Investment Rating - Buy rating maintained for Gree Electric (000651 SZ) [3] Core Views - Gree Electric has been a leader in the air conditioning industry for over 30 years and is actively promoting channel reforms which are expected to boost its market share [2] - The company is increasing its focus on the refrigerator washing machine and export businesses which are expected to bring incremental growth [2] - Gree Electric has ample cash reserves and strong long term dividend paying capabilities making it a stable investment [2] Business Overview - Gree Electric achieved revenue of 204 billion yuan in 2023 a YoY increase of 7 93% and net profit attributable to shareholders of 29 billion yuan a YoY increase of 18 41% [4] - The company operates 77 production bases and 16 research institutes globally with products sold in over 190 countries and regions [4] - Air conditioning remains the core business accounting for 74 13% of total revenue in 2023 [18] Air Conditioning Business - Gree Electric has established strong brand recognition and cost advantages in the air conditioning industry [4] - The company is undergoing channel reforms to adapt to the shift towards online sales which is expected to improve market share [5] - China's air conditioning market still has significant growth potential with per 100 household ownership far from saturation [5][48] Diversification and New Growth Drivers - Gree Electric is exploring new growth areas including new energy industries through acquisitions of Gree Titanium and DunAn Environment [6] - The company is increasing its focus on the refrigerator washing machine and export businesses to diversify revenue streams [7] - Gree Electric has established a refrigerator and washing machine marketing company to improve channel efficiency and market penetration [7] Financial Performance and Dividend Policy - Gree Electric has shown strong revenue and profit growth with contract liabilities increasing by 6 9 billion yuan in Q1 2024 indicating strong dealer confidence [8] - The company has a high level of sales rebates reaching 50 881 billion yuan at the end of 2023 [8] - Gree Electric has ample cash reserves and a history of high dividend payouts with a payout ratio of 59% over the past five years [8][62] Future Outlook - Gree Electric is expected to achieve net profits of 31 945 billion yuan 34 251 billion yuan and 37 606 billion yuan in 2024 2025 and 2026 respectively [9] - The company's PE ratios for 2024 2025 and 2026 are projected to be 6 9 6 4 and 5 8 times respectively [9]

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 格力电器（000651）公司半年报点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|---------------| | 股票数据 | | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | 40.53 | | 52 周股价波动（元） | 30.78-43.83 | | 总股本 / 流通 A 股（百万股） | 5631/5545 | | 总市值 / 流通市值（百万元 | 228241/224757 | | 相关研究 | | | [Table_ReportInfo] 《收入利润稳健增长》 | 2024.05.07 | | 《收入利润稳健增长，增持格力钛新能源》 | | | 2024.01.04 | | 市场表现 [Table_QuoteInfo] 格力电器 海通综指 -16.14% -9.14% -2.14% 4.86% ...

格力电器（000651）/家电 证券研究报告/公司点评 2024 年 9 月 1 日 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------|-----------------------------------------------|--------------|------------|---------|---------|---------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 39.7 元 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：姚玮 | 营业收入（百万元） | 190,151 | 205,018 | 208,879 | 215,787 | 222,761 | | | 增长率 yoy% | 0% | 8% | 2% | ...

%% %% 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] 营收表现稳健，结构改善带动业绩增长 | --- | --- | --- | |-------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | | [Table_Summary] 公司发布 2024 年中报：公司 | 2024H1 实现营业收入 997.83 亿元，同比 +0.55% ，实现归母净 | | | 利润 141.36 亿元，同比 +11.54% 2024Q2 实现营业收入 636.91 | ，实现扣非归母净利润 138.64 亿元，同比 +14.91% ，其中 亿元，同比 -0.63% ，实现归母净利润 94.61 亿元，同比 ...

上 市 公 司 证 券 研 究 报 告 家用电器 2024 年 09 月 03 日 格力电器 (000651) ——2024 年中报点评：空调主业稳健，盈利能力提升 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 40.05 | | 一年内最高/最低（元） | 43.83/30.78 | | 市净率 | 1.9 | | 息率（分红 / 股价） | 5.94 | | 流通 A 股市值（百万元） | 222,095 | | 上证指数/深证成指 | 2,811.04/8,172.21 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 20.91 | | 资产负 ...

