证券代码：000333 证券简称：美的集团 公告编号：2024-096 美的集团股份有限公司 关于对 2018 年、2019 年、2021 年、2022 年和 2023 年限制性股票 激励计划部分激励股份回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、美的集团股份有限公司（以下简称"公司"或"美的集团"）本次回购注销 《2018 年限制性股票激励计划（草案）》的预留授予限制性股票 12,500 股，占 公司总股本的 0.0002%；其授予日为 2019 年 3 月 11 日，回购价格为 11.96 元/ 股，共涉及激励对象 1 人； 2、公司本次回购注销《2019 年限制性股票激励计划（草案）》的限制性股 票 428,698 股，占公司总股本的 0.0056%；其授予日为 2019 年 5 月 30 日，回购 价格为 15.46 元/股，共涉及激励对象 38 人； 3、公司本次回购注销《2021 年限制性股票激励计划（草案）》的限制性股 票 299,904 股，占公司总股本的 0.0039%；其授予日为 2021 年 6 月 ...

Financial Performance - Total revenue for the first three quarters reached 320.2 billion CNY, a year-on-year increase of 10% [1] - Net profit attributable to shareholders was 31.7 billion CNY, up 14% year-on-year; the net profit excluding non-recurring items was 30.4 billion CNY, a 13% increase [1] - Revenue for the third quarter was 102.2 billion CNY, reflecting an 8% year-on-year growth; net profit was 10.9 billion CNY, a 15% increase [1] Double Eleven Sales Performance - For the Double Eleven sales period (October 1, 2024 - November 11, 2024), the company achieved the highest sales in the industry for 12 consecutive years [2] - The "old-for-new" policy generated over 10 billion CNY in retail sales, contributing to a year-on-year growth of over 30% [2] - High-end brands COLMO and Toshiba saw retail sales growth exceeding 100% [2] Overseas Business Development - OBM business revenue grew by over 25% year-on-year from January to September [2] - Overseas e-commerce sales increased by 50% year-on-year in the third quarter, with Amazon Prime Day sales growing over 35% [2] - The company expanded its service network overseas, achieving a 32% improvement in service response speed by August 30, 2024 [2] ESG Initiatives - The company received the first water footprint verification certification in Greater China for washing machines, awarded by TÜV Süd [3] - The assessment focused on the entire lifecycle of washing machines, identifying opportunities to reduce water consumption and pollution [3] - The company was recognized in Forbes' 2024 list of the World's Best Employers and as one of the Best Employers for Women [3]

北京市嘉源律师事务所 关于美的集团股份有限公司 2024 年第三次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 B EIJING·上海 S HANGHAI·深圳 S HENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：美的集团股份有限公司 北京市嘉源律师事务所 关于美的集团股份有限公司 2024 年第三次临时股东大会的法律意见书 嘉源(2024)-04-845 北京市嘉源律师事务所（以下简称"本所"）接受美的集团股份有限公司（以 下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"）等现 行有效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以 及《美的集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 指派本所律师对公司 2024 年第三次临时股东大会（以下简称"本次股东大会"） 进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料 ...

