美的集团（ [Table_StockNameRptType] 000333） 公司点评 业绩稳健跑赢行业 ——美的集团 2024Q3 点评 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告：家用电器 | 公司点评报告 2024 年 10 月 31 日 公司基本情况 总股本/流通股本（亿股）76.49 / 68.82 总市值/流通市值（亿元）5,565 / 5,007 52 周内最高/最低价 80.19 / 49.18 资产负债率(%) 64.1% 市盈率 14.76 第一大股东 美的控股有限公司 股票投资评级 买入|维持 个股表现 -7% 0% 7% 14% 21% 28% 35% 42% 49% 56% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 美的集团 家用电器 资料来源：聚源，中邮证券研究所 最新收盘价（元） 72.75 研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 美的集团(000333) 业绩稳步向上，发展韧性继续显现 ⚫ 事件 公司发布 2024 年三季度报，2024 年前三季度公司实现收入 3190 亿元，同比+9.57%；归母净利润 317 亿元，同比+14.37%；扣非后归母 净利润 304 亿元，同比+13.17%；经营活动产生 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.31 龙头地位彰显，逆势强劲增长 美的集团(000333) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|--------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 谢丛睿 ( 分析师 ) | 樊夏俐 ( 分析师 ) | | | 021-38031654 | 021-38038437 | 021-38676666 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | fanxiali@gtjas.com | | 登记编号 | S0880521050002 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4][3]. Core Views - The company has demonstrated robust profitability with a significant increase in cash flow. For the first three quarters of 2024, total revenue reached 320.35 billion yuan, a year-on-year increase of 9.57%, while net profit attributable to shareholders was 31.699 billion yuan, up 14.37% year-on-year [1][2]. - The revenue breakdown for Q1-Q3 2024 shows growth in smart home, new energy and industrial technology, and smart building technology, with respective revenues of 215.4 billion yuan (+10%), 25.4 billion yuan (+19%), and 22.4 billion yuan (+6%). However, revenue from robotics and automation declined by 9% to 20.8 billion yuan [1]. - The company has optimized its expense ratios, with a gross margin of 26.76% for Q1-Q3 2024, reflecting a year-on-year increase of 0.91 percentage points [2]. Financial Performance Summary - For Q3 2024, the company reported a single-quarter revenue of 102.23 billion yuan, a year-on-year increase of 8.08%, and a net profit of 10.895 billion yuan, up 14.86% year-on-year [1]. - The operating cash flow for Q3 2024 was 26.776 billion yuan, showing a remarkable year-on-year increase of 78.48%, with cash received from sales amounting to 120.326 billion yuan, up 36.52% [2]. - The company’s financial forecasts predict net profits of 38.786 billion yuan, 42.666 billion yuan, and 46.705 billion yuan for 2024, 2025, and 2026 respectively, indicating growth rates of 15.0%, 10.0%, and 9.5% [3][8]. Financial Metrics - The company’s total revenue for 2024 is projected to be 409.241 billion yuan, with a year-on-year growth rate of 10.0% [8]. - The earnings per share (EPS) for 2024 is estimated at 5.07 yuan, with a price-to-earnings (P/E) ratio of 14.3 [8]. - The net profit margin for Q1-Q3 2024 was 10.08%, reflecting a year-on-year increase of 0.36 percentage points [2].

证券代码：000333 证券简称：美的集团 公告编号：2024-094 美的集团股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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、召开会议的基本情况 1、股东大会的届次 本次召开的股东大会为美的集团股份有限公司（以下简称"公司"或"本公司"） 2024 年第三次临时股东大会。 2、会议召集人：公司董事会。 《关于召开 2024 年第三次临时股东大会的议案》已经公司于 2024 年 10 月 30 日召开的第五届董事会第四次会议审议通过。 3、会议召开的合法性、合规性情况：召开本次临时股东大会会议符合《中华 人民共和国公司法》《上市公司股东大会规则》等规范性文件和《公司章程》的规 定。 4、本次股东大会召开日期与时间 （1）现场会议召开时间为：2024 年 11 月 19 日下午 14:30。 （2）网络投票时间为：2024 年 11 月 19 日，其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为：2024 年 11 月 19 日上午 9:15—9:25，9:30－11:30， 下午 13 ...

证券代码：000333 证券简称：美的集团 公告编号：2024-092 美的集团股份有限公司 公司定于 2024 年 11 月 19 日下午 14:30 召开 2024 年第三次临时股东大会， 股权登记日为 2024 年 11 月 13 日。 特此公告。 美的集团股份有限公司董事会 美的集团股份有限公司（以下简称"公司"）于2024年10月30日以现场和通 讯相结合的方式召开第五届董事会第四次会议，会议应到董事10人，实到董事10 人，符合《中华人民共和国公司法》及《公司章程》的规定。经会议认真讨论， 形成如下决议： 一、以 10 票同意、0 票反对、0 票弃权审议通过了《2024 年第三季度报告》 （详见公司于同日披露于巨潮资讯网和公司指定信息披露报刊的《2024 年第三 季度报告》） 二、以 10 票同意、0 票反对、0 票弃权审议通过了《公司章程修正案（2024 年 10 月）》（详见公司于同日披露于巨潮资讯网的《公司章程修正案（2024 年 10 月）》和《公司章程（2024 年 10 月）》） 本议案需提交股东大会审议。 三、以 10 票同意、0 票反对、0 票弃权审议通过了《关于召开 2024 年 ...

