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Gree Electric Appliances, Inc. of Zhuhai (SZSE:000651) Shares Could Be 43% Below Their Intrinsic Value Estimate
Gree Electric Appliances of Zhuhai (SZSE:000651) Jumps 16% This Week, Though Earnings Growth Is Still Tracking Behind One-year Shareholder Returns
Huaxi Securities: In August, the nationwide home appliance replacement program had a significant driving effect. It is expected that the year-on-year growth rate of domestic air conditioner sales will accelerate in the fourth quarter.
In August, the detailed rules for the old-for-new policy in various regions were implemented intensively, with a significant boost in driving effect.
CICC: Significant effect of old-for-new policy in household appliances, high retail growth continues.
As of September 25th, approximately 3.86 million consumers nationwide purchased over 5.2 million units of household electrical products across 8 categories, enjoying 4.67 billion yuan in central subsidies, driving sales to over 24.3 billion yuan. This round of subsidies is substantial, beneficial for the sales of mid-to-high-end products, and improving product structure.
Guolian Securities: Valuation repair of the home appliance late cycle needs to be tracked, and the impact of channel changes on market share is worth paying attention to.
The impact of channel changes on market share is worthy of attention, and leading household appliance companies may gain incremental growth in the process of sinking channels and emerging in the whole-house channel, with new categories expected to achieve better growth.
Tianfeng Securities: Continuous improvement in the profitability of household appliances, domestic sales expectations may reverse.
Recently, the central government has implemented a policy of trading in old for new, with subsidies comparable to those for rural household appliances. The domestic sales are currently in a major renewal cycle, and the policy's elasticity in implementation can be expected, potentially leading to a reversal in domestic sales expectations.
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