Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.36 CNY as of August 19, 2024 [1][3] Core Views - The company demonstrated strong operational resilience in H1 2024, with total revenue reaching 218.12 billion CNY, a YoY increase of 10.3%, and net profit attributable to shareholders of 20.8 billion CNY, up 14.1% YoY [1] - Domestic sales showed steady growth despite market pressures, while overseas sales continued rapid expansion, with a 13.1% YoY increase in international revenue [1] - The company's dual high-end brand strategy in the domestic market proved successful, with Colmo + Toshiba retail sales growing over 20% YoY in H1 2024 [1] Financial Performance Revenue Breakdown - HVAC business contributed 101.46 billion CNY, up 10.3% YoY [1] - Consumer appliances generated 75.14 billion CNY, a 10.3% YoY increase [1] - Robotics and automation sector reported 18.3 billion CNY, growing 6.0% YoY [1] Profitability Metrics - Gross margin improved to 27.1% in H1 2024, up 1.9 percentage points YoY [1] - Net profit margin reached 9.5%, a 0.3 percentage point increase YoY [1] - ROE stood at 20.7% in 2023, with projections of 21.2% for 2024E [3] Business Segments - Smart home business grew 11% YoY to 147.6 billion CNY [1] - New energy and industrial technology segment surged 26% YoY to 17.1 billion CNY [1] - Smart building technology revenue reached 15.7 billion CNY, with 18% growth excluding heat pumps [1] Future Projections - Revenue is expected to grow to 465.66 billion CNY by 2026E, with a CAGR of 6.9% [3] - EPS is projected to increase from 5.41 CNY in 2024E to 6.38 CNY in 2026E [3] - PE ratio is forecasted to decline from 11.5x in 2024E to 9.8x in 2026E [3] Market Position - The company maintains a leading position in the home appliance industry with a total market capitalization of 435.6 billion CNY [1] - Its strong brand portfolio and technological capabilities continue to drive market share gains both domestically and internationally [1][3]

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 美的集团（000333）公司半年报点评 2024 年 08 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 2024.04.01 市场表现 [Table_QuoteInfo] | --- | --- | |-----------------------------------------|---------------| | 08[Table_StockInfo 月 22日收盘价（元）] | 64.09 | | 52 周股价波动（元） | 48.75-72.99 | | 总股本/流通 A 股（百万股） | 6985/6869 | | 总市值/流通市值（百万元） | 447686/440244 | | 相关研究 | | | [Table_ReportInfo] 《2023 | | | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | 沪深 300 对比 | 1M | 2M | 3M ...

股票投资评级 买入|维持 个股表现 美的集团 家用电器 -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 30% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 63.16 总股本/流通股本（亿股）69.85 / 68.61 | --- | --- | |-------------------------|---------------| | 总市值/流通市值（亿元） | 4,412 / 4,334 | | 52 周内最高/最低价 | 72.71 / 49.18 | | 资产负债率(%) | 64.1% | | 市盈率 | 12.81 | 第一大股东 美的控股有限公司 研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 美的集团(000333) 业绩表现靓丽，增长再显韧性 ⚫ 事件 公司发布 2024 年中报，2024 年上半年公司实现收入 2181 亿元， 同比+10.28%；归母净利润 208 ...

0 2024 年 08 月 20 日 王睿哲 C0062@capital.com.tw 目标价(元) 75 公司基本资讯 | --- | --- | |---------------------|--------------| | 产业别 | 家用电器 | | A 股价(2024/8/19) | 62.36 | | 深证成指(2024/8/19) | 8356.90 | | 股价 12 个月高/低 | 70.1/46.7 | | 总发行股数(百万) | 6985.27 | | A 股数(百万) | 6869.15 | | A 市值(亿元) | 4283.60 | | 主要股东 | 美的控股有限 | | | (31.08%) | | 每股净值(元) | 23.59 | | 股价/账面净值 | 2.64 | | | 一年 | | 股价涨跌(%) | 16.6 | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024-05-06 | 62.36 | 买进 | 产品组合 | --- | --- | ...

2024 年 8 月 21 日 公司研究 盈利稳中有升，经营质量优异 ——美的集团（000333.SZ）2024 年半年报业绩点评 买入（维持） 当前价：63.02 元 事件： 作者 分析师：洪吉然 执业证书编号：S0930521070002 021- 52523793 hongjiran@ebscn.com 联系人：周方正 021- 52523855 zhoufangzheng@ebscn.com 市场数据 | --- | --- | |---------------------|-------------| | 总股本(亿股) | 69.85 | | 总市值(亿元)： | 4402.12 | | 一年最低/最高(元)： | 46.70/70.10 | | 近 3 月换手率： | 24.41% | 股价相对走势 -17% -5% 8% 20% 32% 08/23 11/23 02/24 05/24 美的集团 沪深300 % 1M 3M 1Y 相对 4.23 4.04 31.62 绝对 -0.96 -5.30 20.98 收益表现 资料来源：Wind 相关研报 经营节奏稳健，战略方向坚定——美的集团 （000 ...

