GREE(SZ:000651)2024-11-01 06:44Investment Rating - The investment rating for the company is "Buy" (maintained) [6][8]. Core Views - Q3 revenue was below expectations, but overall performance met forecasts. For the first three quarters of 2024, total revenue reached 147.416 billion yuan, a year-on-year decrease of 5.4%, while net profit attributable to shareholders was 21.961 billion yuan, an increase of 9.3% year-on-year [6]. - The company's air conditioning performance lagged behind the market, but Q4 is expected to see a recovery in the white goods sector due to supportive policies and increased demand [7]. - Profitability continues to improve, with a gross margin of 30.21% for the first three quarters, up 0.96 percentage points year-on-year, and a net profit margin of 14.46%, up 1.87 percentage points year-on-year [8]. Summary by Sections Market Data - Closing price: 43.50 yuan - Market capitalization: 239.922 billion yuan - P/B ratio: 1.9 - Dividend yield: 5.47% [2]. Financial Performance - For Q3, the company achieved a revenue of 46.939 billion yuan, down 15.84% year-on-year, and a net profit of 7.825 billion yuan, up 5.47% year-on-year [6]. - The company expects significant revenue growth in Q4, supported by the "old-for-new" policy and strong overseas demand [7][8]. Future Projections - The company is projected to achieve net profits of 31.927 billion yuan, 35.120 billion yuan, and 38.621 billion yuan for 2024, 2025, and 2026 respectively, with a consistent growth rate of 10% year-on-year [8].