On November 12th, Changjiang Securities research reports pointed out that gree electric appliances,inc.of zhuhai (000651.SZ) third quarter revenue scale is under short-term pressure, with significant optimization of gross sales gap and substantial improvement in profitability. According to the industry chain, in September 2024, the company's air conditioner shipments decreased by 28.9% year-on-year. The bank believes that with the clearance of channel inventory, coupled with government subsidies driving sales and structure, the company's domestic shipments in Q4 2024 may be repaired, expecting a rebound in scale. The company has formed multiple industrial brand matrices, with business covering both household consumer goods and industrial equipment sectors, and has extended the industry chain layout upstream and downstream. Based on this, the company actively explores segmented market demand, expands business scenarios, extends category layout, and expands potential businesses such as new energy funds, smart equipment, with the company's net income attributable to the mother in 2024-2026 expected to be 31.438, 34.205, and 37.108 billion yuan respectively, corresponding to PEs of 7.9, 7.2, and 6.7 times, maintaining a 'buy' rating.