Gree Electric Appliances, Inc. of Zhuhai

SZSE

000651

Stock

Yield per half year: +0.1235%
Dividend yield: 5.55%
Sector: Consumer Discretionary

Reporting Gree Electric Appliances, Inc. of Zhuhai

Capitalization

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥					265.81	321.4	355.11	294.28	187.43	199.87	199.8	271.62	-9.06
Выручка, млрд ¥		97.75	108.3	148.29	198.12	198.15	170.5	189.65	190.15	205.02	189.18	190.69	0.68
Чистая прибыль, млрд ¥		12.53	15.42	22.4	26.2	24.7	22.18	23.06	24.51	29.02	24.61	24.69	3.28
EV, млрд ¥									135.54		119.39	135.54	0.00
EBIT, млрд ¥		10.33	20.65	24.21	27.63	24.78	20.18	25.23				24.41	0.83
EBITDA, млрд ¥				29.47	35.45	34.14	30.99	32.2	35.03		28.96	33.56	-0.24
Баланс стоимость, млрд ¥	44.15	47.52	53.86	65.6	91.33	110.15	115.19	103.65	96.76	116.79		108.51	1.18
FCF, млрд ¥				13.93	23.1	23.18	14.71	-3.83	22.63	50.97		21.53	17.07
Операционный денежный поток, млрд ¥	18.94	44.38	14.86	16.34	26.94	27.89	19.24	1.89	28.67	56.4		26.82	15.12
Операционная прибыль, млрд ¥	14.26	10.33	12.02	24.88	28.3	26.05	23.46	24.7	26.72	31.62		26.51	3.95
Операционные расходы, млрд ¥		87.42	96.28	123.41	169.82	172.1	147.03	164.95	163.43	173.4		164.18	0.15
CAPEX, млрд ¥	1.78	2.88	3.28	2.42	3.84	4.71	4.53	5.73	6.04	5.43		5.29	2.89

	2018Q4	2019Q4	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Капитализация, млрд ¥	225.98	365.13		376.12				217.28				178.38				187.33	264.85	-12.50
Выручка, млрд ¥							47.54	50.11	35.53	60.27	52.54	41.81	35.69	64.1	56.02	49.21	49.37	3.31
Чистая прибыль, млрд ¥							6.19	7.42	4	7.46	6.84	6.2	4.11	8.56	7.42	8.93	7.04	7.57
EV, млрд ¥		258.79		262.64				139.22				104.83				174.86	188.07	-7.54
EBIT, млрд ¥			7.45	13.17	3.17	6.99	7.04	9.69	3.98		8.62		3.68		8.86		6.97	-1.78
EBITDA, млрд ¥					4.21	7.78	7.89	8.67	4.86	9.26	8.48	7.47	5.43	10.76			8.28	3.05
Баланс стоимость, млрд ¥							92.29	103.65	97.34	95.33	95.71	96.76	101.94	105.3	112.37	116.79	106.63	3.83
FCF, млрд ¥							11.16	-5.84	1.69	8.37	7.79	4.79	13.41	14.65	7.34	15.56	11.15	26.57
Операционный денежный поток, млрд ¥						12.53	12.53	-4.57	9.31	9.31	9.31	8.74	8.74	8.74	8.74		8.85	-1.26
Операционная прибыль, млрд ¥							6.72	8.19	3.96	9.04	7.87	5.84	4.13	9.19	8.38	9.91	7.49	11.16
Операционные расходы, млрд ¥							40.82	41.91	31.57	51.23	44.66	35.97	31.56	54.91	47.64	39.29	41.87	1.78
CAPEX, млрд ¥							1.38	1.28	1.53	1.53	1.53	1.39	1.39	1.39	1.39	1.24	1.36	-2.26

