GREE(SZ:000651) Shenwan Hongyuan Securities·2025-08-29 06:13Investment Rating - The investment rating for Gree Electric Appliances is maintained as "Buy" [6] Core Views - The company's performance in Q2 was below expectations, with a revenue of 55.82 billion yuan, a year-on-year decline of 12%, and a net profit of 8.51 billion yuan, a year-on-year decline of 10% [6] - The home air conditioning industry saw a total sales volume of 123 million units in the first half of 2025, a year-on-year increase of 8%, with domestic sales reaching 66.54 million units, up 9% [6] - The company expects to achieve net profits of 35.12 billion yuan, 38.62 billion yuan, and 41.70 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 9%, 10%, and 8% [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 204.35 billion yuan, with a year-on-year growth rate of 7.5% [5] - The net profit attributable to the parent company for 2025 is projected to be 35.12 billion yuan, reflecting a year-on-year increase of 9.1% [5] - The earnings per share for 2025 is expected to be 6.27 yuan, with a projected price-to-earnings ratio of 8 [5] - The gross profit margin is forecasted to be 30.3% for 2025, improving to 31.2% by 2027 [5]