Investment Rating - The investment rating for Gree Electric Appliances is "Buy" and is maintained [10]. Core Viewpoints - Gree Electric Appliances has been undervalued in the white goods sector due to market concerns about its growth potential. However, the air conditioning segment remains one of the most promising areas in the home appliance industry, suggesting that Gree's growth prospects may be better than perceived. The company has maintained strong competitiveness despite recent revenue declines and has begun establishing a presence in emerging overseas markets, indicating potential for market share recovery [2][9][101]. Summary by Sections Valuation Concerns - Gree's valuation has been low compared to peers like Midea and Haier, primarily due to its heavy reliance on the air conditioning business and domestic market, which limits perceived growth potential [4][21]. Growth Potential - Gree's current business layout is primarily focused on air conditioning, but it is argued that the air conditioning market still offers significant growth opportunities. If Gree can maintain its competitive edge in this sector, its future may be more promising than market expectations suggest [5][35]. Competitive Position - Gree's market share in air conditioning has declined, contributing to its low valuation. However, this decline is attributed more to external market conditions rather than a weakening of Gree's brand strength. Recent improvements in consumer spending and government subsidies are expected to support a recovery in Gree's market share [6][50][74]. International Expansion - Gree's low export revenue is not solely due to a lack of overseas expansion but also reflects the pricing of its products. The company has made significant strides in establishing its brand in emerging markets, with a notable increase in overseas revenue share [7][86]. Underestimation of Value - Gree's financial position is strong, with substantial cash reserves and a low asset premium compared to its market capitalization. The company's return on equity is high, yet its price-to-book ratio is significantly lower than that of its competitors, indicating considerable room for valuation recovery [8][97]. Investment Outlook - The report anticipates that Gree's net profit will grow significantly over the next few years, with projected figures of 31.44 billion, 34.06 billion, and 36.96 billion yuan for 2024, 2025, and 2026 respectively. The corresponding price-to-earnings ratios are expected to be 8.00, 7.38, and 6.80 times [101].

根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 1 号—主板上市公司规范运作》等相关规定，现将公司 本期员工持股计划实施进展情况公告如下： 一、本期员工持股计划的股票来源情况 本期员工持股计划的股票来源为公司回购专用账户中第四期回购计划已回 购的部分股份，股票规模为不超过 79,462,095 股，占当时公司总股本的 1.41%。 二、本期员工持股计划完成股票非交易过户情况 股票代码：000651 股票简称：格力电器 公告编号：2025-003 珠海格力电器股份有限公司 关于第三期员工持股计划非交易过户完成的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 珠海格力电器股份有限公司（以下简称"公司"）于 2024 年 8 月 2 日召开 第十二届董事会第十九次会议和第十二届监事会第十六次会议，审议通过了《关 于<珠海格力电器股份有限公司第三期员工持股计划（草案）>的议案》等相关议 案，并于 2024 年 8 月 19 日召开 2024 年第一次临时股东大会，审议通过了《关 于<珠海格力电器股份有限公 ...

Core Viewpoint - The article highlights the achievements of Zheng Linsong, a technician at Gree Electric Appliances, who won the first prize in the robot system integration competition and was awarded the title of "Craftsman of Beijing-Tianjin-Hebei" for his dedication and innovative spirit in the field of automation and equipment maintenance [1][2]. Group 1: Achievements and Recognition - Zheng Linsong won the first prize in the robot system integration competition and received the "Craftsman of Beijing-Tianjin-Hebei" honor [1]. - His efforts in innovation and skill development have led to the cultivation of over 10 skilled talents in his department [1][8]. Group 2: Work Ethic and Learning - Zheng Linsong is known for his diligent work ethic, often walking over 20,000 steps a day in the workshop to inspect equipment [2]. - He emphasizes the importance of combining theoretical knowledge with practical experience, having mastered all operational skills within three months of joining the company [3][4]. Group 3: Innovation and Automation - Zheng Linsong has played a crucial role in advancing automation in the production process, achieving nearly a 20% increase in production efficiency through various automation projects [7]. - He actively pursued training in robot application and has led initiatives to automate multiple production tasks, demonstrating a commitment to improving operational efficiency [6][7]. Group 4: Mentorship and Skill Development - As a technical backbone of the workshop, Zheng Linsong takes on a mentorship role, guiding apprentices and encouraging them to take on challenging tasks [8]. - His strict yet supportive approach has helped many apprentices, including one who achieved fourth place in a robot programming competition, to enhance their technical skills [8].