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥						88.82	95.61	99.61	113.08	125.4	136.41	116.94	157.48	124.1	187.54	132.07	-0.21
Short Term Investments ¥				1.25	0.4	1.58	1.3	0.602	1.01	0.9552	0.3708		3.87	9.61		3.16	56.92
Long term investments ¥						2.8	1.49	2.29	4.47							2.76	12.41
Total Receivables ¥					54.76	20.12	34.08	40.23	42.22	36.98	30.06	13.84	14.82	16.1		22.36	-15.32
Total Current Assets ¥						120.95	142.92	171.55	199.53	213.36	213.63	225.85	255.14	228.14		227.22	1.35
Чистые активы, млрд ¥			16.63	18.26	16.19	17.48	18.26	18.49	20.04	21.54	23.04	37.68				24.16	15.30
Активы, млрд ¥					156.23	161.7	182.37	214.97	251.23	282.97	279.22	319.6	355.07	368.05		320.98	5.40
Short Term Debt ¥						2.4	10.7	18.65	22.07							13.46	74.14
Long Term Debt ¥	1.85	2.58	0.9845	1.38	2.26					0.0469	1.86	8.96	30.78	39.04		16.14	283.77
Задолженность, млрд ¥					111.1	113.13	127.45	148.13	158.52	170.92	162.34	211.67	253.19	247.41		209.11	7.68
Долг, млрд ¥									22.07	19.07	22.94		85.13		103.84	37.30	40.14
Interest income ¥							1.48	2.2	2.38	3.7	3.71	4.24	4.65	6.19		4.50	10.84
Расходы на обслуживание долга ¥									1.07	1.6	1.09	1.75	2.84	2.96	2.56	2.05	13.09
Чист. проц. доходы, млрд ¥							1.14	1.17	1.18	2.06	0.0017	2.36	1.71	3.16		1.86	8.93
Goodwill, млрд ¥									0.0518	0.3259	0.2019	0.7076	1.66	1.45		0.8691	34.79
Себестоимость, млрд ¥					86.75	66.09	72.89	99.56	138.23	143.5	124.53	142.77	139.87	141.75		138.48	-0.25
Товарно материальные запасы ¥					8.6	9.47	9.02	16.57	20.01	24.08	27.88	42.77	38.31	32.58		33.12	6.23

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Наличность, млрд ¥										119.53	116.94	128.74	135.34	152.85	157.48	186.31	191.65	181.99	124.1	168.31	-4.65
Short Term Investments ¥										-5.48	-4.62	0.2967	1.12	2.63	3.87	1.24	3.47	4.75	37.9	10.25	57.83
Long term investments ¥	3.28	3.69	4.47	4.05	4.08	3.95														4.05	1.37
Total Receivables ¥										34.6	45.73	47.64	53.38	53.63	47.46	43.23	40.49	43.8	28.6	40.72	-9.63
Total Current Assets ¥										212.39	225.85	243.75	253.88	260.88	255.14	277.38	289.43	273.32	228.14	264.68	-2.21
Чистые активы, млрд ¥							23	23.68	24.22	24.61	37.68	37.89	39.74	40			41.58	41.97		40.24	2.07
Активы, млрд ¥										286.09	319.6	333.69	356.72	354.79	355.02	384.61	398.56	385.94	368.05	378.44	0.72
Short Term Debt ¥										21.36	29.92	44.3	53.88	59.32	53.15	57.35	55.6	49.93	72.6	57.73	6.44
Long Term Debt ¥										8.84	8.96	9.62	17.14	25.66	30.78	48.95	44.59	41.28	39.04	40.93	4.87
Задолженность, млрд ¥										192.06	211.67	232.7	255.37	253.68	253.15	277.76	288.45	269.04	243.88	266.46	-0.74
Чистый долг, млрд ¥										-89.33	-78.06	-74.81	-64.17	-67.72	-73.4	-79.18	-90.64	-89.98	-11.72	-68.9840	-30.71
Долг, млрд ¥										30.2	38.88	53.92	71.01	84.98	83.94	106.3	100.2	91.21	111.64	98.66	5.87
Interest income ¥										1.1	0.9458	0.9976	1.15	1.24	8.04	1.39	4.37	7.58	10.79	6.43	6.06
Расходы на обслуживание долга ¥										0.3793	0.3568	0.6676	0.7906	0.7382	0.6456	0.8831	0.8067	0.6348	0.6376	0.7216	-0.25
Чист. проц. доходы, млрд ¥										-1.14	2.36	0	0.0722	0.9176	0.1509	0.5533	0.6901	1.48	0.4357	0.6620	23.62
Goodwill, млрд ¥										0.2019	0.7076	0.7076	1.77	1.77	1.66	1.66	1.66	1.66	1.45	1.62	-2.67
Себестоимость, млрд ¥										35.5	37.46	26.94	45.01	37.94	29.98	25.75	45.06	38.98	31.96	34.35	1.29
Товарно материальные запасы ¥										39.68	42.77	42.27	42.93	40.55	38.31	40.54	37.93	33.58	32.58	36.59	-3.19

