GREE(000651) 天风证券·2025-01-14 07:09Investment Rating - The investment rating for Gree Electric Appliances is "Buy" with a target price not specified [3][2]. Core Views - The management team is becoming younger, which is beneficial for the company's long-term development. The new board secretary, Zhang Zhouhu, has a background in finance and has been with Gree since 2007 [1][2]. - The domestic air conditioning industry is expected to see significant retail growth in Q4 due to the promotion of old-for-new exchanges, indicating a potential turning point for the company's air conditioning business [2]. - The projected net profits for Gree Electric Appliances from 2024 to 2026 are estimated to be 31 billion, 33 billion, and 35 billion yuan respectively, with corresponding P/E ratios of 8.1x, 7.6x, and 7.3x [2]. Financial Data Summary - Total revenue for 2022 was 190.15 billion yuan, with a projected revenue of 205.02 billion yuan for 2023 and a slight decline to 200.63 billion yuan in 2024 [7][10]. - The net profit attributable to the parent company for 2022 was 24.51 billion yuan, expected to rise to 29.02 billion yuan in 2023 and further to 31.02 billion yuan in 2024 [7][10]. - The company's earnings per share (EPS) are projected to increase from 4.38 yuan in 2022 to 5.54 yuan in 2024 [7][10]. - The company's asset-liability ratio was 65.05% as of the latest report, indicating a moderate level of debt [4][10].