格力电器、美的集团、海尔智家这三家公司每家都是数千亿市值的大公司，PE值差一倍，意味 着不是几十亿几百亿，而是动辄上千亿的绝对市值差距。 "没有对比就没有伤害。"面对这句调侃，不知道重仓格力电器（000651.SZ）的投资人们作何感想。 二级市场是个"缝合怪"，于是为格力电器的静默找到众多理由：有的说董明珠的个人标签过于突出，"恨 屋及乌"导致众多争议观点的负面影响体现在股价走势图；有的说格力电器囿于家电行业太过守旧，缺少 更大的想象空间。难道格力电器的价值果真如此吗？ 壹 | 格力稳吗？ 谈资产的价值，第一关必须要有稳定的基本面，在这方面格力电器的表现十分理想。 结合2020年以来的财报信息，近一段时间格力电器调整业务框架相对频繁，仅有智能装备、其他主营和其 他业务三大板块贯穿于这五年。从业务占比来看，空调与消费电器的两大板块营收规模超过千亿，因此家 用、商用、中央空调产品构成格力电器的核心竞争力。 整个"9·24"期间，深成指从10711.16点涨至17887.46点，涨幅达到67%；沪深300从3244.65点涨至4566.07 点，涨幅达到40.73%；白电指数从4325.995点涨至8565.525 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 97.325 billion yuan for the first half of 2025, a year-on-year decline of 2.46%. The net profit attributable to shareholders was 14.412 billion yuan, an increase of 1.95% year-on-year. The net profit excluding non-recurring items was 13.946 billion yuan, a growth of 0.59% year-on-year. In the second quarter of 2025, the revenue was 55.818 billion yuan, down 11.99% year-on-year, with a net profit of 8.508 billion yuan, a decrease of 10.07% year-on-year [2][6]. Summary by Sections Revenue Performance - The company experienced a revenue decline of 2.46% in H1 2025, with consumer electronics revenue down 5.09%, while industrial products and green energy grew by 17.13%, and smart equipment increased by 20.90%. Domestic revenue fell by 5.27%, but overseas revenue rose by 10.19%, with self-owned brands accounting for nearly 70% of export sales [12][12]. Channel Reform and Strategy - The company is actively promoting channel innovation and upgrades, focusing on live e-commerce and social e-commerce while enhancing its own online platform's user operation system. Offline, it is upgrading "Dong Mingzhu Health Home" stores to showcase a full range of health appliances, aiding the transition from air conditioning to a comprehensive home appliance brand [12][12]. Profitability and Financial Health - In H1 2025, the company's gross margin decreased by 0.88 percentage points. However, the sales expense ratio fell by 0.65 percentage points, indicating improved operational efficiency. The operating profit for H1 was 13.235 billion yuan, down 2.16% year-on-year, but the operating profit margin increased by 0.04 percentage points [12][12]. Future Outlook - The company has established a multi-brand industrial matrix covering consumer goods and industrial equipment, with a positive outlook supported by national subsidies. The projected net profits for 2025-2027 are 34.406 billion, 36.936 billion, and 40.220 billion yuan, respectively, with corresponding price-to-earnings ratios of 6.76, 6.30, and 5.78 [12][12].

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, with a slight increase in net profit, indicating mixed performance amid challenging market conditions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 97.32 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was 14.41 billion yuan, an increase of 1.95% [1]. - For Q2 2025, the company recorded revenue of 55.98 billion yuan, down 12.11% year-on-year, and net profit of 8.61 billion yuan, a decline of 10.07% [1]. Segment Analysis - The consumer electronics segment generated revenue of 76.28 billion yuan, a decrease of 5% year-on-year, while the industrial and green energy/intelligent equipment/other main segments saw revenue growth of 17%, 21%, and 17% respectively, supporting the company's diversification strategy [2]. - Domestic sales amounted to 71.16 billion yuan, down 5.27% year-on-year, with a gross margin of 34.56%, a decrease of 0.65 percentage points. In contrast, external sales reached 16.34 billion yuan, an increase of 10.19% year-on-year, with a gross margin of 18.06%, down 0.17 percentage points [2]. Valuation - The company maintains a good operating cash flow status, with stable profitability and a diversified layout, providing a safety margin through high dividends and low valuation [3]. - EPS forecasts for 2025-2027 are 5.87, 6.05, and 6.29 yuan per share, respectively, with a revised valuation of 10x PE, leading to a target price of 58.70 yuan, reflecting a 3% decrease [3].

