Guangda Securities: Maintains a "buy" rating on Gree Electric Appliances, with a dividend yield of over 7% demonstrating its underlying value.

Guangfa Securities recently pointed out in a research report that Gree Electric's dividend yield for 2025 has exceeded 7%, indicating a historical bottoming-out trend. Based on a profit forecast of 33 billion yuan and an assumed cash dividend payout ratio of 52% over the next 25 years, the company's expected dividend yield is 7.7%. The easing of online price competition in the third quarter of 2025 is favorable for the company to regain online market share. The company's expansion process in Southeast Asia is accelerating. After ten years of deepening its presence in the market, the company's share of exports of own-brand products in the Southeast Asian market has increased from 30% to 80%. In the current low interest rate market environment, high dividend-paying assets with both profitability and safety attributes are strong. Based on the company's strong dividend protection ability, performance certainty, and asset scarcity, the net profit forecast for the years 2025-2027 is maintained at 33/35.8/38.2 billion yuan. The "buy" rating is maintained with a target price of 54.10 yuan.