Gelonghui, May 7 | Guotai Junan Research Report pointed out that Gree Electric (000651.SZ)'s 2023 and 24Q1 results are in line with expectations. The home air business benefits from the industry's high prosperity and steady growth, stable dividends, and still has allocation value in line with undervaluation. Considering the current upward trend in Baidian's leading valuation center and the company's own historical valuation level, the target price was raised to 55.2 yuan for 24 years, and the target price was raised to 55.2 yuan to maintain the “gain” rating. In 2023, air conditioning/household appliances/industrial products/smart equipment/green energy were +12%/+32%/+55%/+51%, respectively. The air conditioning business is still the company's absolute core business. The diversification process of C-side home appliances is still slow, and B-side high-end manufacturing performance is relatively better. The 24Q1 company's contract debt reached 20.49 billion yuan, compared with +6.9 billion yuan at the end of 23, showing that dealers still have good intentions to pick up goods to ensure steady revenue growth in the later stages.