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].

Investment Rating - The report maintains a "Buy" rating for Midea Group [1] Core Views - Midea Group's revenue growth quality is strong, with a better-than-expected net profit attributable to shareholders [1] - The company is expected to maintain high-quality growth, with significant improvements in "other current liabilities" and "contract liabilities" [1] - The report anticipates a revenue increase of 8% year-on-year for 2023, with a projected growth rate of 10% for 2024 [1] Financial Performance Summary - **Revenue (in million CNY)**: - 2022A: 345,709 - 2023A: 373,710 (+8%) - 2024E: 410,078 (+10%) - 2025E: 434,476 (+6%) - 2026E: 459,146 (+6%) [1] - **Net Profit (in million CNY)**: - 2022A: 29,554 - 2023A: 33,720 (+14%) - 2024E: 38,929 (+15%) - 2025E: 42,846 (+10%) - 2026E: 46,818 (+9%) [1] - **Earnings Per Share (in CNY)**: - 2022A: 3.86 - 2023A: 4.40 - 2024E: 5.08 - 2025E: 5.60 - 2026E: 6.12 [1] - **Cash Flow Per Share (in CNY)**: - 2022A: 4.53 - 2023A: 7.56 - 2024E: 7.42 - 2025E: 8.03 - 2026E: 7.53 [1] - **Return on Equity**: - 2022A: 21% - 2023A: 20% - 2024E: 19% - 2025E: 18% - 2026E: 17% [1] - **Price-to-Earnings Ratio**: - 2022A: 18.7 - 2023A: 16.4 - 2024E: 14.2 - 2025E: 12.9 - 2026E: 11.8 [1] - **Price-to-Book Ratio**: - 2022A: 3.9 - 2023A: 3.4 - 2024E: 2.9 - 2025E: 2.5 - 2026E: 2.1 [1] Market Comparison - The report indicates that Midea's domestic sales growth is outperforming the industry, with a projected revenue increase of 9% in Q3, with all product categories showing positive growth [1] - The company is expected to maintain a high-quality growth trajectory, supported by strong performance in both domestic and international markets [1]

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333 SZ) with a current price of 72 25 RMB [2] Core Views - Midea Group's 2024 Q1-Q3 revenue reached 3203 billion RMB, a YoY increase of 10%, with net profit attributable to the parent company at 317 billion RMB, up 14% YoY [3] - In Q3 2024, the company achieved revenue of 1022 billion RMB (YoY +8%) and net profit attributable to the parent company of 109 billion RMB (YoY +15%) [3] - The company's C-end business performed well in overseas markets, while the B-end business continued to expand, with B-end/C-end revenues increasing by 10%/5% YoY respectively in 2024 Q1-Q3 [5] - The net profit margin showed steady growth, with a 9 9% net profit margin in 2024 Q1-Q3, up 0 4 percentage points YoY [5] - The company's operating cash flow reached 603 billion RMB in 2024 Q1-Q3, a 35% YoY increase, indicating improving operational quality [5] Business Performance - In the home appliance sector, Midea's air conditioner sales in Q3 2024 saw a 27% YoY increase in exports, while domestic sales remained flat due to a high base and weak consumer demand [5] - The B-end business, including new energy and industrial technology, intelligent building technology, and robotics and automation, contributed 686 billion RMB in revenue in 2024 Q1-Q3, with new energy and industrial technology growing 19% YoY [5] - The company's gross margin in 2024 Q1-Q3 was 26 8%, up 0 9 percentage points YoY, driven by the rapid growth of overseas self-owned brands and economies of scale in B-end businesses [5] Financial Metrics - The company's total market capitalization is 5531 22 billion RMB, with a total share capital of 7 656 billion shares [2][9] - The company's EPS is expected to grow from 5 08 RMB in 2024 to 6 42 RMB in 2026, with a projected ROE of 21 56% in 2024, increasing to 21 91% by 2026 [9] - The company's P/E ratio is forecasted to decrease from 14 in 2024 to 11 in 2026, indicating potential undervaluation [9] Strategic Outlook - Midea Group's long-term growth is supported by its leading market position, efficiency optimization, and channel transformation, with internationalization and diversification strategies ensuring future growth [5] - The report raises the company's net profit forecast for 2024-2026 to 38 9 billion RMB, 43 6 billion RMB, and 49 2 billion RMB, respectively, reflecting confidence in the company's growth trajectory [5]

