Guo Ji Jin Rong Bao·2025-04-29 12:14Core Viewpoint - Gree Electric's new leadership faces the challenge of restoring revenue to over 200 billion yuan, as the company reported a revenue of 190 billion yuan for 2024, a decline of 7.31% year-on-year, while net profit increased by 10.91% to 32.185 billion yuan [1][2]. Revenue Performance - Gree Electric's revenue for 2024 was 1900.38 billion yuan, marking a 7.31% decline compared to the previous year, which is the first revenue drop in four years [2][5]. - In contrast, Midea Group achieved a revenue of 4090.84 billion yuan, a growth of 9.47%, and Haier Smart Home reported 2859.80 billion yuan, a growth of 4.29% [2][3]. - Gree Electric's revenue composition shows that consumer electronics accounted for 78.54% of total revenue, while industrial products and green energy made up 9.12% [4]. Profitability Analysis - Despite the revenue decline, Gree Electric's net profit reached 32.185 billion yuan, with a growth rate of 10.91%, placing it second among the three giants [5][6]. - Gree Electric's net profit margin improved to 17.11%, an increase of 3.52 percentage points year-on-year, indicating strong profitability despite revenue challenges [6][7]. Dividend Distribution - Gree Electric plans to distribute a cash dividend of 20 yuan per 10 shares, totaling approximately 11.170 billion yuan, contributing to a cumulative cash dividend of 16.692 billion yuan for 2024 [1]. Sales Expenses - Gree Electric significantly reduced its sales expenses by 34.11% to 9.753 billion yuan, which is only 5.13% of its revenue, contrasting with Midea and Haier, which had sales expenses exceeding 30 billion yuan [8][9]. Market Positioning - The competition among the three giants is intensifying, with Gree Electric and Midea both claiming to be the leader in the air conditioning market, using different metrics to support their claims [11][12]. - Gree Electric's air conditioning segment generated revenue of 779.61 billion yuan, while Midea's HVAC revenue was 1014.61 billion yuan, indicating a competitive landscape [10][16].