公司快报 2024 年 05 月 01 日 格 力电器(000651.SZ) 证券研究报告 盈利能力提升，股息率较高 白色家电Ⅲ 投资评级 买入-A 事件：格力电器公布2023年年报和 2024年一季报。公司 2023 维持评级 年实现总收入 2050.2亿元，YoY+7.8%；实现归母净利润 290.2 亿 6个月目标价 56.69元 元，YoY+18.4%。经折算，公司Q4 单季度实现总收入 492.1 亿元， 股价 (2024-04-30) 42.12元 YoY+17.7%；实现归母净利润89.3 亿元，YoY+43.9%。公司2024Q1 实现总收入366.0亿元，YoY+2.5%；实现归母净利润46.8 亿元， 交易数据 YoY+13.8%。我们认为，格力空调竞争力突出，海外业务持续增长， 总市值(百万元) 237,194.81 盈利能力持续改善，公司经营表现亮眼。 流通市值(百万元) 235,162.26 近两季收入延续增长态势：格力 2023Q4单季收入增速亮眼，我 总股本(百万股) 5,631.41 们推断主要因为：1）前期受疫情影响而积压的空调更新需求持续 流通股本(百万股) 5,583.1 ...

公司报告 | 年报点评报告 格力电器（000651） 证券研究报告 2024年05月 01日 投资评级 扣非净利润亮眼，蓄水池再度增厚，每股分红提升 行业 家用电器/白色家电 6个月评级 买入（维持评级） 当前价格 42.12元 事件：公司2023 年全年实现营业收入 2050.18亿元，同比+7.82%，归母净利 润290.17亿元，同比+18.41%；其中2023Q4实现营业收入492.06亿元，同比 目标价格 元 +17.7%，归母净利润89.25亿元，同比+43.9%。公司2024年Q1全年实现营业 收入365.96 亿元，同比+2.53%，归母净利润 46.75亿元，同比+13.77%，扣非 基本数据 归母净利润45.25亿元，同比+21.55%。23年公司向全体股东每10股派发现金 A股总股本(百万股) 5,631.41 红利23.80元（含税），分红率为45.3%。 流通A股股本(百万股) 5,583.15 24Q1扣非业绩增速靓丽，每股分红提升 A股总市值(百万元) 237,194.81 收入端：23年空调/其他业务收入同比+12.13%/-17.89%，主营实现较好增长； 流通A股市值(百万 ...

证券研究报告 | 年报点评报告 2024年04月30日 格力电器（000651.SZ） 23A 业绩超预期，24Q1 扣非归母高增长 事件：公司发布2023年年报和2024年一季报。2023年实现营业总收入2050.18 买入（维持） 亿元，同比增长7.82%；实现归母净利润290.17亿元，同比增长18.41%，扣非 股票信息 归母净利润275.65亿元，同比增长14.92%。2023Q4单季营业总收入为492.06 亿元，同比增长17.70%；归母净利润为89.25亿元，同比增长43.90%，扣非归 行业 白色家电 母净利润83.51亿元，同比增长54.09%。2024Q1实现营业收入365.96亿元， 前次评级 买入 同比增长2.53%；实现归母净利润46.75亿元，同比增长13.77%，扣非归母净 4月29日收盘价(元) 40.51 利润45.25亿元，同比增长21.55%。 总市值(百万元) 228,128.25 2023年度维持往年高分红。2023年现金分红131.42亿元，分红比例45%，与 总股本(百万股) 5,631.41 往年持平。 其中自由流通股(%) 99.15 30日日均成交量(百万 ...

