GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI Financials Gree Electric Appliances, Inc. of Zhuhai
Equities
000651
CNE0000001D4
Appliances, Tools & Housewares
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 40.7 CNY | -0.97% |
|
-1.14% | +26.52% |
| May. 30 | Air Conditioner Manufacturers Absorb Higher Copper Costs to Maintain Sales in China | MT |
| Apr. 30 | Gree Electric Appliances' Profit Climbs 14%, Revenue Rises 3% in Q1 2024; Shares Up 4% | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 394,512 | 366,781 | 199,558 | 182,007 | 169,009 | 224,743 | - | - |
| Enterprise Value (EV) 1 | 285,102 | 252,533 | 120,452 | 108,458 | 130,989 | 163,596 | 147,171 | 130,959 |
| P/E ratio | 16 x | 16.7 x | 9.17 x | 7.3 x | 6.16 x | 7.38 x | 6.86 x | 6.39 x |
| Yield | 1.83% | 4.84% | 5.4% | 3.09% | 7.4% | 6.3% | 6.72% | 7.39% |
| Capitalization / Revenue | 1.99 x | 2.18 x | 1.06 x | 0.96 x | 0.83 x | 1.04 x | 0.97 x | 0.93 x |
| EV / Revenue | 1.44 x | 1.5 x | 0.64 x | 0.57 x | 0.64 x | 0.75 x | 0.64 x | 0.54 x |
| EV / EBITDA | 8.69 x | 8.52 x | 3.97 x | 3.36 x | 3.43 x | 4.26 x | 3.67 x | 3.03 x |
| EV / FCF | 12.3 x | 17.2 x | -31.4 x | 4.79 x | 2.48 x | 7.15 x | 4.43 x | 3.72 x |
| FCF Yield | 8.13% | 5.83% | -3.18% | 20.9% | 40.4% | 14% | 22.6% | 26.9% |
| Price to Book | 3.58 x | 3.23 x | 2.11 x | 1.88 x | 1.55 x | 1.71 x | 1.47 x | 1.34 x |
| Nbr of stocks (in thousands) | 6,015,731 | 5,921,546 | 5,389,081 | 5,631,406 | 5,253,614 | 5,521,944 | - | - |
| Reference price 2 | 65.58 | 61.94 | 37.03 | 32.32 | 32.17 | 40.70 | 40.70 | 40.70 |
| Announcement Date | 4/14/20 | 4/14/21 | 4/29/22 | 4/28/23 | 4/30/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 198,153 | 168,199 | 187,869 | 188,988 | 203,979 | 216,987 | 230,643 | 242,603 |
| EBITDA 1 | 32,800 | 29,632 | 30,322 | 32,254 | 38,148 | 38,368 | 40,083 | 43,167 |
| EBIT 1 | 29,605 | 26,044 | 26,677 | 27,284 | 32,865 | 34,353 | 36,403 | 39,209 |
| Operating Margin | 14.94% | 15.48% | 14.2% | 14.44% | 16.11% | 15.83% | 15.78% | 16.16% |
| Earnings before Tax (EBT) 1 | 29,353 | 26,309 | 26,803 | 27,217 | 32,816 | 35,301 | 37,961 | 40,871 |
| Net income 1 | 24,697 | 22,175 | 23,064 | 24,507 | 29,017 | 30,896 | 33,139 | 35,906 |
| Net margin | 12.46% | 13.18% | 12.28% | 12.97% | 14.23% | 14.24% | 14.37% | 14.8% |
| EPS 2 | 4.110 | 3.710 | 4.040 | 4.430 | 5.220 | 5.515 | 5.935 | 6.368 |
| Free Cash Flow 1 | 23,190 | 14,717 | -3,833 | 22,655 | 52,904 | 22,878 | 33,245 | 35,164 |
| FCF margin | 11.7% | 8.75% | -2.04% | 11.99% | 25.94% | 10.54% | 14.41% | 14.49% |
| FCF Conversion (EBITDA) | 70.7% | 49.66% | - | 70.24% | 138.68% | 59.63% | 82.94% | 81.46% |
| FCF Conversion (Net income) | 93.9% | 66.37% | - | 92.44% | 182.32% | 74.05% | 100.32% | 97.94% |
| Dividend per Share 2 | 1.200 | 3.000 | 2.000 | 1.000 | 2.380 | 2.565 | 2.736 | 3.008 |
