GREE(000651) 天风证券·2025-03-05 00:30Investment Rating - The investment rating for Gree Electric Appliances is "Buy" with a target price not specified [6]. Core Views - Gree Electric Appliances' major shareholder, Jinghai Internet, plans to increase its stake in the company by investing between 10.5 billion to 21 billion CNY, reflecting confidence in the company's future [1][2]. - The company's air conditioning business is expected to see a turning point in Q4 2024, driven by the promotion of old-for-new exchanges, leading to a significant increase in retail growth in the domestic air conditioning industry [3]. - The financial outlook for Gree Electric Appliances shows projected net profits of 31 billion, 32.9 billion, and 34.7 billion CNY for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 7.5x, 7.1x, and 6.7x [3]. Financial Data and Valuation - Revenue for Gree Electric Appliances is projected to be 200.63 billion CNY in 2024, with a slight decline of 2.14% compared to 2023, followed by growth rates of 3.44% and 4.50% in 2025 and 2026 respectively [4][12]. - The company's EBITDA is expected to be 40.99 billion CNY in 2024, with a projected increase to 44.60 billion CNY by 2026 [4]. - The net profit attributable to the parent company is forecasted to grow from 31.02 billion CNY in 2024 to 34.68 billion CNY in 2026, reflecting a growth rate of 6.90% in 2024 and gradually decreasing to 5.36% by 2026 [4][12]. - The P/E ratio is expected to decrease from 7.53 in 2024 to 6.73 in 2026, indicating a potentially undervalued stock [4].