Financial Performance - Gree Electric Appliances reported a revenue of ¥203.98 billion in 2023, representing a 7.93% increase from ¥188.99 billion in 2022[12]. - The net profit attributable to shareholders reached ¥29.02 billion, an 18.41% increase compared to ¥24.51 billion in the previous year[12]. - The net cash flow from operating activities surged by 96.73% to ¥56.40 billion, up from ¥28.67 billion in 2022[12]. - Basic earnings per share increased to ¥5.22, reflecting a growth of 17.83% from ¥4.43 in 2022[12]. - Total assets at the end of 2023 amounted to ¥368.05 billion, a 3.67% increase from ¥355.02 billion at the end of 2022[12]. - The net assets attributable to shareholders rose by 20.71% to ¥116.79 billion, compared to ¥96.76 billion in 2022[12]. - In 2023, Gree Electric achieved total revenue of 205.018 billion yuan, a year-on-year increase of 7.82%, and net profit attributable to shareholders exceeded 29.017 billion yuan, growing by 18.41%[33]. - The company reported a significant increase in smart equipment revenue, which grew by 55.03% to ¥669.84 million from ¥432.09 million[77]. - The green energy segment saw a revenue increase of 51.16%, reaching ¥7.11 billion compared to ¥4.70 billion in the previous year[77]. - The company reported a net profit margin of 12% for 2023, which is an improvement from 10% in the previous year[135]. Market Expansion and Strategy - Gree Electric Appliances aims to enhance its market expansion strategies and invest in new product development to drive future growth[12]. - The company plans to continue expanding its product lines and enhancing its market presence in the home appliance sector, focusing on high-efficiency products[19]. - Gree plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the region by 2025[135]. - The company is enhancing its digital marketing strategies, with a projected increase in online sales by 40% in 2024[135]. - Gree Electric Appliances has set a revenue guidance of 120 billion RMB for 2024, indicating an expected growth of 20%[135]. Research and Development - Gree Electric has over 50,000 R&D personnel and has trained more than 14,000 skilled talents, demonstrating a strong commitment to talent development and innovation[31]. - The company applied for 10,297 patents in 2023, including 7,165 invention patent applications, and received 3,640 invention patent grants[35]. - Research and development (R&D) investment reached ¥7,006,497,352.61 in 2023, an increase of 8.97% compared to ¥6,429,702,080.04 in 2022, representing 3.43% of total revenue[94]. - The number of R&D personnel increased by 17.76% to 15,282 in 2023, with the proportion of R&D staff in the company rising to 21.05%[94]. - Gree's focus on R&D led to the development of a new series of high-torque density, efficient, rare-earth-free permanent magnet motors, achieving the highest energy efficiency IE5 level in the industry[53]. Product Development and Innovation - The company launched 8 new series of home air conditioning products, with domestic sales of home air conditioners reaching 29.79 million units, a year-on-year increase of 4.05%[39]. - Gree's new generation of vertical air conditioning units achieved sales of over 100,000 units, representing a year-on-year growth of 116%[39]. - The company launched a new -86℃ ultra-low temperature storage box for preserving biological samples, vaccines, and organs, enhancing temperature uniformity and meeting low-temperature storage needs[45]. - Gree's new industrial high-temperature centrifugal heat pump unit can achieve water outlet temperatures up to 120℃, filling a gap in the high-temperature heat pump market[46]. - The company has developed a new energy-efficient gas water heater with a 10% improvement in heat exchange efficiency, enhancing corrosion resistance and product durability[49]. Corporate Governance and Management - The company maintains a robust corporate governance structure, ensuring independence from its largest shareholder and compliance with relevant laws and regulations[127]. - The company has established a commitment to fair pricing in related transactions, ensuring that all future transactions with Gree Electric are conducted at market prices and comply with legal requirements[192]. - Gree Electric's management team will remain stable, and there will be no significant changes to its governance structure following the completion of share transfers[198]. - The company has pledged to avoid any actions that could harm the interests of Gree Electric or its shareholders through related transactions[192]. Environmental Responsibility - Gree Electric is focused on reducing its environmental impact through improved wastewater treatment processes and emissions management strategies[171]. - The company is committed to promoting clean and low-carbon energy use, aligning with national "dual carbon" strategies[181]. - The company has set a target for total nitrogen discharge to not exceed 2.4 tons/year, indicating a commitment to environmental standards[171]. - Gree Electric's annual report indicates ongoing investments in environmental compliance and sustainability initiatives[173]. - The company invested a total of 473 million CNY in environmental protection and governance, while paying 9.06 million CNY in environmental protection taxes[181]. Employee Engagement and Training - The company has established a talent training system, conducting over 100 public courses with nearly 4,000 participants to enhance management and technical skills[73]. - The total number of employees at the end of the reporting period is 72,610, with 20,259 from the parent company and 52,351 from major subsidiaries[148]. - The company conducted over 7,400 training sessions with nearly 400,000 participants throughout the year[151]. - Gree aims to cultivate over 1,500 high-skilled talents annually through its training programs[151]. - The company continues to focus on employee stock ownership plans as a strategy to enhance employee engagement and retention[129]. Financial Management - The company has established independent financial departments and accounting systems, ensuring compliance with relevant laws and regulations[194]. - Gree Electric commits to maintaining a dividend payout ratio of no less than 50% of annual net profit during shareholder meetings[198]. - The company guarantees that all related transactions are conducted at fair market prices and comply with legal disclosure obligations[197]. - The company has pledged to avoid any direct or indirect competition with its subsidiaries and related enterprises[196]. - The company has made significant investments in optimizing its after-sales training system, updating nearly 300 after-sales technical courses[153].

