Home appliance leader Gree Electric Appliances Inc.Of Zhuhai(000651) opened higher than 4% with a total market value of more than 200 billion yuan, and finally closed up 9.64%, close to the limit. The daily increase was the first in the white goods sector, surpassing Midea Group Co.Ltd(000333) and Haier Smart Home Co.Ltd(600690) .
After hours data showed that northbound funds sold a net 2.362 billion yuan today Gree Electric Appliances Inc.Of Zhuhai(000651) bucked the trend and gained net purchase, ranking first in the two cities , reaching 903 million yuan.
Over a longer period of time, since the record high set on December 2, 2020, Gree Electric Appliances Inc.Of Zhuhai(000651) share price has fallen by 53.47% .
People in the industry said that the reason for the “increase in domestic demand” in the near future is that the “increase in domestic demand” in the home appliance sector is aimed at stimulating domestic demand. In the long run, the profit of the household appliance sector is mainly affected by the price fluctuations of raw materials and shipping .
On April 29, Gree Electric Appliances Inc.Of Zhuhai(000651) disclosed the first quarter report and the 2021 annual report. In the first quarter of this year, the company realized an operating revenue of 35.26 billion yuan, a year-on-year increase of 6.24% net profit was 4.003 billion yuan, a year-on-year increase of 16.28% ; In 2021, the operating revenue reached 187869 billion yuan, a year-on-year increase of 11.69% net profit was 23.064 billion yuan, a year-on-year increase of 4.01% .
According to research reports issued by several securities companies, Gree Electric Appliances Inc.Of Zhuhai(000651) first quarter performance exceeded market expectations .
According to the data, Gree Electric Appliances Inc.Of Zhuhai(000651) single quarter net profit in the first quarter increased year-on-year for two consecutive years, but there is still a big gap compared with the same period in 2019 .
In terms of dividends, Gree Electric Appliances Inc.Of Zhuhai(000651) plans to distribute cash dividends of 2 yuan per share , higher than Midea Group Co.Ltd(000333) (1.7 yuan) and Haier Smart Home Co.Ltd(600690) (0.46 yuan). Based on its current stock price, the dividend rates are 5.84%, 2.90% and 1.74% respectively.
From the perspective of main business, the company’s b-end business continued to contribute to the revenue increment. In 2021, the revenue of air conditioning category was 131.7 billion yuan, accounting for 70% of the revenue ; The company’s C-end business relies on the leading advantage of air conditioning to develop the whole category of ice washing and small household appliances. In 2021, the revenue of household appliances was 4.9 billion yuan, an increase of 8.0% year-on-year . In 2021, the company acquired Gree titanium and laid out the new energy industry.
According to GfK zhongyikang retail monitoring (National) data, the online and offline market share of large household appliances generally increased in february and March . In terms of air conditioning, Gree ranks first in both offline and online market share , and continues to maintain a leading position.
Everbright Securities Company Limited(601788) analyst Hong Jiran pointed out in the research report released on May 1 that Gree air conditioner is changing from the traditional pressing mode to the new retail , the channel inventory is low in the transition period, and the confidence and channel smoothness of dealers are gradually restored. In addition, Hong Jiran pointed out in the Research Report on April 7 that the PE band valuation center in 5 years was 13.5 times , and the current pe-ttm of the company was only 8.1 times (according to statistics, as of the closing on May 5, Gree Electric Appliances Inc.Of Zhuhai(000651) pe-ttm was 8.57 times), has a sufficient margin of safety .
Hong Jiran believes that the domestic sales of air conditioners will recover moderately in 2022, and the domestic sales may reach about 87 million units, with a year-on-year increase of 3% . On the supply side, the domestic sales of air conditioners have peaked and declined since 2018, and the prosperity of industry has declined, which has led the capital cycle into a benign stage , the pricing power of leading companies has been strengthened .
According to the analysis of the research report released by sun Qian, an analyst of Tianfeng Securities Co.Ltd(601162) on May 1, company diversified frequently and developed businesses such as energy storage and thermal management , which is expected to open the second growth curve and develop into a diversified industrial group.
Hong Jiran predicted that the net profit of the company in 2022 was 26.222 billion yuan, a year-on-year increase of 13.88% ; In 2023, the net profit was 29.04 billion yuan, a year-on-year increase of 10.56%.
