GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI

Financials Gree Electric Appliances, Inc. of Zhuhai

Equities

000651

CNE0000001D4

Appliances, Tools & Housewares

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
39.5 ^CNY	+1.41%		-1.10%	+22.79%

02-20	Gree Electric Unaffected by Change in Board Leadership at Gree Group	MT
01-30	Gree Electric Sets Record Revenue in 2023, Eyes Doubling in Five Years, Chairwoman Says	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	214,701	394,512	366,781	199,558	182,007	207,518	207,518	-
Enterprise Value (EV) ¹	123,690	285,102	252,533	120,452	108,458	120,884	106,108	92,519
P/E ratio	8.19 x	16 x	16.7 x	9.17 x	7.3 x	8.09 x	7.5 x	6.94 x
Yield	4.2%	1.83%	4.84%	5.4%	3.09%	5.8%	6.03%	6.4%
Capitalization / Revenue	1.08 x	1.99 x	2.18 x	1.06 x	0.96 x	1.01 x	0.96 x	0.9 x
EV / Revenue	0.62 x	1.44 x	1.5 x	0.64 x	0.57 x	0.59 x	0.49 x	0.4 x
EV / EBITDA	3.63 x	8.69 x	8.52 x	3.97 x	3.36 x	3.54 x	2.94 x	2.41 x
EV / FCF	5.35 x	12.3 x	17.2 x	-31.4 x	4.79 x	3.83 x	3.74 x	3.01 x
FCF Yield	18.7%	8.13%	5.83%	-3.18%	20.9%	26.1%	26.7%	33.2%
Price to Book	2.35 x	3.58 x	3.23 x	2.11 x	1.88 x	1.93 x	1.68 x	1.5 x
Nbr of stocks (in thousands)	6,015,731	6,015,731	5,921,546	5,389,081	5,631,406	5,253,614	5,253,614	-
Reference price ²	35.69	65.58	61.94	37.03	32.32	39.50	39.50	39.50
Announcement Date	28/04/19	14/04/20	14/04/21	29/04/22	28/04/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	198,123	198,153	168,199	187,869	188,988	205,137	216,390	230,634
EBITDA ¹	34,107	32,800	29,632	30,322	32,254	34,192	36,141	38,396
EBIT ¹	30,997	29,605	26,044	26,677	27,284	29,851	32,136	34,666
Operating Margin	15.65%	14.94%	15.48%	14.2%	14.44%	14.55%	14.85%	15.03%
Earnings before Tax (EBT) ¹	31,274	29,353	26,309	26,803	27,217	31,360	33,765	36,495
Net income ¹	26,203	24,697	22,175	23,064	24,507	27,296	29,364	31,637
Net margin	13.23%	12.46%	13.18%	12.28%	12.97%	13.31%	13.57%	13.72%
EPS ²	4.360	4.110	3.710	4.040	4.430	4.885	5.267	5.691
Free Cash Flow ¹	23,110	23,190	14,717	-3,833	22,655	31,598	28,383	30,735
FCF margin	11.66%	11.7%	8.75%	-2.04%	11.99%	15.4%	13.12%	13.33%
FCF Conversion (EBITDA)	67.76%	70.7%	49.66%	-	70.24%	92.41%	78.53%	80.05%
FCF Conversion (Net income)	88.19%	93.9%	66.37%	-	92.44%	115.76%	96.66%	97.15%
Dividend per Share ²	1.500	1.200	3.000	2.000	1.000	2.291	2.382	2.528
Announcement Date	28/04/19	14/04/20	14/04/21	29/04/22	28/04/23	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2020 S2	2021 Q2	2021 Q3	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
Net sales ¹	-	98,111	57,863	47,083	49,734	35,260	59,963	95,222	52,267	41,499	93,766	35,456	63,781	99,237	55,771	49,989	39,277	67,494	59,623	48,376
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	18,460	7,008	7,476	8,284	4,181	8,509	-	7,750	6,844	14,594	4,545	9,962	14,507	8,423	7,615	4,609	9,359	8,349	-
Operating Margin	-	18.82%	12.11%	15.88%	16.66%	11.86%	14.19%	-	14.83%	16.49%	15.56%	12.82%	15.62%	14.62%	15.1%	15.23%	11.73%	13.87%	14%	-
Earnings before Tax (EBT)	-	18,713	7,012	7,511	8,317	-	8,468	-	7,738	6,822	14,560	-	9,954	14,496	8,427	-	-	-	-	-
Net income ¹	13,750	15,813	6,014	6,188	7,419	4,003	7,463	11,466	6,838	6,202	13,040	-	8,564	12,673	7,419	7,191	4,479	-	-	-
Net margin	-	16.12%	10.39%	13.14%	14.92%	11.35%	12.45%	12.04%	13.08%	14.95%	13.91%	-	13.43%	12.77%	13.3%	14.39%	11.4%	-	-	-
EPS ²	-	-	1.040	1.090	1.330	0.6800	1.260	-	1.310	1.180	-	0.7300	1.530	2.260	1.320	1.215	0.7800	1.460	1.320	-
Dividend per Share ²	-	-	3.000	-	2.000	-	-	-	-	1.000	-	-	-	-	-	2.035	-	-	-	2.017
Announcement Date	30/08/19	14/04/21	22/08/21	26/10/21	29/04/22	29/04/22	30/08/22	30/08/22	30/10/22	28/04/23	28/04/23	28/04/23	30/08/23	30/08/23	30/10/23	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	91,011	109,410	114,248	79,105	73,549	86,634	101,409	114,999
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	23,110	23,190	14,717	-3,833	22,655	31,598	28,383	30,735
ROE (net income / shareholders' equity)	33.4%	25.7%	18.9%	21.3%	24.2%	25.3%	23.4%	22.3%
ROA (Net income/ Total Assets)	11.2%	9.25%	7.89%	7.7%	-	7.45%	7.49%	7.7%
Assets ¹	233,121	267,106	281,007	299,408	-	366,621	392,171	410,744
Book Value Per Share ²	15.20	18.30	19.10	17.50	17.20	20.50	23.60	26.30
Cash Flow per Share ²	4.480	4.640	3.200	0.3200	5.090	6.000	5.640	6.750
Capex ¹	3,831	4,704	4,522	5,727	6,013	5,629	5,481	5,799
Capex / Sales	1.93%	2.37%	2.69%	3.05%	3.18%	2.74%	2.53%	2.51%
Announcement Date	28/04/19	14/04/20	14/04/21	29/04/22	28/04/23	-	-	-

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

Ratings for Gree Electric Appliances, Inc. of Zhuhai

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

39.5 CNY

Average target price

45 CNY

Spread / Average Target

+13.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Household Appliances

	1st Jan change	Capi.
GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI	+22.79%	28.64B
BEIJING ROBOROCK TECHNOLOGY CO., LTD.	+35.11%	6.93B
HISENSE HOME APPLIANCES GROUP CO., LTD.	+81.37%	6.43B
ECOVACS ROBOTICS CO., LTD.	+0.22%	3.3B
ARÇELIK ANONIM SIRKETI	+30.89%	3.14B
RINNAI CORPORATION	+2.91%	3.06B
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD.	-0.02%	3.04B
HANGZHOU ROBAM APPLIANCES CO., LTD.	+4.27%	2.96B
COWAY CO., LTD.	-1.92%	2.96B
GUANGDONG XINBAO ELECTRICAL APPLIANCES HOLDINGS CO., LTD	+24.71%	2.06B

Household Appliances