章程修正案（2024 年 10 月） 美的集团股份有限公司 美的集团股份有限公司（以下简称"公司"）于2024年10月30日召开了第 五届董事会第四次会议审议通过了《公司章程修正案（2024年10月）》。 | 临时股东大会将于会议召开十五 | 临时股东大会将于会议召开十五 | | | --- | --- | --- | | 日前以书面（包括公告）方式通 | 日前以书面（包括公告）方式通 | | | 知各股东。 | 知各股东。 | | | 安排股东可以通过网络等方式参 | 安排股东可以通过网络等方式参 | | | 加的股东大会，公司发布股东大 | 加的股东大会，公司发布股东大 | | | 会通知后，应当在股权登记日后 | 会通知后，应当在股权登记日后 | | | 三日内以公告方式进行催告。 | 三日内以公告方式进行催告。 | | | 第一百〇六条 公司可设独立 | 第一百〇六条 公司可设独立 | 根据《上市公司独 | | 董事，独立董事的人数不得少于 | 董事，独立董事的人数不得少于 | 立董事管理办法》 | | 三人并占公司董事会人数的至少 | 三人并占公司董事会人数的至少 | 修订 | | 三分之一。独立董 ...

Financial Performance - Revenue for the third quarter reached 101.7 billion yuan, an increase of 8.05% year-over-year[3] - Net profit attributable to shareholders of the listed company was 10.89 billion yuan, up 14.86% compared to the same period last year[3] - Basic earnings per share for the quarter rose 12.23% to 1.56 yuan[3] - Total operating revenue for the first nine months of 2024 reached RMB 320.35 billion, a 9.6% increase compared to RMB 292.38 billion in the same period of 2023[12] - Net profit attributable to shareholders of the parent company for the first nine months of 2024 was RMB 31.70 billion, up 14.4% from RMB 27.72 billion in the same period of 2023[12] - Basic earnings per share for the first nine months of 2024 were RMB 4.58, up 12.8% from RMB 4.06 in the same period of 2023[13] - Total comprehensive income for the first nine months of 2024 was RMB 31.20 billion, a 12.5% increase compared to RMB 27.74 billion in the same period of 2023[13] Business Segment Performance - Smart home business generated 215.4 billion yuan in revenue year-to-date, a 10% increase year-over-year[3] - New energy and industrial technology segment revenue grew 19% year-over-year to 25.4 billion yuan[3] Cash Flow and Financial Position - Operating cash flow for the first nine months of the year surged 34.56% to 60.26 billion yuan[3] - Investment activities resulted in a net cash outflow of 90.56 billion yuan, a 169.47% increase compared to the previous year[7] - Financing activities generated a net cash inflow of 19.96 billion yuan, a significant turnaround from the previous year's outflow[7] - Total assets increased by 16.69% to 567.15 billion yuan compared to the end of the previous year[3] - The company's equity attributable to shareholders increased by 28.25% to 208.89 billion yuan[3] - Total assets increased to RMB 567.15 billion as of September 30, 2024, compared to RMB 486.04 billion at the end of 2023[10] - Total liabilities rose to RMB 346.85 billion as of September 30, 2024, from RMB 311.74 billion at the end of 2023[11] - Shareholders' equity grew to RMB 220.30 billion as of September 30, 2024, up from RMB 174.30 billion at the end of 2023[11] - Cash and cash equivalents stood at RMB 160.88 billion as of September 30, 2024, compared to RMB 81.67 billion at the end of 2023[10] - Accounts receivable increased to RMB 36.92 billion as of September 30, 2024, from RMB 32.88 billion at the end of 2023[10] - Inventory decreased to RMB 42.77 billion as of September 30, 2024, from RMB 47.34 billion at the end of 2023[10] - Short-term borrowings surged to RMB 27.94 billion as of September 30, 2024, from RMB 8.82 billion at the end of 2023[11] - Long-term borrowings decreased to RMB 10.49 billion as of September 30, 2024, from RMB 46.14 billion at the end of 2023[11] - Retained earnings increased to RMB 146.85 billion as of September 30, 2024, from RMB 136.28 billion at the end of 2023[11] - Minority interests remained stable at RMB 11.41 billion as of September 30, 2024, compared to RMB 11.42 billion at the end of 2023[11] - Sales revenue from goods and services received in cash increased to 312.17 billion yuan, up 19.0% from 262.38 billion yuan in the same period last year[14] - Net cash flow from operating activities rose to 60.26 billion yuan, a 34.6% increase compared to 44.79 billion yuan in the previous year[14] - Net cash flow from investing activities was negative 90.56 billion yuan, a significant decrease from negative 33.61 billion yuan in the same period last year[14] - Net cash flow from financing activities improved to 19.96 billion yuan, compared to negative 13.41 billion yuan in the previous year[15] - Cash and cash equivalents at the end of the period decreased to 49.31 billion yuan from 59.89 billion yuan at the beginning of the period[15] - The company received 7.42 billion yuan in tax refunds, up 20.0% from 6.18 billion yuan in the same period last year[14] - Payments for goods and services increased to 190.84 billion yuan, up 19.4% from 159.85 billion yuan in the previous year[14] - Cash received from investments decreased to 71.22 billion yuan, down 18.2% from 87.12 billion yuan in the same period last year[14] - Cash paid for investments increased to 160.02 billion yuan, up 32.0% from 121.24 billion yuan in the previous year[14] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period: 271,449, including 67 H-share registered shareholders and 271,382 A-share shareholders[8] - Midea Holding Co., Ltd. holds 28.36% of the shares, totaling 2,169,178,713 shares[8] - Hong Kong Securities Clearing Company Limited holds 14.76% of the shares, totaling 1,129,385,202 shares[8] - HKSCC NOMINEES LIMITED holds 8.51% of the shares, totaling 650,828,180 shares[8] - China Securities Finance Corporation Limited holds 2.59% of the shares, totaling 198,145,134 shares[8] - Fang Hongbo holds 1.53% of the shares, totaling 116,990,492 shares[8] - China Industrial and Commercial Bank Limited - Huatai-PineBridge CSI 300 ETF holds 1.23% of the shares, totaling 93,801,083 shares[8] - Central Huijin Asset Management Co., Ltd. holds 1.15% of the shares, totaling 88,260,460 shares[8] - Huang Jian holds 1.13% of the shares, totaling 86,140,000 shares[8] - China Construction Bank Limited - E Fund CSI 300 ETF holds 0.81% of the shares, totaling 62,264,445 shares[8] Expenses and Other Financial Metrics - R&D expenses for the first nine months of 2024 amounted to RMB 11.40 billion, a 13.9% increase compared to RMB 10.01 billion in the same period of 2023[12] - Interest income for the first nine months of 2024 was RMB 5.46 billion, a 6.8% increase compared to RMB 5.11 billion in the same period of 2023[12] - Sales expenses for the first nine months of 2024 were RMB 31.16 billion, a 23.0% increase compared to RMB 25.35 billion in the same period of 2023[12] - Income tax expenses for the first nine months of 2024 were RMB 6.25 billion, a 13.7% increase compared to RMB 5.50 billion in the same period of 2023[12] - Total assets impairment loss for the first nine months of 2024 was RMB 353.66 million, a 105.1% increase compared to RMB 172.48 million in the same period of 2023[12] - Foreign currency translation differences for the first nine months of 2024 resulted in a loss of RMB 489.25 million, compared to a gain of RMB 84.63 million in the same period of 2023[13] Audit and Reporting - The company's third quarter report was not audited[16]

