GREE(000651) 天风证券·2025-03-05 01:46Investment 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 significant uptick in retail growth due to the promotion of old-for-new exchanges, marking a potential turning point for the business [3]. - The projected net profits for Gree Electric Appliances from 2024 to 2026 are estimated to be 31 billion, 32.9 billion, and 34.7 billion CNY respectively, with corresponding price-to-earnings ratios of 7.5x, 7.1x, and 6.7x [3]. Financial Data and Valuation - Revenue for 2022 was approximately 190.15 billion CNY, with a projected increase to 205.02 billion CNY in 2023, followed by a slight decrease to 200.63 billion CNY in 2024 [4]. - The net profit attributable to the parent company for 2022 was around 24.51 billion CNY, expected to rise to 29.02 billion CNY in 2023 and further to 31.02 billion CNY in 2024 [4]. - The earnings per share (EPS) for 2022 was 4.38 CNY, projected to increase to 5.18 CNY in 2023 and 5.54 CNY in 2024 [4]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 9.53 in 2022 to 7.53 in 2024 [4].