格力电器：新一轮激励落地，政策经营有望共振

Investment Rating - The investment rating for Gree Electric Appliances is "Buy" (maintained) [6] Core Insights - Gree Electric Appliances has launched its third employee stock ownership plan, involving up to 12,000 employees with a funding scale not exceeding 1.614 billion yuan and a stock scale of up to 7.94621 million shares, accounting for 1.41% of the total share capital [3][10] - The share purchase price is set at 20.31 yuan per share, which is 50% of the average price on the trading day before the board meeting [10] - The plan includes performance targets for the first and second phases, requiring a weighted average return on equity (ROE) of no less than 20% for the fiscal years 2024 and 2025 [11] - The new incentive plan is expected to have a positive impact due to the recent government subsidies for replacing old appliances, which aligns with the company's operational strategies [11] Summary by Sections Company Overview - Gree Electric Appliances operates in the home appliance/white goods industry [6] - Current stock price is 40.65 yuan, with a total market capitalization of approximately 226.96 billion yuan [6] Financial Data - Total shares outstanding: 5,631.41 million; circulating shares: 5,583.15 million [6] - Earnings per share (EPS) for 2024 is projected at 5.68 yuan, with a price-to-earnings (P/E) ratio of 7.2 [11] - Revenue for 2024 is estimated at 218.51 billion yuan, reflecting a growth rate of 7.13% [11] Performance Projections - Expected net profit for 2024 is 31.99 billion yuan, with a growth rate of 10.24% [11] - The company anticipates achieving net profits of 32 billion yuan in 2024 and 35.5 billion yuan in 2025, corresponding to P/E ratios of 7.2 and 6.4, respectively [11]