美的集团股份有限公司 章程 （2024 年 10 月 30 日，经董事会审议通过，尚需 2024 年第三 次临时股东大会审议） | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 5 | | 第四章 | 股东和股东大会 6 | | 第一节 | 股东 6 | | 第二节 | 股东大会的一般规定 10 | | 第三节 | 股东大会的召集 12 | | 第四节 | 股东大会的提案与通知 13 | | 第五节 | 股东大会的召开 16 | | 第六节 | 股东大会的表决和决议 19 | | 第五章 | 董事会 24 | | 第一节 | 董事 24 | | 第二节 | 董事会 28 | | 第六章 | 总裁及其他高级管理人员 32 | | 第七章 | 监事会 34 | | 第一节 | 监事 34 | | 第二节 | 监事会 35 | | 第八章 | 财务会计制度、利润分配和审计 36 | | 第一节 | 财务会计制度 36 | | 第二节 | 内 ...

证券代码：000333 证券简称：美的集团 公告编号：2024-091 美的集团股份有限公司 关于 H 股发行稳定价格行动及稳定价格期结束的公告 港证券及期货事务监察委员会交易征费、0.00565%香港联交所交易费及 0.00015% 香港会计及财务汇报局交易征费）悉数行使超额配售权，以便于向已同意延迟交 付其根据全球发售认购的相关 H 股的承配人交付部分 H 股。 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。 经香港联合交易所有限公司（以下简称"香港联交所"）批准，美的集团股 份有限公司（以下简称"公司"）发行的 565,955,300 股 H 股股票（行使超额配 售权之前）已于 2024 年 9 月 17 日在香港联交所主板挂牌并上市交易（以下简称 "本次发行"），具体详见公司于 2024 年 9 月 18 日披露的《关于 H 股挂牌并 上市交易的公告》。 根据本次发行方案，公司同意由整体协调人（代表国际承销商）于 2024 年 9月25日悉数行使超额配售权，按发售价每股H股股份54.80港元发行84,893,200 股 H 股股份。前述超额配售权悉数行 ...