On August 5th, Zhongjin Securities' research report pointed out that Gree Electric Appliances, Inc. of Zhuhai (000651.SZ) plans to cancel its shares again and re-evaluate the company's yield. The rating is maintained at outperform with an unchanged target price of 50.64 yuan. Considering that the income brought by the cancellation of stocks is equivalent to improving dividend payout ratio, the average dividend yield achieved by the company's shareholders in the past three years is equivalent to 8.9%1 per year. This share cancellation accounts for 0.5% of the total share capital before cancellation. Considering that the company's dividend commitment is at least 2 yuan/share, it is estimated that the actual dividend yield of shareholders in 2024 will reach a minimum of 5.5%. In addition, it is believed that the old-for-new policy is expected to drive the upgrading demand for air conditioners. In 2023, the company's overseas business revenue accounted for only 12%, mainly from domestic sales; the proportion of air conditioning business revenue was 74%, and it is believed that the company is expected to benefit from the old-for-new policy.