Core Viewpoint - Gree Electric Appliances has publicly denied rumors regarding the suspension of its chairman, Dong Mingzhu, labeling them as malicious fabrications that mislead the public and harm the company's reputation [1] Group 1 - The company emphasized that the claims made by the user "许韬de微博" are entirely false and constitute a serious misrepresentation [1] - Gree Electric Appliances plans to take legal action against the individual responsible for spreading these rumors to protect the rights and reputation of the company and its executives [1]

Investment Rating - The investment rating for Gree Electric Appliances is "Buy" with a target price not specified [3][2]. Core Views - The management team is becoming younger, which is beneficial for the company's long-term development. The new board secretary, Zhang Zhouhu, has a background in finance and has been with Gree since 2007 [1][2]. - The domestic air conditioning industry is expected to see significant retail growth in Q4 due to the promotion of old-for-new exchanges, indicating a potential turning point for the company's air conditioning business [2]. - The projected net profits for Gree Electric Appliances from 2024 to 2026 are estimated to be 31 billion, 33 billion, and 35 billion yuan respectively, with corresponding P/E ratios of 8.1x, 7.6x, and 7.3x [2]. Financial Data Summary - Total revenue for 2022 was 190.15 billion yuan, with a projected revenue of 205.02 billion yuan for 2023 and a slight decline to 200.63 billion yuan in 2024 [7][10]. - The net profit attributable to the parent company for 2022 was 24.51 billion yuan, expected to rise to 29.02 billion yuan in 2023 and further to 31.02 billion yuan in 2024 [7][10]. - The company's earnings per share (EPS) are projected to increase from 4.38 yuan in 2022 to 5.54 yuan in 2024 [7][10]. - The company's asset-liability ratio was 65.05% as of the latest report, indicating a moderate level of debt [4][10].

Core Viewpoint - The establishment of a new company named "Geli Power Technology" in Ganzhou, with a registered capital of 1 million yuan, indicates a growing interest in the home appliance and electrical equipment sector in China [1]. Company Summary - The legal representative of Geli Power Technology is identified as Wang Wei [1]. - The company is involved in various activities including the sale of home appliances, installation services, daily electrical appliance repairs, and online sales of electrical products [1]. - Geli Power Technology has already made investments in multiple locations across the country, suggesting a strategic expansion plan [1].

证券代码：000651 证券简称：格力电器 公告编号：2025-001 珠海格力电器股份有限公司 第十二届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 珠海格力电器股份有限公司（以下简称"公司"）于 2025 年 1 月 9 日以电 子邮件方式发出关于召开第十二届董事会第二十五次会议的通知，会议于 2025 年 1 月 10 日以通讯表决的方式召开。会议由董事长董明珠女士主持，应出席会 议董事 9 人，实际出席会议董事 9 人。本次会议召集、召开符合《中华人民共和 国公司法》和《珠海格力电器股份有限公司章程》（以下简称"《公司章程》"） 的规定。 二、董事会会议审议情况 以 9 票同意、0 票反对、0 票弃权审议通过了《关于变更公司董事会秘书的 议案》。 邓晓博先生因工作职责调整，不再担任公司董事会秘书职务，继续担任公司 董事、副总裁职务。根据《深圳证券交易所股票上市规则》及《公司章程》等相 关规定，经公司董事长提名、董事会提名委员会审核，董事会同意聘任章周虎先 生为公司董事会秘书，任期自本次董事会审议通 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][6]. Core Insights - The 2025 home appliance subsidy policy is expected to significantly benefit air conditioning sales, with consumers eligible for subsidies of up to 2000 RMB per unit for energy-efficient products [6][7]. - The company has a high revenue proportion from air conditioning, accounting for 74% of its total revenue in 2023, which positions it to benefit more from the new subsidy policy compared to competitors [7]. - The company plans to distribute a cash dividend of 55.2 billion RMB for the mid-year, with a dividend payout ratio of approximately 39%, indicating strong shareholder returns [7]. - Profit forecasts for the company show a net profit of 323.4 billion RMB in 2024, growing to 387.0 billion RMB by 2026, with corresponding EPS of 5.8 RMB and 6.9 RMB respectively [7][9]. Summary by Sections Company Overview - The company operates in the home appliance industry, with a current A-share price of 45.65 RMB and a target price of 55 RMB [1][6]. - Major shareholders include Zhuhai Mingjun Investment Partnership, holding 16.02% of shares [1]. Financial Performance - The company reported a net profit of 29.02 billion RMB in 2023, with projections of 32.34 billion RMB in 2024 and 35.77 billion RMB in 2025 [9]. - The expected dividend per share (DPS) is projected to increase from 2.60 RMB in 2024 to 3.45 RMB in 2026, reflecting a growing dividend yield [9]. Market Position - The company holds a significant market share in the air conditioning segment, which is expected to see increased demand due to favorable government policies [6][7]. - The report highlights the potential for growth in air conditioning ownership in China, which remains below levels seen in Japan, indicating room for market expansion [7].

