Gree Electric Appliances Inc of Zhuhai (000651) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Gree Electric Appliances Inc of Zhuhai stock ¥97.62, price ¥38.70, upside +152.2%, quality 66 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range ¥21.87 – ¥44.82 · fair‑value band ¥68.33 – ¥126.90 · the ¥38.70 price screens below the ¥97.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Gree Electric Appliances, Inc. of Zhuhai, together with its subsidiaries, engages in the production and sale of consumer electrical appliances and accessories in China and internationally.
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It operates through four segments: Consumer Electronics; Industrial Products and Green Energy; Smart Equipment; and Other Businesses.
The company offers residential air conditioners; home appliances, including air purifiers, humidifiers, air coolers, electric heaters, fans, kitchen appliances, personal care equipment, refrigerators, and washing machines; and optical storage air conditioning system.
It also provides industrial products, such as screw, scroll, and centrifugal chillers, as well as multi-VRF, light commercial equipment, terminals, and packaged units.
In addition, the company is involved in finance; information technology research and development; transportation; wholesale and retail trade; medical devices; agriculture; real estate; electrical machinery and equipment manufacturing; and technology promotion and application services.
It exports its products. The company was formerly known as Haili Air-conditioning Engineering Co., Ltd. of Zhuhai and changed its name to Gree Electric Appliances, Inc. of Zhuhai in January 1994. Gree Electric Appliances, Inc. of Zhuhai was founded in 1989 and is headquartered in Zhuhai, China.
Stock analysis
Gree Electric Appliances Inc of Zhuhai (000651) currently trades at ¥38.70, while our model-based Fair Value estimate is ¥97.62, implying the stock looks roughly 60% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥145.73 per share, and 24 of the 26 models we run sit above the ¥38.70 price.
Bear case: the Economic Profit group reads lowest at ¥41.73, and 2 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥68.33 (bear) to ¥126.90 (bull), the price of ¥38.70 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Spin-off in 2006: revenue and profit before it include the divested business. Growth is measured afresh from 2006.
Gree Electric Appliances Inc of Zhuhai reported revenue of 171B CNY in FY2025 versus 188B CNY in FY2021, a compound −2.3%/yr. Reported net income was 29.0B CNY in FY2025, compounding +5.9%/yr from FY2021.
Key figures
Market cap 217B CNY (≈ $32.6B) Large · P/E ratio 8.6 · P/S ratio 1.36 · EPS (TTM) ¥4.51 · Dividend yield 5.2% · Net margin 15.6% · Return on equity 16.3% · Return on assets (EBIT) 8.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (medium confidence).
What moves the price
The share trades about 4% below its 52-week high and 11% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −24% fair-value upside, at 152%, 000651 screens cheaper than that median.
Fair Value models
Bear¥68.33Fair Value ¥97.62Bull¥126.90
Price ¥38.70 · Upside +152.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥2.13 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2006: revenue and profit before it include the divested business. Growth is measured afresh from 2006.
Revenue growth 1 year
−9.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.3%
Start year 2020 (pandemic). Over 10 years: +5.8% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+10.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.1%
Dividend (yield on the price)5.2%
Per share before 2006divided by the spin-off factor 1.27
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.1% vs 8.2%, slowing
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−24.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −25.6% a year for the price and +0.0% for the forecasts.
AI conclusion: Moderate moat potential from scale and margins faces thin evidence and persistent earnings pressure from softer appliance demand.
Main risk: Rivals such as Midea and Xiaomi could capture more market share with cheaper or diversified offerings, pressuring Gree's air conditioner prices and margins.
Bull case: By enhancing AI features and smart technologies in its appliances, Gree could differentiate its products and maintain or grow its position against rivals.
Bear case: If competitors continue to erode its domestic market share through aggressive pricing and online channels, Gree's core air conditioning business could face sustained margin compression.
