GREE(000651) 搜狐财经·2025-05-17 03:16Core Viewpoint - Gree Electric Appliances has faced significant challenges since its peak in late 2020, with discussions surrounding its future growth prospects intensifying as it navigates a prolonged downturn in revenue while managing to increase net profit through cost control and product optimization [1][3]. Financial Performance - In 2024, Gree's revenue declined by 7.31% year-on-year to CNY 190 billion, marking a continued slowdown in growth since 2021 [3][4]. - Despite the revenue drop, net profit increased by 10.91% to CNY 32.185 billion, attributed to effective cost management and product structure optimization [3][4]. - In Q1 2025, Gree's revenue rebounded with a 13.78% year-on-year increase to CNY 41.639 billion, and net profit surged by 26.29% to CNY 5.904 billion, driven by the "trade-in" policy and consumer upgrade trends [3][4]. Dividend and Valuation - Gree Electric has demonstrated strong performance in dividends, with a dividend yield exceeding that of some bank stocks and significantly above the market average, reported at 7.44% [4]. - The current dynamic price-to-earnings ratio stands at 10.81, suggesting potential for valuation recovery as performance stabilizes, especially supported by high dividend yields [6]. Market Position and Future Outlook - Gree has transformed from a single air conditioning manufacturer to a diversified enterprise covering home appliances, smart equipment, and renewable energy, maintaining a leading position in product quality, technological innovation, and brand influence [3]. - The company is at a turning point, facing both opportunities and challenges, and is gradually emerging from its downturn by optimizing products and services, enhancing cost control, and increasing shareholder returns [6].