证券代码：000333 证券简称：美的集团 公告编号：2024-095 美的集团股份有限公司 2024 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、重要提示 本次会议召开期间无提案的增加、变更或否决。 二、会议召开的情况 1．现场会议召开时间：2024 年 11 月 19 日下午 14:30 2．现场会议召开地点：美的集团股份有限公司（以下简称"公司"）总部大 楼 3．召开方式：现场投票与网络投票相结合 4．召集人：公司董事会 1 三、会议的出席情况 1．股东出席情况 备注：截至股权登记日公司总股本为 7,656,144,984 股，A 股股本为 7,005,296,484 股，H 股股 本为 650,848,500 股，其中公司 A 股回购专户中剩余的股份数量为 28,452,226 股，该等回购的 股份不享有表决权，故本次股东大会享有表决权的总股本数为 7,627,692,758 股。 | 分类 | | 现场出席会议情况 | | | 网络投票情况 | | | 总体出席会议情况 | | | --- | --- | --- ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6]. Core Insights - The company achieved a revenue of 318.97 billion RMB for Q1-Q3 2024, representing a year-over-year increase of 9.6%. The net profit attributable to the parent company was 31.7 billion RMB, up 14.4% year-over-year [3]. - The company is expected to benefit from government policies promoting the replacement of old home appliances, which will support steady growth in home appliance consumption. Additionally, overseas market expansion is anticipated to contribute to revenue growth [5]. - The company's Q3 gross margin decreased by 1.1 percentage points to 26.4%, primarily due to fluctuations in raw material prices and changes in the sales mix [4]. Summary by Sections Company Overview - The company operates in the home appliance industry, with a current A-share price of 71.60 RMB as of November 11, 2024, and a target price of 84 RMB [1]. Financial Performance - For Q3, the company reported a revenue of 101.7 billion RMB, a year-over-year increase of 8.1%, and a net profit of 10.89 billion RMB, up 14.9% year-over-year [3]. - The company’s revenue from various segments for the first three quarters includes smart home appliances (215.4 billion RMB, +10% YOY), new energy and industrial technology (25.4 billion RMB, +19% YOY), smart building technology (22.4 billion RMB, +6% YOY), and robotics and automation (20.8 billion RMB, -9% YOY) [4]. Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 39.06 billion RMB, 44.05 billion RMB, and 49.11 billion RMB, respectively, with year-over-year growth rates of 15.8%, 12.8%, and 11.5% [5]. - The expected earnings per share (EPS) for the same years are 5.6 RMB, 6.3 RMB, and 7.0 RMB, with corresponding price-to-earnings (P/E) ratios of 13X, 11X, and 10X for A-shares [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company has demonstrated resilience in domestic sales and continued high growth in exports, with a revenue increase of 9.57% year-on-year for the first three quarters of 2024, reaching 318.975 billion yuan. The net profit attributable to shareholders grew by 14.37% to 31.699 billion yuan, while the net profit excluding non-recurring items increased by 13.17% to 30.377 billion yuan [4][6]. - In the third quarter alone, the company achieved a revenue of 101.701 billion yuan, reflecting an 8.05% year-on-year growth, and a net profit of 10.895 billion yuan, which is a 14.86% increase year-on-year [4][6]. - The company’s gross margin for the first three quarters improved by 0.91 percentage points to 26.76%, driven by an optimized business structure and a higher proportion of C-end business, which has a better profit level [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 318.975 billion yuan, with a year-on-year growth of 9.57%. The net profit attributable to shareholders was 31.699 billion yuan, up 14.37%, and the net profit excluding non-recurring items was 30.377 billion yuan, an increase of 13.17% [4][5]. - In the third quarter, the company’s revenue was 101.701 billion yuan, marking an 8.05% year-on-year growth, with a net profit of 10.895 billion yuan, reflecting a 14.86% increase [4][5]. Business Segments - The company’s B-end business showed slight growth, with revenues from new energy and industrial technology increasing by approximately 7%, while revenues from smart building technology grew by about 5%. However, revenues from robotics and automation declined by about 10% due to adjustments in product strategies by overseas automotive manufacturers [4][6]. - The C-end business saw a revenue increase of approximately 8% in the third quarter, primarily due to the rapid growth of the company’s overseas proprietary brands and the ongoing expansion of its global footprint [4][6]. Operational Efficiency - The company has established a global technology group covering smart home, industrial technology, building technology, robotics and automation, and other innovative businesses. It maintains a dual focus on ToC and ToB business development, providing a diverse range of products and services while continuously enhancing its global business layout for sustainable growth [6]. - The company is pushing for digital operations across the entire value chain to optimize efficiency, with expectations for net profit attributable to shareholders to reach 38.659 billion yuan, 42.538 billion yuan, and 46.743 billion yuan for 2024, 2025, and 2026, respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its competitive advantages and growth potential [2]. Core Insights - The company has demonstrated resilience in its operations, with domestic sales benefiting from the "old-for-new" appliance policy, while international sales continue to grow rapidly [2][3]. - The company's revenue for the first three quarters of 2024 reached 320.35 billion yuan, reflecting a year-on-year increase of 9.57% [3]. - The net profit attributable to shareholders for the same period was 31.699 billion yuan, up 14.37% year-on-year, showcasing strong profitability [3]. - The report highlights a significant increase in cash flow from operating activities, which amounted to 26.78 billion yuan in Q3, representing a 78% year-on-year growth [3][4]. Financial Summary - Revenue for 2024 is projected to be 407.36 billion yuan, with a year-on-year growth of 9.0% [2]. - The net profit attributable to shareholders is expected to reach 38.152 billion yuan in 2024, reflecting a growth of 13.1% [2]. - The gross margin is forecasted to improve slightly to 27.1% in 2024, up from 26.8% in 2023 [2]. - Earnings per share (EPS) are adjusted to 4.99 yuan for 2024, with a dynamic price-to-earnings (PE) ratio of 14.6 [2][5]. - The report indicates a stable return on equity (ROE) of 21.3% for 2024, maintaining strong profitability metrics [2][5].