Gree's third-quarter results showed revenue and profit declines amid softer appliance demand, while its largest shareholder reduces its stake to repay acquisition debt. The company counters with its own buyback program and dividends, and our models see the business as undervalued. Does the emphasis on premium technology and stable pricing build lasting advantages or do the earnings pressure and ownership overhang limit upside?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Furnishings, Fixtures & Appliances · 297 stocks
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Cite: Fair Value Calculator (2026). "Gree Electric Appliances Inc of Zhuhai Fair Value". https://www.fairvalue-calculator.com/stock/000651
Frequently asked questions
Is Gree Electric Appliances Inc of Zhuhai (000651) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of ¥97.62 versus a price of ¥38.70, about +152% upside (undervalued).
What is the fair value of 000651?
Our model-based fair value for Gree Electric Appliances Inc of Zhuhai is ¥97.62 (as of Nov 4, 2026), built from audited fundamentals. The current price: ¥38.70.
What is the quality score of 000651?
Gree Electric Appliances Inc of Zhuhai has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Gree Electric Appliances Inc of Zhuhai (000651)?
Our model-based price target is the fair value of ¥97.62 (as of Nov 4, 2026) from 26 valuation models. Cautious scenario ¥68.33, optimistic scenario ¥126.90. It is a calculation from audited fundamentals, not an analyst target.
What is the Gree Electric Appliances Inc of Zhuhai stock forecast for 2026?
Our models put fair value at ¥97.62, about +152% upside versus a price of ¥38.70 (undervalued). Cautious scenario ¥68.33, optimistic scenario ¥126.90. The calculation is refreshed regularly with new filings.
What is the revenue of Gree Electric Appliances Inc of Zhuhai (000651)?
Gree Electric Appliances Inc of Zhuhai reported trailing-twelve-month revenue of about 159B CNY (latest available figure, as of Nov 4, 2026).
Does Gree Electric Appliances Inc of Zhuhai pay a dividend?
Gree Electric Appliances Inc of Zhuhai currently shows a dividend yield of 5.17% relative to its recent price (as of Nov 4, 2026).
What growth is priced into Gree Electric Appliances Inc of Zhuhai (000651)?
For today's price to be fair in a discounted-cash-flow model, Gree Electric Appliances Inc of Zhuhai would have to grow free cash flow by -24.3 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.3 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of 000651 use?
Our models discount Gree Electric Appliances Inc of Zhuhai at 8.7 %: a base by market capitalisation (large), damped by beta 0.28, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Gree Electric Appliances Inc of Zhuhai that is -24.3 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Gree Electric Appliances Inc of Zhuhai (000651) delivered so far?
Over the past 5 years revenue at Gree Electric Appliances Inc of Zhuhai grew +0.3 % a year. The price currently implies -24.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Gree Electric Appliances Inc of Zhuhai (000651) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Gree Electric Appliances Inc of Zhuhai (-24.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Gree Electric Appliances Inc of Zhuhai (000651)?
The free-cash-flow yield on the price is 20.60 %: that much free cash flow Gree Electric Appliances Inc of Zhuhai produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Gree Electric Appliances Inc of Zhuhai (000651)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gree Electric Appliances Inc of Zhuhai it is ¥97.62 per share (as of Nov 4, 2026), against a price of ¥38.70. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Gree Electric Appliances Inc of Zhuhai stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 000651 trades below its calculated fair value: price ¥38.70, fair value ¥97.62, a gap of about +152% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 000651?
No. The price is what the market pays today (¥38.70); the fair value is what the company's own numbers justify (¥97.62). For Gree Electric Appliances Inc of Zhuhai the two are ¥58.92 per share apart. That gap is exactly why we show both numbers side by side.
How much is Gree Electric Appliances Inc of Zhuhai worth?
The market values Gree Electric Appliances Inc of Zhuhai at about 217B CNY (market capitalisation, as of Nov 4, 2026). Per share that is ¥38.70; our models calculate a fair value of ¥97.62 per share.
What do the bullish and bearish scenarios say about 000651?
Our models span a range for Gree Electric Appliances Inc of Zhuhai: cautious scenario ¥68.33, base ¥97.62, optimistic ¥126.90 per share (as of Nov 4, 2026, price ¥38.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 000651?
