Mark’s key points of Gree’s third quarterly report that he is concerned about:
1. The market value of Gree today is 161.45 billion, the monetary capital in the third quarter is 152.85 billion, and the Gree brand value in 2022 is 139.4 billion.
2. Gree’s net interest rate this year was 12.34%, roughly the same as the average net interest rate of Gree in the past ten years, and the net interest rate in the third quarter was 13.1%. For comparison, Midea is 9%, Haier is 6.3%, Ningde is 8.4%, and BYD is 3.5%. There is a saying in the capital market that the net profit is low, so there is a lot of room for growth.
3. Gree reported 14.95 billion deferred income tax in the third quarter, an increase of 1.288 billion. According to the 15% corporate income tax rate, 14.95 billion corresponds to a profit pool of 99.67 billion, of which about 80 billion is Gree’s sales rebate. In contrast, Midea reported 9.62 billion deferred income tax in the third quarter, and Haier 1.58 billion.
4. Gree’s third quarterly report deferred income tax increased by 1.288 billion, corresponding to a profit pool of 8.59 billion, and the gross estimated hidden profit is about 7.0-7.5 billion.
5. The sales expense in the third quarter was 8.35 billion, a decrease of 1.45 billion from 9.8 billion in the same period last year. The contract liabilities in the third quarter were 17.15 billion, an increase of 1.65 billion compared with 15.51 billion in the same period last year. That is to say, the cost of sales has been reduced, the dealers are more active in making payments, and Gree’s channel reform has achieved initial results.
6. Gree has distributed a total of 100.9 billion dividends in history. In 2022, it has distributed 5.537+11.073 billion dividends twice. In the past two years, it has repurchased 27 billion yuan, which can be regarded as dividends. Some people actually say that Gree’s dividends are not active, and the friends and businessmen are afraid that they are very active in cutting your dick.
7. Both PB and PE are at historical extremes, at 1.69 and 6.28, respectively, the lowest PB in history is 2.1, and the lowest PE is 6.5.
8. Conclusion: Many investors in chicken essence require hospitalization because of their poor professional level. Or they will only cut leeks by stepping on public sentiment, and they should queue up and jump from the rooftop.
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