Investment Rating - The report maintains a "Buy" rating for Midea Group with a target price of RMB 89.90, indicating a potential upside of 23.4% from the current closing price of RMB 72.84 [1][3][4]. Core Insights - Midea Group's profit growth continues to show double-digit increases, aligning with market expectations. For the first three quarters of 2024, the company's revenue and net profit attributable to shareholders grew by 9.6% and 14.4%, reaching RMB 319 billion and RMB 31.7 billion, respectively. In Q3 alone, revenue and net profit increased by 8.1% and 14.9%, amounting to RMB 101.7 billion and RMB 10.9 billion [1][2]. - The gross margin for the first three quarters reached 26.8%, a 1 percentage point increase from the same period in 2023. This improvement, along with a reduction in expense ratios, led to an operating profit margin increase of 0.4 percentage points to 12.0% [1][2]. - The report highlights strong performance in both C-end (consumer) and B-end (business) segments, with C-end sales growing by 7% in Q3, driven by robust external sales, particularly in the OEM and OBM businesses in emerging markets [2][3]. Financial Performance Summary - For the fiscal year ending December 31, 2022, Midea Group reported revenue of RMB 345.7 billion, with a year-on-year growth of 0.7%. Projections for 2023 and 2024 estimate revenues of RMB 373.7 billion and RMB 409.3 billion, reflecting growth rates of 8.1% and 9.5%, respectively [5][9]. - Net profit for 2022 was RMB 29.8 billion, with forecasts of RMB 33.7 billion for 2023 and RMB 38.1 billion for 2024, indicating growth rates of 13.6% and 10.1% [5][9]. - The report anticipates a slight adjustment in revenue and profit expectations for 2025, with a conservative reduction of 3% and 8%, respectively, due to uncertainties surrounding policy impacts [3][5].

Investment Rating - The report maintains an "Outperform" rating for Midea Group (000333 SZ) [1][3] Core Views - Midea Group demonstrated strong revenue resilience and steady profit growth in Q3 2024 [1] - The company achieved robust growth in overseas OBM business, with Q3 overseas e-commerce sales up 50% YoY [1] - Midea's home appliance business maintained stable growth, with smart home revenue reaching 2154 billion yuan in the first three quarters, up 10% YoY [1] - The company's B2B business showed mixed performance, with new energy and industrial technology revenue up 19% YoY, while robotics and automation revenue declined 9% [1] Financial Performance - Q3 2024 revenue reached 1022 3 billion yuan, up 8 1% YoY [1] - Net profit attributable to shareholders grew 14 9% YoY to 108 9 billion yuan in Q3 2024 [1] - Gross margin declined 1 1 percentage points to 26 0% in Q3, mainly due to increased overseas sales proportion and lagging effects of raw material price increases [1] - Net profit margin improved 0 6 percentage points to 10 7% in Q3 [1] Operational Highlights - Operating cash flow surged 78 5% YoY to 267 8 billion yuan in Q3 [1] - Contract liabilities increased 29 2% YoY to 375 1 billion yuan at the end of Q3 [1] - Other current liabilities (mainly sales rebates) grew 21 0% YoY to 875 9 billion yuan [1] Industry and Market Position - Midea maintained faster growth than the overall home appliance market, with Q3 domestic air conditioner sales down 9 9% while Midea achieved low single-digit growth [1] - The company's overseas expansion strategy showed strong results, with OBM revenue growing over 25% in the first three quarters [1] Future Outlook - The report raised profit forecasts for 2024-2026, expecting net profit attributable to shareholders of 386/427/466 billion yuan, representing 14%/11%/9% YoY growth [1] - The company's PE ratio is projected at 14 3/13 0/11 9 times for 2024-2026 [1] - Midea's continued overseas expansion and domestic replacement demand are expected to drive future growth [1]

Investment Rating - The investment rating for Midea Group is "Buy" (maintained) as of November 1, 2024 [1]. Core Insights - Midea Group's domestic market share has increased against the trend, and the company has maintained steady growth in performance. For Q3 2024, the company achieved operating revenue of 318.97 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 31.7 billion yuan, up 14.4% year-on-year [1]. - The company has adjusted its earnings forecasts for 2024-2026, expecting net profits of 38.56 billion yuan, 42.66 billion yuan, and 46.52 billion yuan respectively, with corresponding EPS of 5.04 yuan, 5.57 yuan, and 6.08 yuan [1][4]. Summary by Sections Domestic and International Sales Performance - In Q3 2024, Midea's C-end business revenue grew by 8% year-on-year, with significant growth in exports. The domestic market share for Midea's air conditioners reached 33.0%, an increase of 2.9 percentage points, despite a 10% decline in industry sales [2]. - The B-end business also saw an 8% year-on-year revenue increase, although the robotics and automation segment faced challenges with a 10% decline in revenue [2]. Profitability and Financial Metrics - The gross profit margin for Q3 2024 was 26.0%, down 1.1 percentage points, primarily due to increased promotional efforts. The net profit margin improved to 10.8%, up 0.5 percentage points [3]. - The company’s operating income for 2024 is projected to reach 409.83 billion yuan, with a year-on-year growth of 10.2% [4]. Financial Forecasts - Midea Group's financial forecasts indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 442.25 billion yuan in 2025 and 475.51 billion yuan in 2026 [4]. - The projected P/E ratios for 2024, 2025, and 2026 are 14.3, 13.0, and 11.9 respectively, suggesting a favorable valuation outlook [4].