引言：家具行业渠道变革的必然性 中国家具行业正经历结构性调整：2025年1-5月内销零售额同比增长21.4%，但规模以上企业营收同比下降3.9%，出口额同比下降8.2%。这 种"内需回暖、外需承压"的格局下，渠道效率成为企业破局关键。传统渠道模式面临三大挑战：经销商能力参差不齐导致市场覆盖效率低下， 资源分配缺乏科学依据引发渠道内耗，信息孤岛阻碍供应链协同。在此背景下，经销商分级管理结合数字化平台，成为家具企业重构渠道竞争 力的核心战略。 一、经销商分级管理的价值重构 1.1 动态分级体系：从经验判断到数据驱动 传统分级管理依赖人工评估，存在主观性强、更新滞后等问题。数商云B2B平台通过构建多维评估模型，将分级标准细化为四大维度： 某头部家具企业应用该模型后，将全国经销商从2300家精简至1800家，但渠道覆盖率提升15%，单店年均产值增长28%。平台实时采集终端销 售数据，每季度自动生成分级报告，使分级调整周期从年度缩短至季度。 1.2 资源精准配置：从"大水漫灌"到"精准滴灌" 分级管理的本质是资源分配的优化。数商云平台通过三大机制实现资源精准投放： 某软体家具企业实施该策略后，市场推广费用占比从12%降 ...

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances with a target price of 54.10 CNY [4][6] Core Views - Gree Electric Appliances is characterized by strong defensive attributes due to its high dividend yield of 6.6% and low foreign sales ratio of approximately 12% [2][4] - Recent operational changes, including board restructuring and digital channel reforms, are expected to drive performance improvements post tariff tensions [3][4] Summary by Sections Investment Highlights - The company’s expected dividend yield for 2025 is 6.6%, based on a projected net profit of 32.9 billion CNY and a cash dividend payout ratio of 50% [2] - Gree's foreign revenue contribution remains low, with only about 12% from international markets, minimizing exposure to global trade tensions [2] Operational Changes - The board has undergone a restructuring with younger management taking key positions, indicating a shift towards a more dynamic leadership [3] - The planned share buyback by the distributor, Jinghai Huilian, reinforces the company's value proposition, confirming the attractiveness of its low stock price and high dividend yield [3] - The company is advancing its digital transformation, enhancing sales channel efficiency through the establishment of digital technology companies and nationwide promotion of a cloud-based system [3] Financial Projections - The report forecasts Gree's net profit for 2024-2026 to be 30.3 billion CNY, 32.9 billion CNY, and 36.4 billion CNY respectively, with corresponding P/E ratios of 8, 8, and 7 [4][5] - Revenue projections for 2024-2026 are estimated at 199.3 billion CNY, 216.9 billion CNY, and 232.8 billion CNY, reflecting a growth trajectory despite a slight decline in 2024 [5][10]