Gree Electric Appliances Inc of Zhuhai trades at a price-to-earnings ratio of 8.6 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥97.62 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 8.7. Other multiples: PEG 7.4, P/B 1.5, P/S 1.4, EV/EBITDA 3.5.
What is the PEG ratio of 000651?
The PEG ratio of Gree Electric Appliances Inc of Zhuhai is 7.41 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Gree Electric Appliances Inc of Zhuhai (000651)?
Balance-sheet figures for Gree Electric Appliances Inc of Zhuhai (as of Nov 4, 2026): return on equity 16.3%, debt of 0.02 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 000651 from its 52-week high?
Gree Electric Appliances Inc of Zhuhai trades at ¥38.70, about 4% below its 52-week high of ¥40.43 and 11% above the low of ¥34.95 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ¥97.62 is for.
Which stocks are comparable to Gree Electric Appliances Inc of Zhuhai?
From the same area (Consumer Cyclical) we also value Midea Group, SharkNinja, Inc, Haier Smart Home Co, Guangdong Songfa Ceramics Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Gree Electric Appliances Inc of Zhuhai stock attractive at the current price?
The data as of Nov 4, 2026: price ¥38.70, calculated fair value ¥97.62 (+152%), Quality Score 66/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 000651 calculated?
We run Gree Electric Appliances Inc of Zhuhai through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥97.62, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Gree Electric Appliances Inc of Zhuhai currently trades 60% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Gree Electric Appliances Inc of Zhuhai (000651)?
The closing price on Nov 5, 2026 was ¥38.70. Our model-based fair value is ¥97.62, about +152% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gree Electric Appliances Inc of Zhuhai right now?
The price is below even our cautious bear case (¥68.33). The market is more pessimistic than our downside scenario. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (¥68.33 to ¥126.90) leaves room in how you read the outcome.
Where does the earnings growth of Gree Electric Appliances Inc of Zhuhai (000651) come from?
Earnings per share at Gree Electric Appliances Inc of Zhuhai grew +10.7 % a year from 2013 to 2024. Broken into its drivers: revenue per share +6.7 %, EBIT margin +3.9 %, tax rate +0.2 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Gree Electric Appliances Inc of Zhuhai
How large is the market capitalisation of Gree Electric Appliances Inc of Zhuhai (000651)?
The market capitalisation of Gree Electric Appliances Inc of Zhuhai is 217B CNY (≈ $32.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Gree Electric Appliances Inc of Zhuhai (000651)?
The price-to-sales ratio of Gree Electric Appliances Inc of Zhuhai is 1.36 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Gree Electric Appliances Inc of Zhuhai (000651)?
Earnings per share at Gree Electric Appliances Inc of Zhuhai are ¥4.51 (price ÷ EPS = P/E 8.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gree Electric Appliances Inc of Zhuhai (000651)?
The dividend yield of Gree Electric Appliances Inc of Zhuhai is 5.2% (payout 44.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Gree Electric Appliances Inc of Zhuhai (000651)?
The net margin of Gree Electric Appliances Inc of Zhuhai is 15.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Gree Electric Appliances Inc of Zhuhai (000651)?
The return on equity (ROE) of Gree Electric Appliances Inc of Zhuhai is 16.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Gree Electric Appliances Inc of Zhuhai (000651)?
On an EBIT basis the return on assets of Gree Electric Appliances Inc of Zhuhai is 8.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Gree Electric Appliances Inc of Zhuhai (000651)?
The operating margin of Gree Electric Appliances Inc of Zhuhai is 11.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gree Electric Appliances Inc of Zhuhai (000651)?
Revenue at Gree Electric Appliances Inc of Zhuhai is growing −8.0% versus a year earlier (3y avg −3.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Gree Electric Appliances Inc of Zhuhai (000651)?
Earnings per share at Gree Electric Appliances Inc of Zhuhai are growing −43.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Gree Electric Appliances Inc of Zhuhai (000651) hold?
Gree Electric Appliances Inc of Zhuhai holds more cash than debt, 55.9B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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