家用电器/白色家电 公 司 研 究 美的集团（000333.SZ） 2024 年 08 月 21 日 2024Q2 外销延续高景气度，盈利能力稳中有升 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/21 | | 当前股价(元) | 63.16 | | 一年最高最低(元) | 72.99/48.75 | | 总市值(亿元) | 4,411.90 | | 流通市值(亿元) | 4,333.64 | | 总股本(亿股) | 69.85 | | 流通股本(亿股) | 68.61 | | 近 3 个月换手率(%) | 25.16 | 股价走势图 美的集团 沪深300 -24% -12% 0% 12% 24% 36% 48% 2023-08 2023-12 2024-04 2024-08 数据来源：聚源 相关研究报告 《C 端业务实现较快增长，盈利能力 持 续 提 升 — 公 司 信 息 更 新 报 告 》 -2024.5.10 《2023 年 C 端稳固 B 端突破，盈利能 力继续提升—公司 ...

2024 年 08 月 20 日 公司点评 买入/维持 美的集团(000333) 目标价: 昨收盘:63.02 美的集团：2024Q2 龙头业绩快速提升，海外表现强劲 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 美的集团 沪深300 ◼ 股票数据 总股本/流通(亿股) 69.85/69.85 总市值/流通(亿元) 4,402.12/4,40 2.12 12 个月内最高/最低价 (元) 72.99/48.75 相关研究报告 <<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 <<行业弱景气背景下，业绩保持稳健 增长>>--2020-04-30 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 一般证券业务登记编号：S11901 ...

Investment Rating - The report maintains a "Recommend" rating for the company [3] Core Views - The company achieved revenue of 217.274 billion yuan in H1 2024, a YoY increase of 10.30%, with net profit attributable to shareholders of 20.804 billion yuan, up 14.11% YoY [1] - In Q2 2024, the company's revenue was 111.172 billion yuan, a YoY increase of 10.37%, with net profit attributable to shareholders of 11.804 billion yuan, up 15.84% YoY [1] - The company's smart home business remained stable, with revenue of 147.6 billion yuan in H1 2024, up 11% YoY [1] - Overseas revenue reached 91.076 billion yuan in H1 2024, a YoY increase of 13.09%, driven by the transformation of overseas business [1] - The company's gross profit margin improved to 27.09% in H1 2024, up 1.86 percentage points YoY, with a net profit margin of 9.73%, up 0.32 percentage points YoY [1] Business Performance - The company's domestic revenue in H1 2024 was 126.198 billion yuan, up 8.37% YoY, outperforming the industry average [1] - Overseas e-commerce sales grew by over 50% in H1 2024, with multiple products entering Amazon's bestseller list [1] - The company's global production base export volume increased by over 20% in H1 2024 [1] - The company's sales/management/R&D expense ratios in H1 2024 were 9.87%/3.08%/3.53%, showing stable cost control [1] Financial Forecasts - The company's revenue is expected to reach 411.041 billion yuan in 2024, with a YoY growth of 9.99% [5] - Net profit attributable to shareholders is forecasted to be 37.75 billion yuan in 2024, up 11.95% YoY [5] - EPS is projected to be 5.40 yuan in 2024, with a P/E ratio of 11.66x [5] - The company's gross profit margin is expected to be 26.82% in 2024, with a net profit margin of 9.22% [5] Strategic Initiatives - The company is advancing its "OBM First" strategy, focusing on building overseas self-owned brands and enhancing international logistics capabilities [1] - The company is optimizing its product structure, with high-end product sales in the Asia-Pacific market growing nearly 20% faster than the average growth rate from January to May 2024 [1]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company demonstrated stable operations with a revenue increase of 10.3% year-on-year, reaching 217.3 billion yuan in H1 2024, and a net profit increase of 14.1% to 20.8 billion yuan [1][2] - The company's home appliance business continues to show double-digit growth, with smart home revenue reaching 147.6 billion yuan in H1 2024, up 11% year-on-year [2] - The To B business segments, including new energy and industrial technology, saw significant growth, with revenues of 17.1 billion yuan and 15.7 billion yuan, respectively, marking increases of 26% and 6% [2] - The company is expected to maintain a strong competitive position in both consumer and business sectors, with projected net profits of 37.6 billion yuan, 41.3 billion yuan, and 45.2 billion yuan for 2024, 2025, and 2026, respectively [2][3] Financial Summary - In H1 2024, the company generated a net cash flow from operating activities of 33.5 billion yuan, reflecting a 12% increase year-on-year [2] - The company's total liabilities reached 311.7 billion yuan in 2023, with a debt-to-asset ratio of 65.2% [4][7] - The projected revenue for 2024 is 405.7 billion yuan, with an expected growth rate of 8.55% [3][7] - The company's earnings per share (EPS) is projected to increase from 4.83 yuan in 2023 to 5.38 yuan in 2024 [3][7]

证券研究报告 | 2024年08月21日 核心观点 公司研究·财报点评 证券分析师：陈伟奇 证券分析师：王兆康 0755-81982606 0755-81983063 chenweiqi@guosen.com.cn wangzk@guosen.com.cn S0980520110004 S0980520120004 证券分析师：邹会阳 联系人：李晶 0755-81981518 zouhuiyang@guosen.com.cnlijing29@guosen.com.cn S0980523020001 收盘价 62.36 元 总市值/流通市值 435602/428360 百万元 52 周最高价/最低价 72.99/48.75 元 近 3 个月日均成交额 1691.06 百万元 | --- | --- | |----------|----------------| | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |---------------------|---------|--- ...