Share

IFRS

Reporting Annual Quarterly

	2011	2012	2013	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
EPS	0.9286	1.23	1.81	2.35	6	3.74	4.36				13.21	5.24		4.48	6.51	-2.67
Цена акции ао					24.62	43.7	35.69	65.58	61.94	37.03	32.32	32.17	40.52	40.52	40.80	-8.14
Число акций ао, млн							5981.59	6015.73	6015.73	5914.47	5631.41	5631.41		5531	5841.75	-1.31
FCF/акцию							3.86	3.85	2.45	-0.648	4.02	9.05			3.74	18.64

	2018Q4	2019Q4	2020Q4	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
EPS				1.03	1.1		0.68	1.26	1.21	1.23	0.73	1.53	1.35	1.63	1.29	5.79
Цена акции ао					45.32	36.74	36.55	32.33	32.72	31.68	35.56	36.44	36.64	33.27	34.72	0.98
Число акций ао, млн	5981.59	6015.73	6015.73			5914.47				5631.41				5631.41	5841.75	-1.31
FCF/акцию			2.51			-0.9881				0.85				2.76	1.28	2.40

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	26.37	28.63	34.15	28.69	22.42	19.25	22.25	25.33	24.84			22.45	19.45	22.82	2.07
ROA, %	7.75	8.46	10.42	10.43	8.73	7.94	7.22	6.9	7.88			4.13	4.72	7.73	-2.03
ROS, %			15.11	13.23	12.46	13.01	12.16	12.89	14.15	13.01	13.01	13.01	11.67	13.04	1.36
ROCE, %	21.28	37.6	36.23	29.8	22.11	17.26	23.37				0	0	0.00	25.75	-8.40
Ebit margin, %											0	0	0.00
Рентаб EBITDA, %			19.87	17.89	17.23	18.17	16.98	18.42			15.31	15.31	18.10	17.22	-2.34
Чистая рентаб, %	12.82	14.24	15.11	13.23	12.46	13.01	12.16	12.89	14.15			13.01	11.67	12.93	2.58
Operation Margin, %			16.78	14.28	13.15	13.76	13.03	14.05	15.42	0	0	0	0.00	13.88	3.24
Доходность FCF, %				8.69	7.21	4.14	-1.3	12.07	25.5					9.52	28.74

	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2025Q2	2025Q3	Industry average	5 quarters average	CAGR 5
ROE, %					6.71	7.16	4.11	7.83	7.14	6.41	4.03	8.13	6.6	7.64			19.45	6.56	3.57
ROA, %					2.16	2.32	1.2	2.09	1.93	1.75	1.07	2.15	1.92	2.42			4.72	1.86	6.70
ROIC, %					18.96	5.37	10.25	11.4	10.14	6.82	4.92	7.15	6.65	4.24				5.96	-9.07
ROS, %							11.27	12.38	13.01	14.84	11.51	13.36	13.24	18.14	13.01	13.01	11.67	14.15	-0.53
ROCE, %	6.41	11.27	2.76	6.99	7.49	8.97	3.94		8.53		3.45		7.58				0.00	6.49	-3.31
Рентаб EBITDA, %					16.6	17.31	13.67	15.36	16.13	17.86	15.2	16.79			15.31	15.31	18.10	16.09	-3.03
Чистая рентаб, %					13.02	14.81	11.27	12.38	13.01	14.84	11.51	13.36	13.24	18.14			11.67	14.22	4.10
Operation Margin, %					14.14	16.35	11.15	15	14.99	13.97	11.57	14.34	14.97	20.15			0.00	15.00	7.60
Доходность FCF, %		4.02				-2.69				2.68				8.31				3.08	19.91

