GREE(SZ:000651) GOLDEN SUN SECURITIES·2025-10-31 06:59Investment Rating - The report maintains a "Buy" investment rating for Gree Electric Appliances [3][6] Core Views - Gree Electric Appliances reported a total revenue of 137.65 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.62%, with a net profit attributable to shareholders of 21.46 billion yuan, down 2.27% year-on-year [1] - The company proposed a cash dividend of 10 yuan per 10 shares, totaling 5.585 billion yuan, which accounts for 26% of the net profit for the first three quarters [1] - The operating cash flow for Q3 2025 increased by 129.24% year-on-year to 17.4 billion yuan, with cash received from sales of goods rising by 19.09% to 45.97 billion yuan [2] Financial Performance Summary - In Q3 2025, Gree's gross margin decreased by 1.36 percentage points to 28.31%, while the net profit margin increased by 2.11 percentage points to 17.72% [2] - The company’s contract liabilities grew by 26.07% year-on-year and 10.54% quarter-on-quarter, indicating stable growth in liabilities [2] - The forecast for net profit attributable to shareholders for 2025-2027 is 32.21 billion, 34.53 billion, and 36.81 billion yuan, reflecting a growth of 0.1%, 7.2%, and 6.6% respectively [3]