(On the evening of January 28, 2024, Dong Mingzhu, chairman of Gree Electric Appliances, said at the Gree 2024 Global Dream Ceremony that last year (2023) Gree created a profit of 29 billion yuan (close to the upper limit of the disclosed 2023 performance forecast), a record high, and hopes to create more than 20 billion yuan in tax revenue for the country in 2024.) In addition, Jiemian News saw from the ** displayed at the event site that Gree Electric's operating income last year was about 205 billion yuan. ）
China's manufacturing industry is in a mess, and everyone's profit margins are getting thinner and thinner. However, home appliance manufacturing, market giants have been formed, small basic out, several large carve-up of the global market (** competition is not fierce, not much to fight ** war) global about 35 trillion market (growing slowly year by year).
Gree has 200 billion yuan, accounting for about 6% of the market share, Midea has about 10% of the market share, and Haier is also good.
Overseas companies include Samsung and several in Japan. (Gree's case also shows that China's economy, at least not in all directions, is all a wail) Gree basically does not have much capital expenditure now.
Many people always feel that when new houses are sold, air conditioner sales are down.
Do you say despise him or not?
The air conditioner, like a car, will break down in about 15-20 years and need to be renewed.
Therefore, the stock of air conditioners will basically be replaced in more than ten years.
How many home air conditioners are there in China?
More than 600 million units. There is still room for critical penetration.
These air conditioners are mainly in Zhejiang, Guangdong, Jiangsu, and Shanghai, and are not widespread enough in other provinces.
Gree honestly makes air conditioners and can do it for several lifetimes.
But the problem is that Sister Dong has to work for the rest of her life and refuses to leave. She's going to do it to death.
It's okay to die until you die, the key is that you can't do this.
So? Little fresh meat?
I didn't say little fresh meat.
Gree has become her independent kingdom, and she can do whatever she wants.
For example, "I don't give you dividends, what can you do with me" really didn't have any tricks for her, and even the major shareholder Hillhouse Capital didn't take her for it.
It's not easy for value investors to find a good one, but it's just that.