格力电器24A&25Q1点评：渠道经营持续提效

Investment Rating - The investment rating for Gree Electric Appliances is "Buy" (maintained) [2] Core Views - The performance in Q1 2025 exceeded market expectations [3] - Revenue analysis indicates that domestic sales of household air conditioners are supported by national subsidies [4] - Profit analysis shows that channel operations continue to improve efficiency [5] Revenue and Profit Analysis - For Q1 2025, Gree reported revenue of 41.507 billion yuan, a year-on-year increase of 14.14%, and a net profit attributable to shareholders of 5.904 billion yuan, up 26.29% year-on-year [8] - In Q4 2024, revenue was 42.441 billion yuan, down 13.34% year-on-year, while net profit was 10.224 billion yuan, an increase of 14.55% year-on-year [8] - The overall revenue for 2024 was 189.164 billion yuan, a decrease of 7.26% year-on-year, with a net profit of 32.185 billion yuan, up 10.91% year-on-year [8] Market Performance - The domestic market for household air conditioners is expected to maintain good growth, supported by national subsidies and potential demand during the summer peak season [8] - The company is expected to further enhance efficiency through channel reforms and the integration of national sales companies [8] Financial Forecast - Revenue projections for 2025-2027 are 206.040 billion yuan, 214.622 billion yuan, and 221.682 billion yuan, representing year-on-year growth of 8.4%, 4.2%, and 3.3% respectively [8] - Net profit forecasts for the same period are 37.073 billion yuan, 39.988 billion yuan, and 41.490 billion yuan, with year-on-year growth of 15.2%, 7.9%, and 3.8% respectively [8] - The corresponding P/E ratios are projected to be 6.8, 6.3, and 6.1 [8]