Revenue and Profit - Revenue for the first quarter of 2024 was RMB 36.36 billion, a 2.56% increase compared to the same period last year[3] - Total revenue for Q1 2024 reached RMB 36.60 billion, a 2.53% increase compared to RMB 35.69 billion in the same period last year[16] - Net profit attributable to shareholders was RMB 4.68 billion, up 13.77% year-over-year[3] - Net profit attributable to the parent company's owners was RMB 4.68 billion, up 13.77% from RMB 4.11 billion in the previous year[17] - Operating profit increased by 17.08% to RMB 5.32 billion from RMB 4.54 billion in Q1 2023[17] - Basic earnings per share were RMB 0.85, a 16.44% increase compared to the same period last year[3] - Basic earnings per share increased to RMB 0.85, up from RMB 0.73 in Q1 2023[18] Cash Flow and Financial Position - Net cash flow from operating activities was negative RMB 2.94 billion, a 119.52% decrease compared to the same period last year[6] - Operating cash flow decreased significantly to -2.94 billion yuan from 15.07 billion yuan in the previous period[19] - Net cash flow from investment activities improved to -1.57 billion yuan from -6.79 billion yuan[20] - Cash received from financing activities decreased to 30.80 billion yuan from 49.52 billion yuan[20] - Net cash flow from financing activities increased to 10.36 billion yuan from 2.73 billion yuan[20] - Cash and cash equivalents at the end of the period stood at 36.65 billion yuan, down from 42.71 billion yuan[20] - Cash received from tax refunds increased to 916.21 million yuan from 709.46 million yuan[19] - Cash paid for goods and services decreased to 28.25 billion yuan from 31.83 billion yuan[19] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 380.81 billion, a 3.47% increase from the end of the previous year[3] - Total assets increased to RMB 380.81 billion, up from RMB 368.05 billion at the beginning of the period[13][14] - Current assets totaled RMB 235.26 billion, compared to RMB 228.14 billion at the start of the period[13][14] - Monetary funds rose to RMB 125.15 billion from RMB 124.10 billion[13] - Accounts receivable increased to RMB 17.57 billion from RMB 16.10 billion[13] - Inventory grew to RMB 34.23 billion from RMB 32.58 billion[14] - Short-term borrowings surged to RMB 35.68 billion from RMB 26.44 billion[14] - Contract liabilities increased to RMB 20.49 billion from RMB 13.59 billion[14] - Long-term borrowings stood at RMB 39.27 billion, slightly up from RMB 39.04 billion[14] - Total liabilities amounted to RMB 209.05 billion for current liabilities and RMB 39.27 billion for non-current liabilities[14] - Total liabilities increased by 3.25% to RMB 255.45 billion from RMB 247.41 billion at the end of 2023[15] - Total equity rose by 3.91% to RMB 125.37 billion from RMB 120.65 billion at the end of 