GREE(000651) 中国银河·2025-01-03 08:35Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances (stock code: 000651) [3][6][10] Core Views - The company is expected to continue its high dividend payout, with a mid-term dividend rate of 45% based on a net profit of 12.38 billion yuan for the first half of 2024 [6] - Gree Electric Appliances is positioned as a leader in the white goods sector, benefiting from a favorable air conditioning market environment and expected to achieve significant revenue growth [6][10] - The report forecasts Gree's net profit for 2024-2026 to be 32.78 billion, 36.15 billion, and 38.79 billion yuan respectively, with corresponding EPS of 5.85, 6.45, and 6.92 yuan [6][10] Financial Forecast Summary Revenue and Profitability - Revenue Forecast (Million Yuan): - 2023A: 205,018.12 - 2024E: 235,525.00 (growth rate: 14.88%) - 2025E: 252,015.00 (growth rate: 7.00%) - 2026E: 266,313.00 (growth rate: 5.67%) [3][9] - Net Profit Forecast (Million Yuan): - 2023A: 29,017.39 - 2024E: 32,779.41 (growth rate: 12.96%) - 2025E: 36,146.92 (growth rate: 10.27%) - 2026E: 38,787.66 (growth rate: 7.31%) [3][9] Earnings Per Share (EPS) and Valuation - EPS Forecast (Yuan): - 2023A: 5.18 - 2024E: 5.85 - 2025E: 6.45 - 2026E: 6.92 [3][9] - Price-to-Earnings (PE) Ratio: - 2024E: 7.77 - 2025E: 7.04 - 2026E: 6.56 [3][9] Dividend Policy - The company has a historical dividend payout rate that has varied, with a notable 45% payout for the first half of 2024, and a commitment to maintain a minimum of 2 yuan per share or 50% of net profit for the years 2022-2024 [6][10]