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​Gree (000651.SZ) Q1-3 profit approaches that last year

Xinhua Financein en.silkroad.news.cn
2018-10-10 10:46

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Gree Electric Appliances, Inc. of Zhuhai (000651.SZ) said on late Monday that its operating revenue and net profits in the first three quarters of the year both have approached those in the full year of 2017.

According to its filing to the stock exchange, Gree expected its operating revenue in the first three quarters of the year to be in a range from 149.05 billion yuan to 150.86 billion yuan. Its net profits during the period are expected to be in a range from 20.58 billion yuan to 21.57 billion yuan, up 33-40 percent year on year.

It is worth noting that the company's operating revenue and net profits in 2017 amounted to 150.02 billion yuan and 22.40 billion yuan, respectively.

Gree Electric has mastered the core technology of air conditioning and obtained the lion's share in the global household air conditioner market for many years.

As of 2017, global market share of Gree's household air conditioners was 21.9 percent. As of the first half of 2018, the market share of Gree's central air conditioners was 17.03 percent, which was further expanded compared with 15.42 percent in 2017.

In addition to the main business of air-conditioning, Gree has been actively eyeing the field of intelligent equipment in recent years.

At present, the company has set up five subsidiaries and branches in Zhuhai, Wuhan and Luoyang, including ten R&D departments related to intelligent equipment, involving nearly 300 developers. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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