Gree Electric Appliances is one of the largest heating, ventilating, and air conditioning, or HVAC, product manufacturers in China, with key products such as residential and commercial air conditioners. Gree generates over 80% of sales domestically and is backed by China's Zhuhai local government. Air conditioners remain the biggest contributor to Gree's earnings, with an over 70% representation over the years. The company has also made forays into industrial component parts, photovoltaic equipment, new energy vehicles, and battery production. As of March 2024, Chairwoman Dong Mingzhu and privately owned investment entity Zhuhai Mingjun collectively held 17% of its total equity interest, while state-owned Zhuhai Gree Group owned 3.4%.

Financial Strength

5/10

Name	Current	Vs Industry
Cash-To-Debt	1.42
Equity-to-Asset	0.32
Debt-to-Equity	0.77
Debt-to-EBITDA	2.57
Interest Coverage	11.72
Piotroski F-Score	7/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	1.89	Distress Grey Safe
Beneish M-Score	-2.55	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

9/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	8.9
	3-Year EBITDA Growth Rate	13.9
	3-Year EPS without NRI Growth Rate	13.5
	3-Year FCF Growth Rate	55
	3-Year Book Growth Rate	2.7
	Future 3-5Y EPS without NRI Growth Rate	-1
	Future 3-5Y Total Revenue Growth Rate	5.83

Momentum Rank

3/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	26.53
	9-Day RSI	32.9
	14-Day RSI	37.62
	6-1 Month Momentum %	28.63
	12-1 Month Momentum %	11.42

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	1.13
	Quick Ratio	0.96
	Cash Ratio	0.64
	Days Inventory	92.14
	Days Sales Outstanding	30.59
	Days Payable	170.47

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	2.56
	Dividend Payout Ratio	0.17
	3-Year Dividend Growth Rate	-3.1
	Forward Dividend Yield %	5.13
	5-Year Yield-on-Cost %	2.53
	3-Year Average Share Buyback Ratio	2.2
	Shareholder Yield %	-0.38

Profitability Rank

7/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	31.19
	Operating Margin %	15.79
	Net Margin %	14.37
	FCF Margin %	16.03
	ROE %	26.51
	ROA %	7.71
	ROIC %	10.6
	ROC (Joel Greenblatt) %	87.27
	ROCE %	21.94
	Years of Profitability over Past 10-Year	10

GF Value Rank

5/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	7.31
	Forward PE Ratio	8.73
	PE Ratio without NRI	6.74
	Shiller PE Ratio	9.94
	Price-to-Owner-Earnings	8.78
	PEG Ratio	1.27
	PS Ratio	1.04
	PB Ratio	1.81
	Price-to-Tangible-Book	2.01
	Price-to-Free-Cash-Flow	6.52
	Price-to-Operating-Cash-Flow	5.62
	EV-to-EBIT	4.97
	EV-to-Forward-EBIT	6.34
	EV-to-EBITDA	4.97
	EV-to-Forward-EBITDA	5.55
	EV-to-Revenue	0.88
	EV-to-Forward-Revenue	0.84
	EV-to-FCF	5.5
	Price-to-Projected-FCF	0.74
	Price-to-DCF (Earnings Based)	0.4
	Price-to-DCF (FCF Based)	0.21
	Price-to-Median-PS-Value	0.85
	Price-to-Peter-Lynch-Fair-Value	1.01
	Price-to-Graham-Number	0.78
	Earnings Yield (Greenblatt) %	20.12
	FCF Yield %	15.01
	Forward Rate of Return (Yacktman) %	15.55

GF Value: ¥38.64

SZSE:000651

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