GREE(SZ:000651) Shenwan Hongyuan Securities·2025-04-28 14:42Investment Rating - The investment rating for Gree Electric Appliances is "Buy" (maintained) [1] Core Views - The report highlights that Gree Electric Appliances exceeded expectations in Q1 2025, with total revenue of 41,639 million yuan, a year-on-year growth of 14%, and a net profit attributable to shareholders of 5,904 million yuan, reflecting a 26% increase [6] - The company plans to distribute a total cash dividend of 20 yuan per 10 shares, along with an interim dividend of 10 yuan per 10 shares, resulting in a total cash dividend of 166.92 billion yuan, with an annual cumulative dividend rate of 52% [6] - The report maintains the profit forecast for Gree Electric Appliances, expecting net profits of 35,120 million yuan in 2025, 38,621 million yuan in 2026, and 41,701 million yuan in 2027, with respective year-on-year growth rates of 9%, 10%, and 8% [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 190,038 million yuan, with a year-on-year decline of 7% [5] - The gross profit margin for 2024 is expected to be 29.4%, a decrease of 1.14 percentage points year-on-year [6] - The report indicates that the company's operating cash flow net amount for 2024 is expected to be 293.69 million yuan, a decrease of 48% year-on-year [6] - The company’s total assets and liabilities ratio is 62.67% as of March 31, 2025 [1] Business Segment Performance - In 2024, the core business of consumer appliances accounted for 79% of total revenue, with sales of 1,485.6 billion yuan, a decline of 4% year-on-year [6] - The report notes that the decline in revenue is primarily due to a significant drop in the supply chain trading business, which saw a revenue decrease of 99.65 billion yuan, accounting for 67% of the total revenue decline [6] - The report also mentions that the domestic retail sales of air conditioners in 2024 amounted to 207.1 billion yuan, a year-on-year decrease of 2% [6]