证 券 研 究 报 告 美的集团（000333）2024 年三季报点评 强推（维持） 内外销并进，经营质量再提升 目标价：84 元 当前价：72.25 元 事项： ❖ 24Q1-Q3 公司实现营业总收入 3203.5 亿元，同比+9.6%；归母净利润 317.0 亿 元，同比+14.4%。单季度来看，24Q3 公司实现营业总收入 1022.3 亿元，同比 +8.1%；归母净利润 109.0 亿元，同比+14.9%。 评论： ❖ 收入增速稳健，海外布局成效显著。在外部环境波动较大的背景下，公司再度 实现稳健增长，收入增速跑赢行业竞争对手，彰显多元化、全球化的经营韧性。 分业务看，24Q1-Q3 各板块收入分别为：智能家居实现收入 2154 亿元（+10%）， 新能源及工业技术 254 亿（+19%）、智能建筑科技 224 亿（+6%）、机器人与 自动化 208 亿（-9%）。公司 B 端业务拓展顺利，占总收入比例约 21%，第二 增长曲线逐渐清晰。此外家电业务方面，公司自主品牌出海战略稳步推进，2024 年 1-9 月海外 OBM 收入同比增长超过 25%，在全球渠道拓展和供应链建设等 方面成效显著。随着国内以 ...

Investment Rating - The investment rating for the company is "Buy" with a target price reflecting a potential upside of over 20% within the next six months [3][11]. Core Views - The company has demonstrated strong growth driven by overseas sales, with a notable increase in revenue and net profit for Q3 2024. The overall revenue reached 318.97 billion yuan, a year-on-year increase of 9.57%, while the net profit attributable to the parent company was 31.7 billion yuan, up 14.37% year-on-year [1]. - The company is expected to benefit from domestic policies promoting appliance upgrades, which may boost demand in Q4. The overseas business has shown remarkable growth, particularly in e-commerce sales [1][2]. - The company is focusing on enhancing its core competitiveness in both consumer and business sectors, aiming for long-term development and profitability optimization [1]. Financial Performance Summary - For Q3 2024, the company reported revenue of 101.7 billion yuan, a year-on-year increase of 8.05%, and a net profit of 10.89 billion yuan, up 14.86% year-on-year [1]. - The gross profit margin for Q3 2024 was 26.0%, a decrease of 1.1 percentage points year-on-year, attributed to rising copper prices and currency fluctuations [1]. - The company’s operating cash flow for the first three quarters of 2024 was 60.26 billion yuan, reflecting a year-on-year increase of 34.6% [1]. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 410.11 billion yuan, 443.42 billion yuan, and 475.92 billion yuan respectively, with growth rates of 9.74%, 8.12%, and 7.33% [2][5]. - The net profit attributable to the parent company is expected to reach 38.46 billion yuan in 2024, 42.72 billion yuan in 2025, and 46.72 billion yuan in 2026, with corresponding growth rates of 14.07%, 11.06%, and 9.35% [2][5]. - The company’s earnings per share (EPS) are projected to be 5.02 yuan in 2024, 5.58 yuan in 2025, and 6.10 yuan in 2026 [2][5]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is forecasted to be 14.38x for 2024, 12.95x for 2025, and 11.84x for 2026 [2][5]. - The price-to-book (P/B) ratio is expected to decline from 3.13 in 2024 to 2.60 in 2026 [2][5]. - The enterprise value to EBITDA (EV/EBITDA) ratio is projected to be 8.46 for 2024, decreasing to 6.11 by 2026 [2][5].

2024 年 10 月 31 日 公司点评 买入/维持 美的集团(000333) 目标价: 昨收盘:72.75 美的集团：2024Q3 业绩双位数提升，海外电商同比高增 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 23/10/3124/1/1224/3/2524/6/624/8/1824/10/30 美的集团 沪深300 ◼ 股票数据 总股本/流通(亿股) 76.49/68.82 总市值/流通(亿元) 5,564.89/5,006.84 12 个月内最高/最低 价(元) 83.67/48.75 相关研究报告 <<美的集团：2024Q2 龙头业绩快速提 升，海外表现强劲>>--2024-08-21 <<美的集团：2023Q4 业绩实现较快增 速，H2 新能源及工业技术高速发 展>>--2024-04-01 << 美的集团系列深度(一):从制造 到智造，复盘家电巨头蝶变之路>>-- 2024-03-10 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券 ...

