Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances, with a target price of 54.10 CNY [5][15]. Core Views - Gree Electric Appliances is positioned as a low-valuation, high-dividend stock, with expectations for value re-evaluation. The current dividend yield is 6.2%, which is higher than that of major dividend stocks like Industrial and Commercial Bank of China (5.2%), China Shenhua (5.3%), and Yangtze Power (3.5%) [5][6]. - The report highlights the company's strong governance through employee stock ownership and share buybacks, enhancing its operational trends and profitability [5][6]. - Future projections indicate a steady increase in net profit, with estimates of 30.31 billion CNY for 2024, 32.91 billion CNY for 2025, and 36.42 billion CNY for 2026, reflecting a growth rate of 4.47%, 8.58%, and 10.66% respectively [20][22]. Summary by Sections Earnings Performance - Gree Electric's absolute return over the past year is 50.28%, with a relative return of 34.08% [2]. Dividend Analysis - The expected dividend yield of 6.2% is significant, especially in the current interest rate environment where the 10-year government bond yield is at 1.7%, making Gree's yield particularly attractive [6]. Profit Forecast and Valuation - The report forecasts Gree's revenue to be 199.35 billion CNY in 2024, with a slight decline from 205.02 billion CNY in 2023, followed by a recovery to 216.88 billion CNY in 2025 [20]. - The price-to-earnings (P/E) ratio is projected to be 8 for 2024 and 2025, indicating a favorable valuation compared to historical levels [20][22]. Governance and Corporate Actions - Gree has implemented employee stock ownership plans and share buybacks, which are expected to improve corporate governance and operational efficiency [5][6]. Market Position - Gree Electric Appliances is recognized as a leader in the air conditioning industry, benefiting from strong brand power, product strength, and channel barriers [5].

Core Viewpoint - Gree Electric Appliances is experiencing unprecedented changes in the home appliance industry, emphasizing the potential of Chinese manufacturing in the face of significant global transformations [1] Group 1: Technological Advancements - The future is characterized by technology and intelligence, with Gree having mastered technologies such as CNC machine tools, equipment molds, and industrial robots, establishing fully automated "dark factories" to liberate people from repetitive labor [2] - Gree's CNC equipment achieves an international leading positioning accuracy of 0.003mm, serving various sectors including global new energy vehicles, machinery manufacturing, and healthcare [2] Group 2: Talent Development - Talent is viewed as the internal driving force for enterprise development, requiring substantial investment in training and providing platforms for independent growth [2] - Gree has developed a standardized model for nurturing key talent groups, including innovative technical R&D personnel, application-oriented skilled workers, and pioneering management talents, supported by numerous strategic training programs [2] Group 3: Innovation and Sustainability - The consensus among home appliance companies is to pursue independent innovation and transition from "Made in China" to "Intelligent Manufacturing in China," with a focus on core technology as the foundation for sustainable development [3] - Gree aims to continuously promote industrial structure upgrades through technological innovation in the coming year [3] Group 4: Global Market Position - Chinese brands are increasingly recognized on the global stage for their high quality and technological content, shifting the perception of Chinese products from "low quality and low price" to trusted quality choices for consumers worldwide [4] Group 5: Strategic Goals - Gree plans to adhere to channel reforms and achieve high-quality development through production and sales integration by 2025, emphasizing long-termism and driving all partners towards win-win outcomes [5]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (PE) ratio of 8.2x for 2024, 7.7x for 2025, and 7.3x for 2026 [10][19][30]. Core Views - The company is expected to benefit from a significant increase in retail sales in the domestic air conditioning industry due to the promotion of trade-in programs, indicating a potential turning point for its air conditioning business [10][15]. - The projected net profits for the company are estimated to be 31 billion, 32.9 billion, and 34.7 billion yuan for the years 2024, 2025, and 2026 respectively [10][11]. Financial Summary - The company's revenue for 2022 was 190.15 billion yuan, with a projected increase to 205.02 billion yuan in 2023, followed by a slight decrease to 200.63 billion yuan in 2024 [11][32]. - The net profit attributable to the parent company is forecasted to grow from 24.51 billion yuan in 2022 to 29.02 billion yuan in 2023, and further to 31.02 billion yuan in 2024 [11][32]. - The earnings per share (EPS) is expected to rise from 4.38 yuan in 2022 to 5.18 yuan in 2023, reaching 5.54 yuan in 2024 [11][32]. Dividend Policy - The company has a strong focus on shareholder returns, with a proposed cash dividend of 10 yuan per 10 shares for the first half of 2024, reflecting a payout ratio of 39% [13][17]. - The company aims to distribute a total cash dividend of no less than 50% of its net profit annually from 2022 to 2024, ensuring consistent returns to shareholders [23]. Shareholder Return Plan - The company has outlined a three-year shareholder return plan, committing to distribute at least 30% of the average distributable profits over the last three years [23]. Market Performance - The company's stock price has shown a significant increase, outperforming the market with a 53% rise compared to the Shanghai Composite Index [12]. Financial Ratios - The company’s price-to-book (P/B) ratio is projected to decrease from 2.63 in 2022 to 1.76 in 2026, indicating improved valuation over time [11][34]. - The debt-to-asset ratio stands at 65.05%, reflecting the company's leverage position [19]. Future Outlook - The report suggests that the company is well-positioned for growth in the coming years, particularly in the air conditioning sector, which is expected to recover and expand [10][15].