Core Viewpoint - The performance of major home appliance companies in the first half of 2025 shows significant differences, with Midea Group leading in both revenue and profit growth, while Gree Electric experienced a decline in revenue [2][3][4]. Revenue and Profit Performance - Midea Group reported revenue of 251.12 billion yuan, a year-on-year increase of 15.58%, and a net profit of 26.01 billion yuan, up 25.04% [2][6]. - Haier Smart Home achieved revenue of 156.49 billion yuan, growing 10.22%, with a net profit of 12.03 billion yuan, increasing by 15.59% [2][9]. - Gree Electric's revenue was 97.32 billion yuan, down 2.46%, with a net profit of 14.43 billion yuan, up 1.95% [2][11]. Market Trends - The domestic home appliance market (excluding 3C products) reached a retail value of 453.7 billion yuan, growing by 9.2% year-on-year in the first half of 2025 [6]. - The air conditioning sector saw retail sales of 38.45 million units, a 15.6% increase, with a retail scale of 126.3 billion yuan, up 12.4% [6][14]. Business Dynamics - Midea Group's smart home business generated revenue of 167.2 billion yuan, growing 13.31% [15]. - Gree Electric's consumer electronics segment reported revenue of 76.28 billion yuan, down 5.09% [16]. - The air conditioning market is experiencing price competition, with a significant shift towards lower-priced models, impacting mid-to-high-end demand [17]. Strategic Adjustments - Midea Group has made operational adjustments to enhance efficiency and streamline its business model [18]. - Gree Electric is focusing on diversifying its product offerings beyond air conditioning to strengthen its market position [18]. - Haier Smart Home is actively expanding through investments and acquisitions to broaden its business scope [18]. Competitive Landscape - The competitive environment in the home appliance industry is intensifying, with new entrants and existing players adjusting strategies to capture market share [19].

Core Viewpoint - Gree Electric's diversification strategy has not been as successful as that of its competitors, Midea and Haier, with manufacturing revenue accounting for 89.9% of total revenue, and only 10.1% from other businesses [1] Financial Performance - For the first half of 2025, Gree Electric reported revenue of 97.33 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was 14.41 billion yuan, an increase of 1.95% [3] - In Q2 2025, total revenue was 59.98 billion yuan, down 12.11% year-on-year, and net profit was 8.51 billion yuan, down 10.07% [3][5] - The company announced no cash dividends or stock bonuses due to declining performance, leading to a 5.88% drop in stock price the following day [5] Market Competition - Gree Electric faces intense competition in the air conditioning market, particularly from Xiaomi, which aims to become a top player by 2030 [6] - Gree's market share in the online air conditioning market was 23.62%, a decrease of 0.17%, while Xiaomi's market share increased to 15.32%, a growth of 4.78% [7] Diversification Challenges - Gree Electric has struggled with diversification efforts, with investments in sectors like new energy and small appliances not yielding significant results [8] - In contrast, Midea and Haier have successfully diversified their revenue streams, with Midea generating 66.85% of its revenue from smart home products and Haier having a more balanced revenue structure across various appliances [9] Future Outlook - Analysts suggest that Gree Electric must pursue diversification to overcome market challenges, recommending a reduction in dividend payouts and a focus on expanding into small appliances and related new energy markets [10]