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333) [4] Core Views - Midea Group's Q3 2024 performance exceeded expectations, with strong financial statements [1] - Revenue for Q3 2024 reached RMB 101.701 billion, up 8.05% YoY, while net profit attributable to shareholders was RMB 10.895 billion, up 14.86% YoY [2] - The company's domestic sales are expected to benefit from the replacement of old appliances, while overseas sales and OBM business continue to perform well [2] - The H-share listing has been finalized, which is expected to accelerate the company's overseas expansion [2] - The dividend payout ratio is over 60%, offering a competitive dividend yield [2] Financial Performance - For Q1-Q3 2024, Midea Group achieved revenue of RMB 318.975 billion, up 9.57% YoY, and net profit attributable to shareholders of RMB 31.699 billion, up 14.37% YoY [6] - In Q3 2024, the company's gross margin decreased by 1.1 percentage points YoY, mainly due to cost pressures, price competition, and exchange rate factors [6] - The net profit margin for Q3 2024 increased by 0.6 percentage points YoY to 10.7%, supported by reduced financial expenses [6] Business Segments - In Q3 2024, C-end smart home revenue grew by 8% YoY, while B-end businesses (new energy & industrial technology, smart building technology, and robotics automation) grew by 1% YoY [6] - Air conditioner exports increased by 27% YoY in Q3 2024, driven by strong orders [6] Financial Health - Operating cash flow for Q3 2024 reached RMB 26.8 billion, up 78.5% YoY, hitting a new high [7] - Contract liabilities at the end of Q3 2024 stood at RMB 37.5 billion, up RMB 2.8 billion from Q2 2024 and RMB 8.5 billion YoY [7] Valuation and Forecast - The report forecasts 2024 and 2025 net profits of RMB 38.5 billion and RMB 42.5 billion, respectively, with P/E ratios of 14.5x and 13.1x [8] - The company's EPS for 2024 and 2025 is projected to be RMB 5.03 and RMB 5.56, respectively [8]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4][7]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 318.975 billion yuan, a year-on-year increase of 10%, and a net profit attributable to shareholders of 31.699 billion yuan, up 14% year-on-year [4]. - The white goods industry remains highly prosperous, with the company optimizing its product structure and maintaining a profit-oriented approach [5]. - The company has seen a steady improvement in profitability, with a gross margin of 26.8% and a net profit margin of 10.1% in the first three quarters [6]. - The "old-for-new" policy has shown significant results, leading to an upward revision of profit forecasts for 2024-2026 [7]. Summary by Sections Market Data - Closing price: 72.75 yuan - One-year high/low: 83.67/48.75 yuan - Market capitalization: 500.684 billion yuan [2]. Financial Data - Net asset per share: 27.31 yuan - Asset-liability ratio: 61.16% - Total shares: 7,649 million [3]. Performance Overview - Q3 2024 revenue: 101.701 billion yuan, up 8% year-on-year - Q3 2024 net profit: 10.895 billion yuan, up 15% year-on-year - Revenue from core business segments: Smart Home (215.4 billion yuan), New Energy and Industrial Technology (25.4 billion yuan), Smart Building Technology (22.4 billion yuan), Robotics and Automation (20.8 billion yuan) [4][5]. Profitability Metrics - Gross margin: 26.8%, up 1 percentage point year-on-year - Net profit margin: 10.1%, up 0.4 percentage points year-on-year - Operating cash flow: 60.264 billion yuan, up 35% year-on-year [6]. Future Outlook - Revised profit forecasts for 2024-2026: 38.6 billion yuan (2024), 42.5 billion yuan (2025), 46.7 billion yuan (2026), with corresponding PE ratios of 14, 13, and 12 [7].

[ T able_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：72.75 元 美的集团（000333）家用电器 目标价：——元（6 个月） 以旧换新提振内需，海外 OBM 业务快速增长 [Table_Summary 事件：公司发布] 2024 年三季报，公司 2024 年前三季度实现营业收入 3189.8 亿元，同比增长 9.6%；归母净利润 317亿元，同比增长 14.4%。单季度来看， Q3 公司实现营收 1017 亿元，同比增长 8.1％；实现归母净利润 108.9 亿元， 同比增长 14.9%；实现扣非后归母净利润102 亿元，同比增长 11%，。 以旧换新扭转行业趋势，海外 OBM 优先战略效果显著。根据产业在线数据， 7-8 月空空调内销均呈现下滑趋势，以旧换新政策刺激下，9月内销回暖，我们 认为，以旧换新有效刺激了家电需求，且有助于促进消费升级，公司作为行业 龙头，终端建设完善，在家电国补活动中，响应迅速。海外方面，公司继续推 进 OBM 优先战略，推出美的、东芝、COLMO、Eureka等自有品牌参加 2024IFA 展 ...