GREE(SZ:000651) Guoxin Securities·2024-05-05 13:07Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4][18] Core Views - The company achieved a revenue of 205.02 billion yuan in 2023, representing a year-on-year growth of 7.8%, with a net profit of 29.02 billion yuan, up 18.4% [3][4] - The company plans to distribute a cash dividend of 23.8 yuan for every 10 shares, resulting in a cash dividend rate of 45.3%, which corresponds to a dividend yield of 5.9% based on the closing price on April 29 [3][4] - The air conditioning industry is experiencing high demand, with the company's air conditioning revenue growing by 12.1% to 151.2 billion yuan in 2023 [3][4] - The company is investing 3 billion yuan to initiate a trade-in program for home appliances, which is expected to stimulate consumer demand for upgrades [4] Financial Forecasts and Key Metrics - Revenue projections for 2024-2026 are 221.29 billion yuan, 231.40 billion yuan, and 242.10 billion yuan, respectively, with expected net profits of 32.33 billion yuan, 34.65 billion yuan, and 36.81 billion yuan [3][4][16] - The company's gross margin improved by 4.5 percentage points to 30.6% in 2023, with a net profit margin increase of 1.3 percentage points to 14.2% [3][4][11] - The company’s earnings per share (EPS) for 2023 is projected at 5.15 yuan, with a price-to-earnings (P/E) ratio of 7.9 [3][4][15] Market Performance - The company's market capitalization is 237.2 billion yuan, with a closing price of 40.51 yuan [2][15] - The average daily trading volume over the past three months is 1.6086 billion yuan [2]