Ge Long Hui·2025-09-28 05:20Core Viewpoint - Gree Electric's expected dividend yield for 2025 exceeds 7%, indicating a bottoming characteristic based on historical experience [1] Financial Performance - The forecasted net profit for Gree Electric is 33 billion yuan for 2025, with a cash dividend rate assumption of 52%, leading to an expected dividend yield of 7.7% [1] - The net profit predictions for 2025-2027 are maintained at 33 billion, 35.8 billion, and 38.2 billion yuan respectively [1] Market Position - Online price competition has eased in Q3 2025, which is beneficial for the company to regain market share in the online segment [1] - Gree Electric has accelerated its expansion into Southeast Asia, increasing its self-owned brand export share from 30% to 80% over ten years [1] Investment Appeal - In the current low-interest-rate market environment, high-dividend assets with both yield and safety attributes are strongly valued [1] - The company maintains a "buy" rating with a target price of 54.10 yuan, supported by strong dividend protection capability, performance certainty, and asset scarcity [1]