Core Viewpoint - Midea Group reported a 15.58% year-on-year increase in revenue for the first half of 2025, reaching 251.12 billion yuan, and a 25.04% increase in net profit to 26.01 billion yuan, while Gree Electric experienced a decline in revenue [1][2][3] Group 1: Performance Comparison - Haier Smart Home achieved a 10.22% increase in revenue to 156.49 billion yuan in the same period [4] - Gree Electric's revenue decreased by 2.46% to 97.32 billion yuan, with a slight net profit increase of 1.95% to 14.41 billion yuan [2][10] - Gree Electric announced no cash dividends or stock bonuses, contrasting with Midea and Haier's plans for mid-year dividends totaling 3.80 billion yuan and 2.51 billion yuan, respectively [2][3] Group 2: Business Segments - Midea's smart home business revenue grew by 13.31% to 167.20 billion yuan, accounting for 66.58% of total revenue [8][26] - Gree's consumer appliance revenue fell by 5.09% to 76.28 billion yuan, representing 78.38% of its total revenue [9][11] - Midea's commercial and industrial solutions revenue increased by 20.79% to 64.54 billion yuan, making up 25.70% of its total revenue [23][27] Group 3: Overseas Market Performance - Midea's overseas revenue reached 107.19 billion yuan, accounting for 42.69% of total revenue, with a year-on-year growth of 17.70% [14][16] - Haier's overseas revenue was 79.08 billion yuan, representing 50.53% of its total revenue, with a growth of 11.70% [16] - Gree's overseas revenue was 16.34 billion yuan, making up 16.78% of its total revenue, with a growth of 10.19% [13][16] Group 4: Future Outlook - Midea plans to increase its overseas revenue to exceed 50% of total revenue, focusing on OBM (Own Brand Manufacturing) strategies [16][19] - Haier anticipates growth in the overseas market driven by urbanization and consumer upgrades, particularly in emerging markets [16][19] - The competition in the domestic appliance market is expected to intensify in the second half of 2025, with a slight overall growth forecast for retail scale [11][12]

Core Insights - Midea Group reported a revenue increase of 15.58% year-on-year to 251.12 billion yuan and a net profit increase of 25.04% to 26.01 billion yuan for the first half of 2025, outperforming its peers in the A-share home appliance sector [2][7] - Haier Smart Home also achieved double-digit growth, while Gree Electric Appliances lagged with a revenue decline of 2.46% to 97.32 billion yuan, despite a slight net profit increase of 1.95% to 14.41 billion yuan [2][9] - Gree Electric announced it would not distribute cash dividends or issue bonus shares, contrasting with Midea and Haier's plans for mid-year dividends [3][9] Revenue and Profit Analysis - Midea Group's smart home business revenue grew by 13.31% to 167.20 billion yuan, accounting for 66.58% of its total revenue [6][25] - Haier Smart Home's revenue increased by 10.22% to 156.49 billion yuan, with a net profit growth of 15.59% [5][25] - Gree Electric's consumer appliance revenue fell by 5.09% to 76.28 billion yuan, representing 78.38% of its total revenue [8][9] Market Trends - The domestic air conditioning market saw a retail revenue increase of 12.4% to 126.3 billion yuan in the first half of 2025, driven by policy incentives and high temperatures [9] - The overall home appliance market is expected to face intensified competition in the second half of 2025, with modest growth projections [9][11] International Market Performance - Midea Group, Haier Smart Home, and Gree Electric Appliances reported overseas revenue growth of 17.70%, 11.70%, and 10.19% respectively in the first half of 2025 [11][12] - Midea's overseas revenue reached 107.19 billion yuan, making up 42.69% of its total revenue, while Haier's overseas revenue was 79.08 billion yuan, accounting for 50.53% [12][14] Strategic Focus - Midea Group aims to increase its overseas revenue to over 50% of total revenue and is focusing on expanding its OBM (Own Brand Manufacturing) strategy [14][26] - Both Midea and Gree are transitioning towards B-end business solutions, with Midea's commercial and industrial solutions revenue growing by 20.79% to 64.54 billion yuan, representing 25.70% of its total revenue [23][25] - Midea is also investing in humanoid robotics, targeting advancements in key technology areas for industrial applications [26][27]

Company Performance - In Q2, the company reported revenue of 55.82 billion yuan, a year-on-year decrease of 12%, and a net profit attributable to shareholders of 8.51 billion yuan, down 10% year-on-year [1] - For the first half of the year, the company achieved total revenue of 97.33 billion yuan, a decline of 2% year-on-year, and a net profit attributable to shareholders of 14.41 billion yuan, an increase of 2% year-on-year [1] - The company's cash flow from operations improved significantly, reaching 28.3 billion yuan, a year-on-year increase of 453% [3] Industry Overview - The domestic household air conditioning industry saw total sales of 123 million units in the first half of 2025, a year-on-year increase of 8%, with domestic sales reaching 66.54 million units, up 9% [2] - The central air conditioning market in China experienced a decline of 15.90% year-on-year, primarily due to weak domestic demand and tightened project investments [2] - The company's revenue from consumer electronics business was 76.28 billion yuan, a decrease of 5% year-on-year, while revenue from industrial products and green energy increased by 17% to 9.59 billion yuan [2] Future Outlook - The company maintains a "buy" investment rating, with profit forecasts for 2025-2027 expected to reach 35.1 billion yuan, 38.6 billion yuan, and 41.7 billion yuan, representing year-on-year growth of 9%, 10%, and 8% respectively [3] - The overseas market revenue grew by 10%, with self-owned brands accounting for nearly 70% of this revenue [2]

