Core Viewpoint - Gree Electric's expected dividend yield for 2025 exceeds 7%, indicating a bottoming characteristic based on historical experience [1] Group 1: Financial Performance - The forecasted net profit for Gree Electric is 33 billion yuan for 2025, with a cash dividend rate assumption of 52%, leading to an expected dividend yield of 7.7% [1] - The projected net profits for 2025, 2026, and 2027 are 33 billion yuan, 35.8 billion yuan, and 38.2 billion yuan respectively [1] Group 2: Market Dynamics - Online price competition has eased in Q3 2025, which is beneficial for the company to regain market share in the online segment [1] - Gree Electric's expansion into Southeast Asia is accelerating, with its self-owned brand export market share increasing from 30% to 80% over ten years [1] Group 3: Investment Appeal - In the current low-interest-rate market environment, high dividend assets that combine yield and safety have strong value attributes [1] - The company maintains a "buy" rating with a target price of 54.10 yuan, supported by strong dividend protection capability, earnings certainty, and asset scarcity [1]

光大证券日前研报指出，格力电器2025年股息率已超过7%，历史经验预示底部特征。按照25 年盈利预 测330 亿元以及52%现金分红率假设，当前公司的预期股息率是7.7%。25Q3线上价格竞争缓和，利于公 司收回线上市场份额。公司出海东南亚进程加速。公司深耕市场十年，东南亚市场自主品牌出口份额从 30%提升到80%。在当前低利率市场环境下，此类兼具收益性与安全性的高股息资产价值属性强劲。基 于公司强劲的股息保护能力、业绩确定性及资产稀缺性，维持2025-2027年归母净利润预测330/358/382 亿元，维持"买入"评级，维持目标价54.10元。 ...