证券研究报告 格力电器 (000651 CH) 空调龙头净利润稳步释放，仍为低估值、高股息标杆 公司披露 2024 年中报，1H2024 公司实现营业总收入 1002.87 亿元，同比 +0.5%，归母净利 141.36 亿元，同比+11.5%，其中，2Q2024 营收同比-0.6%， 归母净利同比+10.5%。公司仍将重点聚焦空调，并稳步推动渠道改革，且 加速发展多元潜力业务。我们维持 24-26 年预测 EPS 为 5.93、6.87、7.78 元，截至 2024/8/30，Wind 可比公司 2024 年平均 PE 为 10.5x，考虑到渠 道改革继续稳步推进，但仍存国际化表现偏慢等担忧，给予公司 2024 年 8xPE 估值，对应目标价 47.44 元（前值 59.3 元），维持"买入"评级。 空调出货季度波动，后续换新需求或支撑内销修复 核心主业上半年表现稳健，1H24 公司空调业务收入 779.61 亿元，同比 +11.38%。产业季度变化上看，2Q24 空调内销承压，5 月以来华南、华中 地区频繁降雨，一定程度影响了内销出货量表现。根据产业在线数据，2024 年 4-6 月公司空调出货量同比-5 ...

Investment Rating - The investment rating for Gree Electric Appliances is "Buy" (maintained) [5][7]. Core Views - Gree Electric Appliances reported stable revenue in Q2 2024, with strong performance expected due to frequent high temperatures and the gradual implementation of domestic sales policies, which may improve industry demand and company operations [2][7]. - The company's PE valuation is relatively low compared to other leading white goods manufacturers, and it offers an attractive dividend yield [2][7]. Financial Performance Summary - In H1 2024, Gree Electric achieved operating revenue of 99.783 billion yuan, a year-on-year increase of 0.55%, and a net profit attributable to shareholders of 14.136 billion yuan, up 11.54% year-on-year [7]. - Q2 2024 revenue was 63.419 billion yuan, a decrease of 0.57% year-on-year, while net profit attributable to shareholders was 9.461 billion yuan, an increase of 10.47% year-on-year [7]. - The air conditioning segment saw revenue of 77.961 billion yuan in H1 2024, growing by 11.38% year-on-year, outperforming the overall company growth [7]. - Domestic sales revenue reached 75.119 billion yuan, up 9.01% year-on-year, while export revenue was 14.825 billion yuan, increasing by 15.64% year-on-year [7]. - The overall gross margin improved by 1.72 percentage points year-on-year, with Q2 gross margin up by 1.57 percentage points year-on-year [7][9]. Cash Flow and Inventory Management - Operating cash flow for H1 2024 was 5.122 billion yuan, with Q2 showing a significant improvement to 8.063 billion yuan [7]. - As of June 30, 2024, contract liabilities decreased to 14.106 billion yuan, down 6.385 billion yuan from the previous quarter [7]. - Inventory levels were reported at 29.123 billion yuan, a decrease of 5.104 billion yuan from the previous quarter [7]. Future Outlook - The company anticipates improved operational performance in the coming quarters due to favorable weather conditions and the implementation of supportive domestic policies [2][7]. - Projected net profits for 2024 and 2025 are expected to be 32 billion yuan and 35.5 billion yuan, respectively, with current PE ratios of 7.0 and 6.3 times [7].