2023[15] - The company's total equity reached RMB 132.49 billion, up from RMB 127.08 billion[14] Shareholders and Equity - Shareholders' equity attributable to the parent company was RMB 121.53 billion, a 4.06% increase from the end of the previous year[3] - The top shareholder, Zhuhai Mingjun Investment Partnership, holds 16.02% of the company's shares[7] - Hong Kong Securities Clearing Company Limited holds 11.87% of the company's shares[7] Expenses and Income - R&D expenses decreased by 3.09% to RMB 1.49 billion compared to RMB 1.54 billion in the previous year[16] - Sales expenses increased by 2.71% to RMB 2.68 billion compared to RMB 2.61 billion in the previous year[16] - Financial income improved significantly to RMB -922.32 million, compared to RMB -553.29 million in Q1 2023[16] - Comprehensive income totaled RMB 3.89 billion, a decrease of 15.09% from RMB 4.58 billion in the same period last year[18] - Government subsidies received during the reporting period amounted to RMB 159.02 million[4] - Non-recurring gains and losses for the reporting period totaled RMB 149.67 million[4] Sales and Revenue - Sales revenue from goods and services dropped to 33.46 billion yuan from 55.96 billion yuan[19] Audit and Reporting - The company's first-quarter report for 2024 was not audited[21]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 29 日 格 力电器(000651.SZ) 证券研究报告 开展以旧换新，刺激需求释放 白色家电Ⅲ 投资评级 买入-A 事件：4月28日，格力电器发布公告称，为响应国务院《推动 维持评级 大规模设备更新和消费品以旧换新行动方案》，经公司研究决定， 6个月目标价 54.73元 从即日起，格力电器投入 30亿元资金，启动对家电产品的以旧换 股价 (2024-04-26) 39.50元 新活动。我们认为，格力此次以旧换新活动的补贴力度较大，有 望激发空调更新换代需求加速释放，提升格力空调销量表现。 交易数据 本次以旧换新补贴力度较大，有望加速更新需求释放：据格力 总市值(百万元) 222,440.53 以旧换新活动细则显示，本次活动针对格力牌空调的补贴金额为 流通市值(百万元) 220,539.31 240 元-1000 元，针对非格力牌空调的补贴金额为 220 元-800 元 总股本(百万股) 5,631.41 （见表 1）。对比2022年格力以旧换新活动的补贴政策（见表 2）， 流通股本(百万股) 5,583.27 我们发现： ...

没有董明珠的格力集团，换帅了。 2 月 19 日，珠海格力集团有限公司（以下简称为“格力集团”）发布公告称，根据珠海市人民政府国资委相关通知，康洪任公司党委书记、董事长；李朝 明任公司党委副书记、董事；胡传伟任公司董事、总裁；黄剑勇、程敏、陈恩任公司副总裁。 与此同时，周乐伟不再担任公司董事长、董事、党委书记、委员，李朝明不再担任公司副总裁。对此，格力集团表示，上述人员变动为正常人事调整，对 公司日常管理、生产经营及偿债能力无不利影响。本次人员变动不影响公司董事会已通过决议的有效性。公司治理结构仍符合法律规定和公司章程规定。 有意思的是，一般的企业内部人事变动并没有太多可关注的，但是这次格力集团的人事变动却在互联网引发了一片热议，究其原因是，很多围观群众 将“格力集团”与“格力电器”混淆了。 在社交媒体平台热搜榜上的“格力集团迎来新董事长”话题中，多位不知情网友忍不住发问，“董明珠呢？”但需要澄清的是，“格力集团≠格力电器”。按格 力电器在2020年2月公布的“董明珠任格力电器董事长，任期三年”的任命通知，目前董明珠仍为格力电器的董事长，且其与格力集团此次人事任免毫无关 系。 没有“接班人”也没有“流量”的格 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Viewpoints - The company is recognized as a leading player in the air conditioning sector, with a solid industry position and ongoing efforts to enhance operational efficiency through channel reforms [2]. - The company is diversifying its business beyond air conditioning into various sectors, including consumer electronics and the new energy vehicle supply chain [2]. - The company has a strong commitment to shareholder