasonable level [6]. - The overall revenue growth in Q1 2024 was slightly lower due to a contraction in other business revenues and a cautious shipment pace in air conditioning to avoid high channel inventory [6]. Profitability Analysis - The net profit margin for 2023 was close to historical highs at 14.2%, with gross margins of 30.6% in 2023 and 29.5% in Q1 2024 [6]. - The gross margin for air conditioning products was 37.0% in 2023, reflecting improvements from price increases and a favorable product mix [6]. - The increase in profitability is attributed to product structure enhancement and channel reform, which improved pricing power [6]. Financial Position - Gree's operating cash flow reached a historical high of 56.4 billion CNY in 2023, with inventory levels continuing to decline, indicating strong sales in the air conditioning sector [6]. - The company's total assets were reported at 368.1 billion CNY in 2023, with a stable level of current liabilities [10]. - The cash flow from operating activities was significantly positive, reflecting robust operational efficiency [10]. Earnings Forecast and Valuation - The report projects net profits of 30.3 billion CNY for 2024, 32.9 billion CNY for 2025, and 36.4 billion CNY for 2026, with corresponding P/E ratios of 8, 7, and 7 times [7][8]. - Gree is recognized as a leader in the air conditioning industry, benefiting from strong brand power, product quality, and channel barriers [7].

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances (000651.SZ) with a current price of 42.12 CNY and a target price of 46.62 CNY [1]. Core Insights - Gree Electric Appliances reported record high performance in 2023, achieving revenue of 205 billion CNY (up 8% year-on-year) and a net profit attributable to shareholders of 29 billion CNY (up 18% year-on-year). The Q1 2024 results also exceeded market expectations with revenue of 36.6 billion CNY (up 3% year-on-year) and a net profit of 4.7 billion CNY (up 14% year-on-year) [5][6]. - The annual dividend proposal is set at 2.38 CNY per share, surpassing market expectations, with a cash dividend payout ratio of 45.3% for 2023, remaining stable compared to 2022 [5]. Revenue Analysis - In 2023, Gree's air conditioning revenue reached nearly a historical peak at 151.2 billion CNY, accounting for 74% of total revenue and growing by 12%. The sales volume increased by 2%, with domestic sales outperforming exports. Price increases contributed more to revenue growth than volume [6]. - Other business revenues declined by 18% to 29.4 billion CNY, returning to a more reasonable proportion of total revenue [6]. Profitability Analysis - The net profit margin for 2023 was close to historical highs, with gross margins of 30.6% in 2023 and 29.5% in Q1 2024. The air conditioning segment achieved a gross margin of 37.0% [6]. - The increase in gross margin is attributed to product price increases, a decrease in low-margin business revenue, and improved product mix due to currency depreciation [6]. Financial Position - Gree's operating cash flow reached a historical high of 56.4 billion CNY in 2023, with inventory levels decreasing to 32.6 billion CNY, indicating strong sales in the air conditioning sector [6]. - The company maintained stable other current liabilities and saw a significant increase in contract liabilities in Q1 2024, suggesting a recovery in dealer inventory levels [6]. Earnings Forecast and Valuation - The report forecasts Gree's net profit attributable to shareholders for 2024-2026 to be 30.3 billion CNY, 32.9 billion CNY, and 36.4 billion CNY respectively, with corresponding P/E ratios of 8, 7, and 7 times [7][8]. - The company is recognized for its strong brand, product quality, and channel barriers, with ongoing initiatives in new retail models and employee incentive plans enhancing corporate governance [7].