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Consumer Durables

Gree Electric Appliances, Inc. of Zhuhai

  • 52.60 CNY
  • -1.94
  • -3.56%
  • China
    Aug 21, 2019
  • Ticker
    SHE(000651)
  • Prev. close
    54.54
  • Market cap (CNY)
    328,097.93M
  • Market cap (USD)
    46,451.70M
  • Shares
    6,015.73M

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 2018 CNYUSD
Revenue198,282.10M29,965.50M
Gross Profit60,001.93M9,067.83M
Operating income29,487.37M4,456.29M
Income before tax31,272.94M4,726.14M
Net income26,202.78M3,959.91M
EBITDA32,560.98M4,920.79M
Diluted EPS4.350.65
Dividends Per Share2.100.31
Total Assets251,234.15M36,592.65M
Total liabilities158,353.15M23,064.38M
Total equity91,327.09M13,301.93M
Operating cash flow30,020.28M4,536.83M
Currency in CNYCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 138,642.96M 99,812.55M 108,682.69M 148,506.51M 198,282.10M
Gross Profit 49,910.75M 33,142.45M 35,703.40M 48,747.22M 60,001.93M
Operating income 15,804.16M 12,537.67M 13,708.28M 25,750.96M 29,487.37M
Income before tax 16,756.03M 14,906.17M 18,565.03M 26,609.24M 31,272.94M
Net income 14,155.16M 12,532.44M 15,463.62M 22,400.48M 26,202.78M
EBITDA 17,161.03M 13,855.40M 15,524.96M 27,783.96M 32,560.98M
Diluted EPS 2.35 2.08 2.57 3.72 4.35
Dividends Per Share 1.50 1.50 1.80 0 2.10
Total Assets 156,230.94M 161,698.01M 182,373.99M 214,987.90M 251,234.15M
Total liabilities 111,011.05M 112,996.83M 127,249.75M 148,006.98M 158,353.15M
Total equity 44,152.65M 47,521.37M 53,972.18M 65,614.91M 91,327.09M
Operating cash flow 18,983.86M 44,463.02M 15,124.68M 16,735.64M 30,020.28M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 22,500.76M 15,880.77M 16,359.10M 21,974.20M 29,965.50M
Gross Profit 8,100.15M 5,273.16M 5,374.13M 7,213.02M 9,067.83M
Operating income 2,564.90M 1,994.81M 2,063.39M 3,810.31M 4,456.29M
Income before tax 2,719.38M 2,371.66M 2,794.44M 3,937.31M 4,726.14M
Net income 2,297.28M 1,993.98M 2,327.61M 3,314.55M 3,959.91M
EBITDA 2,785.11M 2,204.47M 2,336.84M 4,111.13M 4,920.79M
Diluted EPS 0.38 0.33 0.38 0.55 0.65
Dividends Per Share 0.24 0.23 0.27 0 0.31
Total Assets 25,182.29M 24,901.13M 26,242.74M 33,014.11M 36,592.65M
Total liabilities 17,893.46M 17,401.26M 18,310.63M 22,728.34M 23,064.38M
Total equity 7,116.80M 7,318.18M 7,766.34M 10,076.00M 13,301.93M
Operating cash flow 3,080.94M 7,074.33M 2,276.59M 2,476.33M 4,536.83M

Valuation Measures

Dec 2018
PER8.19
ROA11.24%
ROE33.39%
Operating margin14.87%
Profit margin13.21%

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 State-Owned Assets Supervision & Admin. Commission (18.3%)
  • Hebei Jinghai Guaranty & Investment Co. Ltd. (8.9%)
  • China Securities Finance Corp. Ltd. (3.0%)
  • China Life Asset Management Co., Ltd. (2.0%)
  • Qian Hai Life Insurance Co., Ltd. (1.9%)
  • China Investment Corp. (Investment Management) (1.4%)
  • E Fund Management Co., Ltd. (1.0%)
  • Harvest Fund Management Co., Ltd. (0.8%)
  • Bosera Asset Management Co., Ltd. (0.8%)
  • China Universal Asset Management Co., Ltd. (0.8%)

Contact Details

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

Related Companies

  • Gree (Shijiazhuang) Small Home Appliances Co., Ltd.
  • Zhengzhou Landa Compressor Co., Ltd
  • Gree Electric Appliance (Wuhu) Co. Ltd.
  • Gree Electric Appliances (Shijiazhuang) Co. Ltd.
  • Zhuhai Gree Daikin Device Co., Ltd.
  • Gree Electric Appliances (Zhengzhou) Co. Ltd.
  • Gree Electric Appliances (Wuhan) Co., Ltd.
  • Gree Electric Appliances (Hefei) Co., Ltd.
  • Zhuhai Kaibang Motor Manufacture Co., Ltd.
  • Gree Electric Appliances Chongqing Electronic Tech Co., Ltd.
  • Gree Electric Appliances (Chongqing) Co., Ltd.
  • Zhuhai Gree Household Electric Appliance Co. Ltd.
  • Zhuhai Gree Xinyuan Electronic Co. Ltd.
  • Zhuhai Gree Electric Enterprises Ltd.
  • Zhuhai Landa Compressor Co. Ltd.

Competitors

  • Midea Group Co. Ltd. Class A
  • Shanghai Highly (Group) Co., Ltd. Class B
  • Chigo Holding Limited
  • Rechi Precision Co. Ltd.
  • Sichuan Changhong Electric Co., Ltd. Class A
  • Elec-tech International Co., Ltd. Class A
  • Johnson Controls International plc
Last Updated on 21 Aug, 2019

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