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	10.14	13.01	16.01	12.76	7.65	6.89			7.92	15.93	11.26	-11.94
P/BV	2.91	2.92	3.08	2.84	1.94	1.71			1.96	3.46	2.50	-10.15
P/S	1.34	1.62	2.08	1.55	0.9857	0.9749			1.02	2.05	1.44	-9.66
P/FCF	11.51	13.87	24.14	-76.78	8.28	3.92	0	0	0	0.00	-5.3140	-22.33
E/P	0.0986	0.0768	0.0624	0.0784	0.1307	0.1452	0.1232	0.1232	0.1232	0.06	0.1201	9.46
EV/EBIT							0	0	0	0.00
EV/EBITDA					4.33				3.9	10.31	4.33	0.00
EV/S						0.6311	0.6311	0.6311	0.6311	2.38	0.6311	0.00
EV/FCF							0	0	0	0.00
Debt/EBITDA						3.59	3.59	3.59	3.59	5.05	3.59	0.00
Netdebt/Ebitda						0	0	0	0	0.00
Debt/Ratio						0	0	0	0	0.00
Debt/Equity						0	0	0	0	0.00
Debt/Net Income						4.22	4.22	4.22	4.22	-19.89	4.22	0.00
PEG								5.44	5.44	8.59	5.44	0.00
Бета					0.66	0	0.0102	0	0	0.00	0.3351	-87.57
Индекс Альтмана					0	0	0	0	0	0.00

	2018Q4	2019Q4	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2025Q1	2025Q2	2025Q3	Industry average	5 quarters average	CAGR 5
P/E	44.45	141.57	44.37				29.29				28.76				20.99				15.93	53.00	-31.73
P/BV	2.47	3.31	3.27				2.1				1.84				1.6				3.46	2.42	-13.53
P/S	4.4	8.47	8.74				4.34				4.27				3.81				2.05	5.93	-14.77
P/FCF			24.9				-37.18				37.27				12.04				0.00	9.26	-16.61
E/P	0.0225	0.0071	0.0225				0.0341				0.0348				0.0476		0.1232	0.1232	0.06	0.0726	29.29
EV/EBITDA			25.48				16.05				14.04								10.31	18.52	-18.02
EV/S		6	6.1				2.78				2.51				3.55		0.6311	0.6311	2.38	2.02	-25.66
EV/FCF			17.39				-23.82				21.9				11.23				0.00	6.67	-10.36
Debt/EBITDA						3.83	4.48	11.1	7.67	10.03	11.24	19.59	9.31				3.59	3.59	5.05	9.46	-20.41
Netdebt/Ebitda				-26.58	-13.39	-11.32	-9	-15.4	-6.93	-7.99	-9.83	-14.59	-8.42						0.00	-9.5520	3.97
Debt/Ratio						0.1056	0.1217	0.1616	0.1991	0.2395	0.2364	0.2764	0.2514	0.2363	0.3033				0.00	0.2608	5.11
Debt/Equity						0.3272	0.3751	0.554	0.7449	0.8879	0.8675	1.04	0.9515	0.8117	0.9559				0.00	0.9253	1.96
Debt/Net Income								13.47	9.51	12.43	13.53	25.87	11.7	12.29	12.51		4.22	4.22	-19.89	8.99	-18.45
PEG																	5.44	5.44	8.59	5.44	0.00
Бета																0	0		0.00
Индекс Альтмана			1.81				0.805									0	0		0.00	1.31	-33.31

Dividends

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	4.68	9.53	9.18	11.12	0.8629	13.16	13.82	17.55	18.42	13.7			15.33	0.81
Дивиденд	0.75	1.5	1.5	1.8		2.1	2.2	3	3	2	2		2.46	-0.97
Див доход, ао, %	2.53	4.41	7.28	5		3.93	3.73	6.03	9.01	5.64	5.55	2.41	5.67	7.49
Дивиденды / прибыль, %		76	59.53	49.65	3.29	53.28	62.34	76.08	75.16	47.21	89.29	28.60	62.81	-2.39

	2017Q3	2019Q1	2019Q3	2020Q2	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд						17.03	0.2342	11.49	11.49	11.49	6.13	6.13	6.13	6.13	0.7519		5.05	-34.27
Дивиденд	1.8	0.6	1.5	1.2	1	3			1	2		1		1			1.60	-19.73
Див доход, ао, %	4.62	1.4	2.7	2.13	1.6	6.62			3.09	6.11		2.81		2.73		2.41	4.27	-16.24
Дивиденды / прибыль, %						275.22	3.16	287.1	154	168.09	98.79	149.12	71.55	82.6	8.42	28.60	82.10	-38.89

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Other

IFRS

Reporting Annual

	2018	2019	2020	2022	2023	2024	CAGR 5
Всего задолженность	157.69	169.57	158.48				0.17
Персонал, чел				81 884	81 884	72 380	-4.03

	CAGR 5

	CAGR 5