GREE(SZ:000651) Changjiang Securities·2025-05-04 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 189.16 billion yuan in 2024, a year-on-year decline of 7.26%, while the net profit attributable to shareholders reached 32.19 billion yuan, an increase of 10.91% year-on-year [2][5]. - In Q4 2024, the company achieved a revenue of 42.44 billion yuan, down 13.34% year-on-year, but the net profit attributable to shareholders grew by 14.55% to 10.22 billion yuan [2][5]. - For Q1 2025, the company reported a revenue of 41.51 billion yuan, a year-on-year increase of 14.14%, with net profit attributable to shareholders rising by 26.29% to 5.90 billion yuan [2][5]. Summary by Sections Financial Performance - In 2024, the company’s revenue decreased by 7.26% to 189.16 billion yuan, while the net profit attributable to shareholders increased by 10.91% to 32.19 billion yuan [2][5]. - The company’s Q4 2024 revenue was 42.44 billion yuan, down 13.34% year-on-year, but net profit increased by 14.55% to 10.22 billion yuan [2][5]. - Q1 2025 saw a revenue of 41.51 billion yuan, up 14.14% year-on-year, with net profit rising by 26.29% to 5.90 billion yuan [2][5]. Dividend Policy - The company plans to distribute a cash dividend of 20 yuan per 10 shares (including tax) to all shareholders, resulting in a cumulative dividend payout ratio of 52.06% for 2024, an increase of approximately 6.77 percentage points from the previous year [5]. Market Position and Strategy - The company has formed multiple industrial brand matrices covering both consumer goods and industrial equipment, achieving an upstream and downstream extension of its industrial chain [5]. - The company’s performance is expected to improve marginally with the support of national subsidies, projecting net profits of 35.52 billion yuan, 38.45 billion yuan, and 42.09 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 7.13, 6.59, and 6.02 [5].