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 ...

Core Insights - Gree Electric achieved a revenue of 97.325 billion yuan in the first half of the year, a year-on-year decrease of 2.46%, while net profit reached 14.412 billion yuan, an increase of 1.95% [1] - The net cash flow from operating activities significantly increased by 453.06% to 28.329 billion yuan, driven by higher cash receipts from sales and a decrease in cash payments related to operating activities [1] Company Performance - Sales of household air conditioners, refrigerators, and washing machines grew by 8.3%, 3.7%, and 8.8% respectively, while central air conditioning sales declined by 5.5%, with domestic sales down by 10.1% due to weak project markets and real estate adjustments [1] - The competition in the household air conditioning market intensified, with low-end air conditioner sales (priced below 2,100 yuan) exceeding 50% for the first time, putting pressure on mid-to-high-end demand [1] Product Development - Gree Electric is focusing on product upgrades around the themes of "green low-carbon, comfortable health, and personalized intelligence," with the "Wind Does Not Blow People" series seeing a 131% increase in sales, and products featuring self-developed "AI Dynamic Energy-Saving Technology" experiencing a 360% sales increase [1] - In the central air conditioning market, Gree aims to maintain a leading position with over 15% market share by the first half of 2025, launching new products like the "AI Wide Domain Energy-Saving" GMV9 series [2] Expansion and Innovation - The company is accelerating its expansion in the home appliance sector with new products such as zero-embedded refrigerators and advanced washing machines, while the industrial sector has become a new growth engine with a 20.90% increase in revenue from smart equipment [2] - R&D investment reached 3.892 billion yuan, a 7.05% increase, with a total of 131,921 patent applications, including 72,339 invention patents [2] Market Presence - Gree's overseas revenue grew by 10.19%, with its own brand accounting for nearly 70% of total exports, achieving significant market shares in regions like the Middle East, Eastern Europe, and Brazil [2] - The company has upgraded over 800 "Dong Mingzhu Healthy Home" stores and achieved over 5 billion yuan in sales through live e-commerce [2]

Group 1 - Air conditioning consumption has surged since June, driven by the "trade-in" policy and high temperatures, with leading companies ramping up production [1] - Sales of new energy-efficient air conditioners increased by 82% year-on-year from late June to early July, while Midea Group reported a 37.09% increase in installation volume from May 1 to July 6 [1] - Exports of air conditioners, particularly Midea's Solstice series, have seen strong sales in Europe, with a 30% year-on-year increase in air conditioner sales in Europe [1] Group 2 - The National Development and Reform Commission announced a new round of "trade-in" subsidies to be issued in July, which is expected to boost demand in the third quarter [2] - Experts indicate that the air conditioning industry is at a critical transition period, with a focus on refined operations, product upgrades, and channel restructuring as key competitive factors [2] Group 3 - Manufacturers are accelerating transformation, with energy efficiency, health, and smart features becoming standard [3] - Companies are exploring new sales channels, including live e-commerce and targeting lower-tier markets, while enhancing inventory management and flexible supply chains [3] - Experts suggest that companies should collaborate across product, channel, and marketing strategies to shift from quantity expansion to quality improvement, building long-term resilience and core competitiveness [3]

Group 1 - Gree Electric Appliances has a strong global presence, with products available in over 190 countries and regions, emphasizing its slogan "Let the world love Chinese manufacturing" [5][10][19] - The company has been focusing on high-quality products and has established a reputation for reliability, particularly in regions with extreme climates like the Middle East [8][12][28] - Gree's strategy is to maintain high product quality and avoid low-quality, low-price products, which aligns with the broader goal of high-quality development [13][14][28] Group 2 - Gree's overseas revenue is projected to grow by 13.25% in 2024, driven by consistent product quality and understanding consumer needs [23][25] - The company views its current perceived shortcomings in overseas market share as future growth opportunities, emphasizing the importance of brand strength and product quality [25][26] - Gree's approach to international markets is characterized by a commitment to its brand, with over 80% of its overseas products bearing the Gree trademark [20][21] Group 3 - The "Dong Mingzhu Health Home" initiative aims to expand Gree's product offerings beyond air conditioning, with plans to open 3,000 stores by 2025 [30][34] - The concept of "Dong Mingzhu Health Home" is designed to create a family-oriented shopping experience, enhancing consumer engagement with Gree's diverse product range [43][44] - Gree's innovative products, such as the AI energy-saving chip, reflect the company's commitment to authenticity and quality, distinguishing it from competitors [46][47]