GREE(SZ:000651) Tianfeng Securities·2024-02-18 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Viewpoints - The company is recognized as a leading player in the air conditioning sector, with a solid industry position and ongoing efforts to enhance operational efficiency through channel reforms [2]. - The company is diversifying its business beyond air conditioning into various sectors, including consumer electronics and the new energy vehicle supply chain [2]. - The company has a strong commitment to shareholder returns, having repurchased shares and distributed significant dividends since its listing [1][2]. Financial Performance Summary - The company is projected to achieve revenue between 205 billion and 210 billion yuan in 2023, representing a year-on-year growth of 7.8% to 10.4% [2]. - The estimated net profit attributable to shareholders for 2023 is expected to be between 27 billion and 29.3 billion yuan, reflecting a growth of 10.2% to 19.6% year-on-year [2]. - Historical dividend payout ratios have been high, with a dividend yield of 6.35% in 2022 [2]. Financial Data and Valuation - Revenue (in million yuan): - 2021: 189,654.03 - 2022: 190,150.67 - 2023E: 207,451.21 - 2024E: 217,081.73 - 2025E: 228,322.73 - Net profit attributable to shareholders (in million yuan): - 2021: 23,063.73 - 2022: 24,506.62 - 2023E: 28,166.25 - 2024E: 29,588.07 - 2025E: 31,124.80 - PE ratios for 2023E, 2024E, and 2025E are projected at 7.23x, 6.88x, and 6.54x respectively [3][4]. Shareholder Returns - The company has repurchased approximately 30 billion yuan worth of shares as of December 29, 2023, demonstrating confidence in its market position [1]. - Cumulative dividends paid since listing exceed 142 billion yuan, with cash dividends alone surpassing 110 billion yuan [1]. Research and Development - The company has established a robust R&D framework with 16 research institutes and over 1,400 laboratories, focusing on various technological advancements [1]. - As of the end of 2023, the company has applied for a total of 116,751 patents, including 62,162 invention patents [1]. Market Position - The company exports products to over 190 countries and regions, leveraging its technological advantages in the air conditioning industry to expand into refrigeration and heating sectors [1].