Gree Electric Appliances, Inc. of Zhuhai

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See more articles on Gree Electric Appliances, Inc. of Zhuhai

Company Background

Gree Electric Appliances is China's biggest air conditioner maker and one of the largest in the sector worldwide in terms of sales. It has formed a partnership with Daikin Industries of Japan, the world's largest air conditioner maker. In addition to its core Gree-brand air conditioners, it produces household appliances such as electric fans, water purifiers, air purifiers, rice cookers and humidifiers under the Tosot brand. The company is fiercely competing with fellow Chinese air conditioner maker Midea Group over market share in China.

Founded in 1991, Gree Electric is based in Zhuhai, Guangdong Province. Chairwoman Dong Mingzhu is a well-known female executive in China, and often appears in TV commercials and on programs. Many Chinese women look up to her as a role model. Gree Electric listed on the Shenzhen Stock Exchange in 1996. A state-run entity owned by the Zhuhai municipal government owns 18% of the company, making it the largest shareholder.

In March 2015, the company announced it will enter the smartphone market. It plans to launch Gree-brand smartphones by the end of 2015. It has set a sales target of 100 million units a year in a bid to go toe-to-toe with major smartphone makers in the near future.

Business Summary

Gree Electric Appliances, Inc. of Zhuhai engages in the research and development, manufacture, and sale of air conditioners. Its products include residential and commercial air conditioners, air to water heat pumps, home appliances, refrigerators, smartphones, and industrial products. The company was founded by Jiang Hong Zhu on December 13, 1989 and is headquartered in Zhuhai, China.

Financial Highlights

Dec 2019	CNY	USD
Revenue	198,965.34M	28,794.43M
Gross Profit	55,354.79M	8,010.99M
Operating income	27,147.43M	3,928.79M
Income before tax	29,373.69M	4,250.98M
Net income	24,696.64M	3,574.11M
EBITDA	30,302.38M	4,385.38M
Diluted EPS	4.10	0.59
Dividends Per Share	1.20	0.17
Total Assets	282,972.15M	40,623.64M
Total liabilities	170,683.99M	24,503.49M
Total equity	110,153.57M	15,813.71M
Operating cash flow	28,320.63M	4,098.58M
	Currency in CNY	Currency in USD

Historical Data

CNY | USD

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	99,812.55M	108,682.69M	148,506.51M	198,282.10M	198,965.34M
Gross Profit	33,142.45M	35,703.40M	48,747.22M	60,001.93M	55,354.79M
Operating income	12,537.67M	13,708.28M	25,750.96M	29,548.78M	27,147.43M
Income before tax	14,906.17M	18,565.03M	26,609.24M	31,272.94M	29,373.69M
Net income	12,532.44M	15,463.62M	22,400.48M	26,202.78M	24,696.64M
EBITDA	13,855.40M	15,524.96M	27,783.96M	32,659.11M	30,302.38M
Diluted EPS	2.08	2.57	3.72	4.35	4.10
Dividends Per Share	1.50	1.80	0	2.10	1.20
Total Assets	161,698.01M	182,373.99M	214,987.90M	251,116.49M	282,972.15M
Total liabilities	112,996.83M	127,249.75M	148,006.98M	158,353.15M	170,683.99M
Total equity	47,521.37M	53,972.18M	65,614.91M	91,209.42M	110,153.57M
Operating cash flow	44,463.02M	15,124.68M	16,735.64M	27,520.28M	28,320.63M

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	15,880.77M	16,359.10M	21,974.20M	29,965.50M	28,794.43M
Gross Profit	5,273.16M	5,374.13M	7,213.02M	9,067.83M	8,010.99M
Operating income	1,994.81M	2,063.39M	3,810.31M	4,465.57M	3,928.79M
Income before tax	2,371.66M	2,794.44M	3,937.31M	4,726.14M	4,250.98M
Net income	1,993.98M	2,327.61M	3,314.55M	3,959.91M	3,574.11M
EBITDA	2,204.47M	2,336.84M	4,111.13M	4,935.62M	4,385.38M
Diluted EPS	0.33	0.38	0.55	0.65	0.59
Dividends Per Share	0.23	0.27	0	0.31	0.17
Total Assets	24,901.13M	26,242.74M	33,014.11M	36,575.51M	40,623.64M
Total liabilities	17,401.26M	18,310.63M	22,728.34M	23,064.38M	24,503.49M
Total equity	7,318.18M	7,766.34M	10,076.00M	13,284.79M	15,813.71M
Operating cash flow	7,074.33M	2,276.59M	2,476.33M	4,159.01M	4,098.58M

Valuation Measures

Dec 2019
PER	15.97
ROA	9.24%
ROE	24.52%
Operating margin	13.64%
Profit margin	12.41%

Key executives

Chairman & President: Ming Zhu Dong
Chief Executive Officer & Director: Hui Huang
CFO, Board Secretary & Vice President: Jing Dong Wang
Chief Engineer & Vice President: Jian Ming Tan
Vice President: Pei Zhuang

Shareholders

Zhuhai Gaoling Equity Investment Management Co. Ltd. (15.1%)
Hebei Jinghai Guaranty & Investment Co. Ltd. (8.2%)
Zhuhai State-Owned Assets Supervision & Admin. Commission (3.2%)
China Securities Finance Corp. Ltd. (3.0%)
Qian Hai Life Insurance Co., Ltd. (1.6%)
China Investment Corp. (Investment Management) (1.4%)
E Fund Management Co., Ltd. (1.3%)
Harvest Fund Management Co., Ltd. (1.0%)
Hillhouse (Beijing) Advisory Ltd. (0.7%)
China Southern Asset Management Co., Ltd. (0.6%)

Contact Details

Website:http://www.gree.com.cn
Address: Jinji West Road, Qianshan, Zhuhai, 519070, China
Phone: +86.756.8614883

Related Companies

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Zhuhai Gree Xinyuan Electronic Co. Ltd.
Zhuhai Gree Electric Enterprises Ltd.
Zhuhai Landa Compressor Co. Ltd.

Competitors

Shanghai Highly (Group) Co., Ltd. Class B
Johnson Controls International plc
Chigo Holding Limited
Airmate (Cayman) International Co., Ltd.
Elec-tech International Co., Ltd. Class A
Carrier Global Corp.
Nirmitee Robotics India Ltd

Last Updated on 10 Aug, 2020