雪球·2025-06-23 07:47Group 1: Corporate Governance - Midea is a company capable of continuous improvement and transformation, with strong management iteration ability. The transition of the chairman position from He Xiangjian to Fang Hongbo reflects the need for professional managers rather than relying on family members [3] - Midea's historical transformations have led to significant growth, with a notable shift to a divisional management structure in 1997 that resulted in explosive sales growth post-1998 [3][4] - After experiencing a slowdown in growth post-2010, Midea implemented a flattening reform in 2012 to address organizational inefficiencies, which ultimately led to improved agility and performance [5][6] Group 2: Channel Transformation - Midea's early completion of the T+3 transformation in its distribution channels allowed for profit recovery and provided the confidence to initiate a price war in 2019, surpassing Gree in market share [14] - Gree, while historically strong in channel management, has been slower to adapt to the digital era, leading to inefficiencies in its traditional distribution model [18] Group 3: Diversification - Midea's diversification strategy is cautious and primarily related, focusing on expanding within the home appliance sector while ensuring new product lines are developed under its divisional structure [20] - Gree's diversification includes some blind spots, such as its investment in the electric vehicle sector, which lacks synergy with its core business in home appliances [20] Group 4: Capital Allocation - Since its IPO in 2013, Midea has achieved a cumulative net profit of 275 billion, with a historical dividend payout ratio of 48.9% [22] - Gree has a slightly higher historical dividend payout ratio of 49%, but Midea has provided a more consistent and increasing dividend payment experience for shareholders [23][25] - Gree has engaged in significant share buybacks, totaling 30 billion, which has reduced its total share capital by 6.89% [27][30] Group 5: Valuation and Investment Perspective - Gree's lower valuation (TTM PE of 7.5) compared to Midea (TTM PE of 13) suggests a higher cash flow return for Gree, making it an attractive investment despite concerns over governance and organizational iteration [31][32] - The potential for Gree's valuation to increase is higher due to its low static valuation and recent improvements in channel management, which could lead to better market recognition [32][33] Group 6: Market Position and Competition - Gree has established a strong brand presence in the air conditioning market, but its high pricing strategy has led to a decline in market share as competitors like Xiaomi and Aux gain traction [41] - The competitive landscape indicates that while Gree maintains a top position, it risks depleting its brand equity if it does not adapt to market changes [41]