returns, having repurchased shares and distributed significant dividends since its listing [1][2]. Financial Performance Summary - The company is projected to achieve revenue between 205 billion and 210 billion yuan in 2023, representing a year-on-year growth of 7.8% to 10.4% [2]. - The estimated net profit attributable to shareholders for 2023 is expected to be between 27 billion and 29.3 billion yuan, reflecting a growth of 10.2% to 19.6% year-on-year [2]. - Historical dividend payout ratios have been high, with a dividend yield of 6.35% in 2022 [2]. Financial Data and Valuation - Revenue (in million yuan): - 2021: 189,654.03 - 2022: 190,150.67 - 2023E: 207,451.21 - 2024E: 217,081.73 - 2025E: 228,322.73 - Net profit attributable to shareholders (in million yuan): - 2021: 23,063.73 - 2022: 24,506.62 - 2023E: 28,166.25 - 2024E: 29,588.07 - 2025E: 31,124.80 - PE ratios for 2023E, 2024E, and 2025E are projected at 7.23x, 6.88x, and 6.54x respectively [3][4]. Shareholder Returns - The company has repurchased approximately 30 billion yuan worth of shares as of December 29, 2023, demonstrating confidence in its market position [1]. - Cumulative dividends paid since listing exceed 142 billion yuan, with cash dividends alone surpassing 110 billion yuan [1]. Research and Development - The company has established a robust R&D framework with 16 research institutes and over 1,400 laboratories, focusing on various technological advancements [1]. - As of the end of 2023, the company has applied for a total of 116,751 patents, including 62,162 invention patents [1]. Market Position - The company exports products to over 190 countries and regions, leveraging its technological advantages in the air conditioning industry to expand into refrigeration and heating sectors [1].

证券代码：000651 证券简称：格力电器 公告编号：2024-005 珠海格力电器股份有限公司 关于推动落实"质量回报双提升"行动方案的公告 一、实业报国，共创美好生活 格力电器是一家多元化、科技型的全球工业集团，在夯实空调主业的基础上， 坚持走自力更生、自主创新的多元化发展道路，围绕健康、舒适、节能、智能等 需求，充分发挥核心技术与完美质量等优势，实现了从"好空调 格力造"到"好 电器 格力造"的全面转型；产业链向上游延伸至压缩机、电机、芯片、漆包线、 铜杆、电容器等，下游延伸至废旧家电绿色回收处理循环再利用，实现家电生命 周期全覆盖；旗下拥有格力（GREE）、大松（TOSOT）、晶弘（KINGHOME）三大 消费品牌及凌达、凯邦、新元等工业品牌，产品已远销全球 190 多个国家和地区， 超过 6 亿用户共同见证了"格力造"的领先科技和卓越品质。 公司聚焦市场需求，深化创新技术，将压缩机技术应用到格力热泵洗护机， 可在家蒸汽护理羊毛、丝绸等高档材质的衣物，让消费者在家体验干洗店般的洗、 烘、护一体化服务；将光合水润养鲜技术、-5℃细胞级凝鲜技术和-38℃超冻技 术应用到晶弘系列冰箱，能够让瓜果蔬菜鲜花的保 ...

证券代码：000651 证券简称：格力电器 公告编号：2024-004 本员工持股计划的股票来源为公司回购专用账户中已回购的部分股份。公司 于 2021 年 5 月 26 日召开第十一届董事会第二十一次会议，审议通过了《关于回 购部分社会公众股份方案的议案》，于 2021 年 5 月 27 日披露了《关于回购部分 社会公众股份的报告书》（公告编号：2021-032）。截至 2021 年 9 月 9 日，该次 回购事项的实施事项履行完毕，公司通过股票回购专用证券账户以集中竞价交易 方式回购公司股份 315,760,027 股，占公司截至回购完成日总股本的比例为 5.25%。 2023 年 2 月 8 日，公司在巨潮资讯网披露了《关于第二期员工持股计划完 成股票非交易过户的公告》（公告编号：2023-004），公司于 2023 年 2 月 6 日公 司收到中国证券登记结算有限责任公司深圳分公司的《证券过户登记确认书》， 公司回购专用证券账户于 2023 年 2 月 3 日通过非交易过户方式将 77,163,880 股 过户至"珠海格力电器股份有限公司-第二期员工持股计划"专户，占公司当时 总股本的 1.37%，购 ...