GREE(SZ:000651) Ge Long Hui A P P·2025-11-12 08:59Core Viewpoint - Gree Electric Appliances has experienced a decline in revenue due to channel transformation and other factors, but the disturbances are expected to gradually narrow in the future [1] Group 1: Financial Performance - In the first three quarters of 2025, the company's operating revenue decreased by 6.50% year-on-year, with Q1/Q2/Q3 showing growth of +14.14%, a decline of -11.99%, and -15.09% respectively [1] - In Q3 alone, the home air conditioning industry saw a total sales volume decline of 2.71% year-on-year, with domestic sales increasing by 5.51% and exports decreasing by 12.94% [1] - The company's revenue growth rate is lower than the overall industry performance [1] Group 2: Profitability and Business Strategy - The gross profit margin has declined year-on-year, but profitability has improved due to impairment factors [1] - The company has established multiple industrial brand matrices, covering both consumer goods and industrial equipment sectors, and has achieved upstream and downstream extension in its industrial chain [1] Group 3: Future Outlook - It is anticipated that the operational pain caused by channel transformation will gradually ease, and terminal competitiveness is expected to recover [1] - Projected net profits for the company from 2025 to 2027 are 31.781 billion, 33.530 billion, and 35.712 billion yuan, with corresponding P/E ratios of 7.13, 6.76, and 6.35 times [1] - The company maintains a "buy" rating [1]