| Announcement Date | 4/14/20 | 4/14/21 | 4/29/22 | 4/28/23 | 4/30/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S2 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 98,111 | 49,734 | 35,260 | 59,963 | 95,222 | 52,267 | 41,499 | 93,766 | 35,456 | 63,781 | 99,237 | 55,771 | 48,972 | 36,364 | 71,627 | 57,342 | 49,204 | - | - |
| EBITDA 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 13,173 | 9,821 | 9,151 | - | - |
| EBIT 1 | 18,460 | 8,284 | 4,181 | 8,509 | - | 7,750 | 6,844 | 14,594 | 4,545 | 9,962 | 14,507 | 8,423 | 9,935 | 5,321 | 11,241 | 8,284 | 8,375 | - | - |
| Operating Margin | 18.82% | 16.66% | 11.86% | 14.19% | - | 14.83% | 16.49% | 15.56% | 12.82% | 15.62% | 14.62% | 15.1% | 20.29% | 14.63% | 15.69% | 14.45% | 17.02% | - | - |
| Earnings before Tax (EBT) 1 | 18,713 | 8,317 | - | 8,468 | - | 7,738 | 6,822 | 14,560 | - | 9,954 | 14,496 | 8,427 | - | - | 12,328 | 8,806 | 8,102 | - | - |
| Net income 1 | 15,813 | 7,419 | 4,003 | 7,463 | 11,466 | 6,838 | 6,202 | 13,040 | - | 8,564 | 12,673 | 7,419 | 8,925 | 4,675 | 10,726 | 7,661 | 7,049 | - | - |
| Net margin | 16.12% | 14.92% | 11.35% | 12.45% | 12.04% | 13.08% | 14.95% | 13.91% | - | 13.43% | 12.77% | 13.3% | 18.23% | 12.86% | 14.97% | 13.36% | 14.33% | - | - |
| EPS 2 | - | 1.330 | 0.6800 | 1.260 | - | 1.310 | 1.180 | - | 0.7300 | 1.530 | 2.260 | 1.320 | 1.640 | 0.8500 | 1.777 | 1.325 | 1.261 | - | - |
| Dividend per Share 2 | - | 2.000 | - | - | - | - | 1.000 | - | - | - | - | - | - | - | - | - | 2.465 | - | - |
| Announcement Date | 4/14/21 | 4/29/22 | 4/29/22 | 8/30/22 | 8/30/22 | 10/30/22 | 4/28/23 | 4/28/23 | 4/28/23 | 8/30/23 | 8/30/23 | 10/30/23 | 4/30/24 | 4/29/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 109,410 | 114,248 | 79,105 | 73,549 | 38,020 | 61,148 | 77,572 | 93,784 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 23,190 | 14,717 | -3,833 | 22,655 | 52,904 | 22,878 | 33,245 | 35,164 |
| ROE (net income / shareholders' equity) | 25.7% | 18.9% | 21.3% | 24.2% | 26.5% | 23.8% | 22.1% | 21.6% |
| ROA (Net income/ Total Assets) | 9.25% | 7.89% | 7.7% | - | - | 7.84% | 7.97% | 8.21% |
| Assets 1 | 267,106 | 281,007 | 299,408 | - | - | 393,853 | 415,859 | 437,248 |
| Book Value Per Share 2 | 18.30 | 19.10 | 17.50 | 17.20 | 20.70 | 23.80 | 27.70 | 30.50 |
| Cash Flow per Share 2 | 4.640 | 3.200 | 0.3200 | 5.090 | 10.00 | 6.730 | 6.510 | 7.050 |
| Capex 1 | 4,704 | 4,522 | 5,727 | 6,013 | 3,494 | 5,691 | 5,289 | 5,779 |
| Capex / Sales | 2.37% | 2.69% | 3.05% | 3.18% | 1.71% | 2.62% | 2.29% | 2.38% |
| Announcement Date | 4/14/20 | 4/14/21 | 4/29/22 | 4/28/23 | 4/30/24 | - | - | - |
1CNY in Million2CNY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C
Sell
Buy
Mean consensus
BUY
Number of Analysts
26
Last Close Price
40.7
CNY
Average target price
50.09
CNY
Spread / Average Target
+23.08%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +26.52% | 31.03B | |
| +47.33% | 7.56B | |
| +99.36% | 7.15B | |
| -23.60% | 5.08B | |
| +20.39% | 3.95B | |
| +15.33% | 3.43B | |
| +40.86% | 3.41B | |
| +10.56% | 3.14B | |
| -1.40% | 2.96B | |
| -9.41% | 2.75B |
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