Gree Electric Appliances, Inc. of Zhuhai

SZSE-000651

Basic

Market Cap
CN¥206.47B
EV
CN¥170.95B
Shares Out
5,521.94M
Revenue
CN¥204.89B
Employees
72,610

Margins

Gross
29.9%
EBITDA
16.09%
Operating
13.53%
Pre-Tax
16.4%
Net
14.44%
FCF
16.11%

Returns (5Yr Avg)

ROA
7.87%
ROTA
25.02%
ROE
23.13%
ROCE
19.54%
ROIC
12.63%

Valuation (TTM)

P/E
—
P/B
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
CN¥48.43
P/E
—
PEG
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
CN¥132.93B
Net Debt
-CN¥39.35B
Debt/Equity
0.75
EBIT/Interest
9.46

Growth (CAGR)

Rev 3Yr
4.22%
Rev 5Yr
0.57%
Rev 10Yr
5.39%
Dil EPS 3Yr
9.92%
Dil EPS 5Yr
4.14%
Dil EPS 10Yr
10.62%
Rev Fwd 2Yr
5.91%
EBITDA Fwd 2Yr
2.58%
EPS Fwd 2Yr
5.77%
EPS LT Growth Est
6.02%

Dividends

Yield
—
Payout
44.46%
DPS
CN¥2.38
DPS Growth 3Yr
-15.89%
DPS Growth 5Yr
2.53%
DPS Growth 10Yr
12.24%
DPS Growth Fwd 2Yr
6.57%

Metric	Jan '15	Dec '15	Dec '16	Dec '17	Jan '19	Jan '20	Jan '21	Dec '21	Jan '23	Dec '23	LTM
Operating Revenues						156,892.5	130,430	144,840.6	153,165.8	174,565.5	175,474
Other Revenues, Total						41,264.4	37,771.4	43,028.3	35,822.5	29,413.8	29,413.8
Total Revenues						198,156.9	168,201.4	187,869	188,988.4	203,979.3	204,887.8
Total Revenues % Chg.						0%	-15.1%	11.7%	0.6%	7.9%	8.3%
Cost of Goods Sold, Total						143,703.9	124,332.7	142,694.6	140,378.5	143,700.1	143,618.6
Gross Profit						54,452.9	43,868.7	45,174.3	48,609.9	60,279.1	61,269.2
Selling General & Admin Expenses, Total						22,109.9	16,651.9	15,638.1	16,558.7	23,677	24,026.6
Provision for Bad Debts			—			143.1	46.2	207.9	546.2	847.7	1,079.5
R&D Expenses	—	—	—			5,891.2	6,052.6	6,296.7	6,281.4	6,762.1	6,714.7
Other Operating Expenses						1,531.4	941.2	1,050.6	1,594.3	1,971.5	1,725.1
Other Operating Expenses, Total						29,675.6	23,691.9	23,193.3	24,980.6	33,258.3	33,545.9
Operating Income						24,777.3	20,176.8	21,981	23,629.3	27,020.9	27,723.3
Interest Expense, Total						-1,708.9	-1,392.8	-2,275.4	-2,918.9	-3,088.6	-2,931.9
Interest And Investment Income						6,049.9	6,717.3	6,549.6	5,895.9	7,446	7,547.6
Net Interest Expenses						4,341	5,324.5	4,274.2	2,977.1	4,357.4	4,615.7
Currency Exchange Gains (Loss)						366.2	-598.7	-99.2	500	373	373
Other Non Operating Income (Expenses)						-35.1	-78.9	-125.8	-98	-69.1	-20.6
EBT, Excl. Unusual Items						29,449.3	24,823.7	26,030.2	27,008.4	31,682.2	32,691.3
Impairment of Goodwill	—	—	—	—	—	—	-124	-107.1	-246.6	-206.9	-206.9
Gain (Loss) On Sale Of Investments						1.6	200.2	-58.1	-343.6	437.6	190.9
Gain (Loss) On Sale Of Assets						4.9	2.9	6.2	0.6	382.9	382.5
Asset Writedown	—	—				-789.5	-7.9	-16	-49.8	-240.1	-226.2
Other Unusual Items			—			686.4	1,414.1	948	848.4	760	760
EBT, Incl. Unusual Items						29,352.7	26,308.9	26,803.2	27,217.4	32,815.7	33,591.6
Income Tax Expense						4,525.5	4,029.7	3,971.3	4,206	5,096.7	5,135.8
Earnings From Continuing Operations						24,827.2	22,279.2	22,831.9	23,011.3	27,719	28,455.8
Earnings Of Discontinued Operations	—	—		—	—	—	—	—	—	—	—
Minority Interest						-130.6	-104.1	231.8	1,495.3	1,298.4	1,127.5
Net Income						24,696.6	22,175.1	23,063.7	24,506.6	29,017.4	29,583.3
Net Income to Common Incl Extra Items						24,696.6	22,175.1	23,063.7	24,506.6	29,017.4	29,583.3
Net Income to Common Excl. Extra Items						24,696.6	22,175.1	23,063.7	24,506.6	29,017.4	29,583.3
Total Shares Outstanding						6,015.7	5,832.9	5,483.3	5,231.8	5,521.9	5,500.2
Weighted Avg. Shares Outstanding						6,008.9	5,983.8	5,708.8	5,532	5,558.9	5,526.7
Weighted Avg. Shares Outstanding Dil						6,008.9	5,983.8	5,708.8	5,532	5,558.9	5,526.7
EPS						4.1	3.7	4	4.4	5.2	5.4
EPS Diluted						4.1	3.7	4	4.4	5.2	5.4
EBITDA						27,970.2	23,765.5	25,625.4	28,599.3	32,202.1	32,957.3
Effective Tax Rate						15.4%	15.3%	14.8%	15.5%	15.5%	15.3%