2024 年 9 月 2 日 公司研究 业绩超出预期，Q2 净利率再创新高 ——格力电器（000651.SZ）2024 年中报点评 买入（维持） 当前价/目标价：39.70/46.62 元 要点 作者 分析师：洪吉然 执业证书编号：S0930521070002 021- 52523793 hongjiran@ebscn.com 事件： 24H1 公司实现营收 1003 亿元（yoy+1%），归母净利润 141 亿元（yoy+12%）， 扣非归母净利润 139 亿元（yoy+15%）。24Q2 实现营收 637 亿元（yoy-0.6%）， 归母净利润 95 亿元（yoy+10%），扣非归母净利润 93 亿元（yoy+12%），业绩 增长超出市场预期。 点评： | --- | --- | |-----------------------|-------------| | | | | 市场数据 | | | 总股本(亿股 ) | 56.31 | | 总市值 (亿元) ： | 2236 | | 一年最低 /最高( 元)： | 29.06/41.39 | | 近 3 月换手率： | 35.55% | -16% -6% 4 ...

2024 年 09 月 02 日 公司点评 买入/维持 格力电器(000651) 目标价: 昨收盘:39.70 格力电器：2024Q2 盈利能力持续提升，空调品类和外销业务实现较快增长 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 格力电器 沪深300 ◼ 股票数据 总股本/流通(亿股) 56.31/56.31 总市值/流通(亿元) 2,235.67/2,23 12 个月内最高/最低价 (元) 43.83/30.78 5.67 相关研究报告 <<格力电器系列深度（一）：家空主业 为锚龙头地位稳固，铜价上涨+红海 事件拉动行业排产快增>>--2024- 06-17 <<格力电器：2024Q1 盈利能力持续提 升，投资 30 亿元启动"以旧换新"活 动>>--2024-05-05 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S119012403000 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company's revenue performance is stable, with continuous improvement in profitability [3] - In H1 2024, the company achieved revenue of 1002.9 billion yuan, a year-on-year increase of 0.5%, and net profit attributable to the parent company of 141.4 billion yuan, a year-on-year increase of 11.5% [3] - The company's air conditioning business grew well, with H1 revenue increasing by 11.4% year-on-year to 779.6 billion yuan [3] - The company's gross profit margin improved by 1.7 percentage points year-on-year to 30.5% in H1 2024, driven by changes in business structure [3] - The company's net profit margin attributable to the parent company increased by 1.5 percentage points year-on-year to 14.9% in Q2 2024 [3] Financial Performance and Projections - Revenue is projected to grow from 217,847 million yuan in 2024E to 238,189 million yuan in 2026E, with year-on-year growth rates of 6.3%, 4.7%, and 4.4% respectively [3] - Net profit attributable to the parent company is expected to increase from 32,653 million yuan in 2024E to 37,176 million yuan in 2026E, with year-on-year growth rates of 12.5%, 7.4%, and 6.0% respectively [3] - Earnings per share (EPS) are forecasted to rise from 5.80 yuan in 2024E to 6.60 yuan in 2026E [3] - The company's ROE is expected to decline slightly from 24.5% in 2024E to 22.7% in 2026E [3] - The company's PE ratio is projected to decrease from 6.8x in 2024E to 6.0x in 2026E [3] Business Segments - The air conditioning business contributed 779.6 billion yuan in H1 2024, accounting for a significant portion of the company's revenue [3] - Other main businesses, including industrial products and home appliances, also showed steady growth, with industrial products revenue increasing by 13.0% year-on-year to 62.0 billion yuan in H1 2024 [3] - The green energy segment saw a decline of 31.8% year-on-year to 19.9 billion yuan in H1 2024 [3] Operational Efficiency - The company's gross profit margin improved due to a significant reduction in the proportion of low-margin businesses [3] - The company's expense ratios remained stable or decreased slightly, with the sales expense ratio decreasing by 0.5 percentage points year-on-year to 8.5% in Q2 2024 [3] - The company's operating cash flow decreased by 49.0% year-on-year to 8.06 billion yuan in Q2 2024, but the cash content of net profit attributable to the parent company remained high at 85.2% [3] Industry Context - The air conditioning industry saw a 12.5% year-on-year increase in total sales in Q2 2024, driven by a 38.7% increase in export sales [3] - Domestic air conditioning sales were affected by unfavorable weather conditions, but the implementation of replacement policies is expected to drive future growth [3]