Zhuhai Gree Electric Co., Ltd. (Gree Electric for short), established in 199 1, is an international household appliance enterprise integrating R&D, production, sales and service, with three brands of Gree, TOSOT and Jinghong, mainly engaged in household air conditioners, central air conditioners, air energy water heaters, mobile phones, household appliances, refrigerators and other products.
First of all, Gree is one of the few good enterprises with outstanding profitability.
Take the profits of the last two years as an example. In 20 19, although the net profit of Gree Electric decreased by 5.84% year-on-year, it still realized the net profit attributable to shareholders of listed companies of 24.672 billion yuan, even higher than the revenue of most color TV enterprises in that year. The peak of Gree Electric appeared in 20 18, and the net profit returned to the mother in that year was 26.202 billion yuan.
In the first three quarters of this year, Gree Electric's net profit decreased by 38.06% year-on-year, achieving a net profit attributable to shareholders of 65.438+03.699 billion yuan. It is estimated that its net profit will be between 654.38+0.70-654.38+0.8 billion yuan in 2020.
65.438+07 billion yuan is indeed much lower than 26.202 billion yuan in 2065.438+08, but this figure still makes all color TV enterprises feel ashamed.
Hisense and Skyworth are enterprises with good profitability in China TV industry. Take Hisense Video as an example. In the first three quarters of 2020, the net profit was 580 million yuan, and it is expected that it will not exceed 900 million yuan in 2020. In this way, Gree Electric's net profit in 2020 will be19-20 times that of Hisense Video.
The net interest rate can best explain the operating quality of an enterprise. In the first three quarters of this year, Gree Electric's net interest rate was 10.8%, while Huawei's net interest rate was only 8% in the same period.
At present, there are four listed companies in China whose net interest rate can reach more than 8%, namely Boss Electric (SZ002508), Vantage (002035), Gree Electric (00065 1) and Midea Group (000333).
Gree Electric's net interest rate will remain within 8% for the next three years-this is Gree Electric's bottom line.
Another evidence that Gree Electric is a good enterprise is that Gree's product (quality) image has always been relatively good. Although the negative evaluation of Gree has shown an upward trend in recent years, the public's confidence in Gree products has not decreased significantly.
Gree is one of the few enterprises in China's home appliance industry that attaches great importance to product quality. The high product quality constitutes Gree's differentiated competitiveness, and it is expected that this situation will not change greatly in the next three years.
Advantages of Gree:
First, compared with the main competitors, Gree's net profit rate has been leading all the year round, and its net profit value has been leading for many years.
Second, put it in the whole household appliance industry: it is rare for Gree to achieve a scale of 200 billion in almost a single industry (air conditioning) in China.
Third-compare Gree with yourself: It is a visible fact that the motivation of Gree Electric's sustainable development is weakening, and there is no substantive breakthrough in diversification, which is a realistic problem.