证券代码：000651 证券简称：格力电器 公告编号：2024-041 珠海格力电器股份有限公司 第十二届监事会第二十次会议决议公告 本公司及监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、监事会会议召开情况 本议案尚需提交公司股东大会审议。 特此公告。 珠海格力电器股份有限公司监事会 二〇二四年十二月三十一日 二、监事会会议审议情况 以 3 票同意，0 票反对，0 票弃权审议通过了《2024 年中期利润分配预案》。 为积极响应《国务院关于加强监管防范风险推动资本市场高质量发展的若干 意见》及中国证监会、深圳证券交易所相关文件指导精神，按照有关法律法规、 公司章程以及公司 2022 年-2024 年股东回报规划，结合实际经营情况，保障公 司现金分红的稳定性、持续性和可预期性,制定 2024 年中期利润分配预案。 公 司 拟 以 本 利 润 分 配 预 案 披 露 日 享 有 利 润 分 配 权 的 股 本 总 数 5,521,943,646 股（总股本 5,601,405,741 股扣除公司回购账户持有的股份 79,462,095 股）为基数，向全体股东每 10 ...

证券代码：000651 证券简称：格力电器 公告编号：2024-040 珠海格力电器股份有限公司 第十二届董事会第二十四次会议决议公告 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 2024 年 12 月 30 日以 电子邮件方式发出关于召开第十二届董事会第二十四次会议的通知，会议于 2024 年 12 月 31 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》（以下简称"《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 为积极响应《国务院关于加强监管防范风险推动资本市场高质量发展的若干 意见》及中国证监会、深圳证券交易所相关文件指导精神，按照有关法律法规、 公司章程以及公司 2022 年-2024 年股东回报规划，结合实际经营情况，保障公 司现金分红的稳定性、持续性和可预期性,制定 2024 年中期利润分配预案。 公 司 ...

证券代码：000651 证券简称：格力电器 公告编号：2024-042 ●每股分配比例：每10股派发现金红利10元（含税），不送红股，不以公积 金转增股本。 ●本次利润分配以实施权益分派股权登记日登记的享有利润分配权的股本为 基数。 ●在实施权益分派的股权登记日前享有利润分配权的股本总数发生变化，公 司拟维持每股分配比例不变，相应调整分配总额。 珠海格力电器股份有限公司（以下简称"公司"）于2024年12月31日召开第 十二届董事会第二十四次会议和第十二届监事会第二十次会议审议通过了《2024 年中期利润分配预案》，现将具体情况公告如下： 一、公司可供分配利润情况 珠海格力电器股份有限公司 2024年中期利润分配预案的公告 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。 重要内容提示： 三、利润分配预案的合法性、合规性及合理性 公司2024年中期利润分配预案符合中国证监会《关于进一步落实上市公司现 金分红有关事项的通知》《上市公司监管指引第3号—上市公司现金分红（2023 年修订）》《公司章程》《公司未来三年股东回报规划（2022年-2024年）（修 订稿）》 ...

证券代码：000651 证券简称：格力电器 公告编号：2024-039 二〇二四年十二月二十八日 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副 总裁、总工程师谭建明先生因退休不再担任副总裁、总工程师职务的报告，申请 报告自送达董事会时生效。谭建明先生退休后不再担任公司任何职务，退休不会 影响公司相关工作的正常开展。 截至本公告日，谭建明先生持有公司股票 1,985,769 股，占公司总股本的 0.0355%，上述股份将按照《上市公司董事、监事和高级管理人员所持本公司股 份及其变动管理规则》《上市公司股东减持股份管理暂行办法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 18 号——股东及 董事、监事、高级管理人员减持股份》以及公司员工持股计划自愿锁定期等有关 规定进行管理。 谭建明先生在担任公司高级管理人员期间，恪尽职守、勤勉尽责，公司及公 司董事会对谭建明先生在任职期间为公司发展所做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 珠海格力电器股份有限公司 关于公司高级管理人员变动的公告 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 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨格力电器（000651.SZ） [Table_Title] 营收规模短期承压，盈利能力显著提升 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 2024 年前三季度公司实现营业收入 1467.22 亿元，同比同比下滑 5.34% ，实现归母净利润 | | | 219.61 亿元，同比增长 9.30% ，实现扣非归母净利润 211.63 亿元，同比增长 10.14% ；其中， 2024Q3 公司实现营业收入 469.39 亿元，同比下滑 15.84% ，实现归母净利润 78.25 亿元，同 | | | 比增长 ...

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连续5个交易日涨停后，海立股份（600619）宣布在近两日遭到股东减持，实施减持的股东是入股超六 年的格力电器（000651）。 11月8日晚间，海立股份公告，在11月7日至11月8日期间，格力电器以集中竞价方式减持公司股份 676.37万股，减持比例0.63%。本次减持后，格力电器方面对海立股份的持股比例由5.63%降至5%以 下。 Wind统计，11月7日至11月8日两个交易日，海立股份平均股价为18.1元/股，估算格力电器在这两个交 易日减持的成交额约为1.22亿元。而以海立股份今日收盘价估算，格力电器所持剩余约5%股份，整体 价值约10亿元。 值得注意的是，格力电器本次减持时间点处于海立股份股价异动期间，11月4日至8日期间的5个交易 日，海立股份全部完成涨停。其间，海立股份还曾披露股票交易风险提示公告称，对于社会舆情中讨论 涉及的公司重组等传闻，公司未接到控股股东关于上述传闻事项的有关信息。 事实上，截至今年三季度末，格力电器对海立股份的持股比例还高达8.41%，这意味着，自10月1日至 今，格力电器对海立股份累计减持的股份比例已经达到了3.41%以上。以四季度以来海立股份平均15元/ 股的股价估算 ...