Core Insights - Haier Smart Home and Gree Electric released their 2025 semi-annual performance reports, highlighting the operational status of the home appliance industry and market changes in the first half of the year [1] Company Performance Haier Smart Home - Achieved revenue of 1564.94 billion yuan, a year-on-year increase of 10.22%, with domestic market revenue growing by 8.8% and overseas market revenue increasing by 11.7% [2][3] - Net profit attributable to shareholders was 120.33 billion yuan, up 15.59% year-on-year [2][3] - Major business segments include food preservation and cooking solutions, laundry solutions, air and water solutions, and other businesses [2][7] Gree Electric - Reported revenue of 973.25 billion yuan, a decrease of 2.46% year-on-year, while net profit attributable to shareholders was 144.12 billion yuan, an increase of 1.95% [4][5] - The main business segments include consumer appliances, industrial products, and green energy [14] - Domestic sales revenue was 711.60 billion yuan, down 5.27%, while foreign sales revenue increased by 10.19% to 163.35 billion yuan [17][18] Market Position - Haier Smart Home has maintained its position as the world's largest home appliance brand in retail volume for 16 consecutive years, with significant brand presence [4] - Gree Electric leads the central air conditioning market with over 15% market share in sales scale [6] Industry Trends - The domestic home appliance market saw a retail value of 453.7 billion yuan in the first half of the year, growing by 9.2% year-on-year, driven by the "old-for-new" appliance policy [20] - The overseas market showed mixed results, with developed countries facing demand challenges due to high interest rates and inflation, while emerging markets exhibited growth [20] - The home appliance industry is expected to maintain steady growth, with ongoing product upgrades and a polarization of consumer demand between high-end and cost-effective products [21]

Core Insights - Gree Electric's revenue declined in the first half of 2025, with total revenue at 976.19 billion yuan, a year-on-year decrease of 2.66%, while net profit attributable to shareholders increased slightly by 1.95% to 144.12 billion yuan [1] - The second quarter saw a more significant decline, with revenue at 599.8 billion yuan, down 12.11%, and net profit at 85.08 billion yuan, down 10.07% [1][2] - This marks the first quarter in 2023 where Gree's net profit has declined year-on-year [2] Revenue Breakdown - Consumer electronics account for nearly 80% of Gree's revenue, totaling 762.79 billion yuan, but this segment saw a decline of 5.09% year-on-year [2] - The air conditioning market remains competitive, with Midea leading online sales with a market share of 19.98%, followed by Gree at 16.41% and Xiaomi at 13.5% [2] Competitive Landscape - Gree and Xiaomi have engaged in public disputes regarding market rankings, with Xiaomi's representatives questioning the reliability of data sources [3] - Gree's industrial products and green energy segments saw revenue growth, with industrial products and green energy revenue at 95.91 billion yuan, up 17.13%, and smart equipment revenue at 3.14 billion yuan, up 20.9% [3] Regional Performance - Domestic sales revenue decreased, accounting for over 70% of total revenue at 711.6 billion yuan, down 5.27%, while overseas sales increased by 10.19% to 163.35 billion yuan [3] Cost Management - Gree has implemented cost-cutting measures, with sales expenses down 11.49% to 62.02 billion yuan and management expenses down 4.83% to 31.45 billion yuan [3] Cash Flow Analysis - The net cash flow from operating activities increased significantly by 453.06% to 283.29 billion yuan, driven by increased cash receipts from sales and reduced cash payments [4] - Total cash inflow rose by 14.71% to 1,035.99 billion yuan, while cash outflow from purchasing goods decreased by 2.93% to 570.2 billion yuan [5] Investment Activities - Gree's net cash flow from investment activities showed a significant outflow of 342.75 billion yuan, an increase of 1366.95% year-on-year, attributed to increased cash payments related to investments [5] - The balance of other debt investments increased by 95.26% to 137 billion yuan, and trading financial assets rose by 19.95% to 197.7 billion yuan [5]