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances (stock code: 000651) [3][6][10] Core Views - The company is expected to continue its high dividend payout, with a mid-term dividend rate of 45% based on a net profit of 12.38 billion yuan for the first half of 2024 [6] - Gree Electric Appliances is positioned as a leader in the white goods sector, benefiting from a favorable air conditioning market environment and expected to achieve significant revenue growth [6][10] - The report forecasts Gree's net profit for 2024-2026 to be 32.78 billion, 36.15 billion, and 38.79 billion yuan respectively, with corresponding EPS of 5.85, 6.45, and 6.92 yuan [6][10] Financial Forecast Summary Revenue and Profitability - **Revenue Forecast (Million Yuan)**: - 2023A: 205,018.12 - 2024E: 235,525.00 (growth rate: 14.88%) - 2025E: 252,015.00 (growth rate: 7.00%) - 2026E: 266,313.00 (growth rate: 5.67%) [3][9] - **Net Profit Forecast (Million Yuan)**: - 2023A: 29,017.39 - 2024E: 32,779.41 (growth rate: 12.96%) - 2025E: 36,146.92 (growth rate: 10.27%) - 2026E: 38,787.66 (growth rate: 7.31%) [3][9] Earnings Per Share (EPS) and Valuation - **EPS Forecast (Yuan)**: - 2023A: 5.18 - 2024E: 5.85 - 2025E: 6.45 - 2026E: 6.92 [3][9] - **Price-to-Earnings (PE) Ratio**: - 2024E: 7.77 - 2025E: 7.04 - 2026E: 6.56 [3][9] Dividend Policy - The company has a historical dividend payout rate that has varied, with a notable 45% payout for the first half of 2024, and a commitment to maintain a minimum of 2 yuan per share or 50% of net profit for the years 2022-2024 [6][10]

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a potential upside of 15% to 35% [6][14]. Core Insights - The company is expected to benefit from the continuation of national subsidy policies for home appliances, particularly air conditioners, which have shown significant sales growth in recent months [5][14]. - The company has a high dividend payout ratio, with a proposed cash dividend of 55.2 billion RMB, translating to a dividend yield of approximately 2.2% based on the previous closing price [10][20]. - Future projections indicate a steady increase in net profit, with estimates of 323.4 billion RMB, 357.7 billion RMB, and 387.0 billion RMB for the years 2024 to 2026, respectively [14]. Product Portfolio - The company's product mix is heavily weighted towards air conditioning, which accounts for 88% of its revenue, while green energy and home appliances each contribute 3% [2]. Financial Performance - The company reported a net profit of 141.4 billion RMB for the first half of 2024, with a significant portion available for distribution as dividends [10]. - The projected earnings per share (EPS) for the upcoming years are 5.8 RMB, 6.4 RMB, and 6.9 RMB for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 8, 7, and 7 [14]. Market Position - The company's stock price has shown a notable increase of 52.6% over the past year, reflecting strong market performance [18]. - The company has a market capitalization of approximately 255.6 billion RMB, with a price-to-book ratio of 2.05 [18].