[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：62.36 元 美的集团（000333）家用电器 目标价：——元（6 个月） 龙头稳健成长，盈利能力稳中有升 [Table_Summary 事件：公司发布] 2024年半年报，公司实现营收 2181.2亿元，同比增长 10.3%； 实现归母净利润 208 亿元，同比增长 14.1%；实现扣非净利润 201.8 亿元，同 比增长 14.3%。单季度来看，Q2公司实现营收 1116.4亿元，同比增长 10.4％； 实现归母净利润 118 亿元，同比增长 15.8%；实现扣非后归母净利润 109.4 亿 元，同比增长 9.7%，。 外销带动增长，智能家居奠定基石。在地产销售景气度较差，消费升级乏力的 大背景下，公司收入延续两位快速增长，我们认为主要由于以下几方面原因。 1.分区域来看，外销拉动整体增长。公司 2024H1内外销分别实现营收 1262亿 元/910.8亿元，同比增长 8.4%/13.1%，公司多年来积极拓展外销业务，近年来 外销 OBM 业务发展迅猛。2.从业务板块来 ...

证券研究报告 非金融公司|公司点评|美的集团（000333） 2024H1 业绩点评： 业绩超预期，经营势能强劲 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 美的集团发布 2024 年中报：2024Q2 实现营业收入 1111.72 亿元，同比增长 10.37%，归属净 利润 118.04 亿元，同比增长 15.84%，扣非净利润 109.44 亿元，同比增长 9.67%；2024H1 实 现营业收入 2172.74 亿元，同比增长 10.30%，归属净利润 208.04 亿元，同比增长 14.11%， 扣非净利润 201.81 亿元，同比增长 14.33%。收入端，C 端外销高增，B 端增速改善；盈利端， 结构优化提振毛利率，净利润率持续改善；报表质量优异，返利大增，合同负债继续新高，后 续支撑强劲，H 股上市进入最终阶段，有望给转型注入新动力。 |分析师及联系人 管泉森 孙珊 贺本东 蔡奕娴 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110005 请务必阅读报告末页的重要声明 1 / ...

美的集团（ [Table_StockNameRptType] 000333） 公司点评 外销提速，利润超预期 ——美的集团 2024Q2 点评 | --- | --- | |------------------------------|-------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData]收盘价（元） | 62.36 | | 近 12 个月最高/ | 72.99/48.75 | | 总股本（百万股） | 6,985 | | 流通股本（百万股） | 6,869 | | 流通股比例（%） | 98.34 | | 总市值（亿元） | 4,356 | | 流通市值（亿元） | 4,284 | [公司价格与沪深 Table_Chart] 300 走势比较 -25% -8% 10% 27% 44% 8/23 11/23 2/24 5/24 美的集团 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：成浅之 执业证书号：S0010124040029 邮箱： ...

证 券 研 究 报 告 美的集团（000333）2024 年半年报点评 强推（维持） 逆势增长，彰显韧性 目标价：77 元 当前价：62.36 元 事项： ❖ 公司发布 2024 年半年报，24H1 公司实现营业总收入 2181.2 亿元，同比+10.3%； 归母净利润 208.0 亿元，同比+14.1%。单季度来看，24Q2 公司实现营业总收 入 1116.4 亿元，同比+10.4%；归母净利润 118.0 亿元，同比+15.8%。 评论： ❖ 收入逆势增长，彰显经营韧性。上半年公司收入同比+10.3%，其中 Q2 收入同 比+10.4%，在国内白电零售规模下滑的背景下，经营韧性与高质量增长并重。 分业务看，上半年因渠道补库及出口高景气，主业实现双位数稳健增长， 24H1 暖通空调收入 1014.6 亿，同比+10.3%。消费电器整体收入 751.4 亿， 同比+10.3%。C 端家电龙头地位稳固，主要品类内销份额稳居前三。按 新业务口径拆分，B 端业务合计占比超过 20%，已逐渐成为成长新动力， 其中新能源及工业技术 171 亿（YOY+26%）、智能建筑科技 157 亿 （YOY+6%）、机器人与自动化 ...

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 -23% -11% 0% 11% 23% 34% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 美的集团 深证成指 [Table_Report] 相关报告 [当前价格： Table_CurPrice] 62.36 24Q2 超预期，看好内外销新模式变革 美的集团(000333) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | |---------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 81.39 | | | 上次预测: | 81.39 | | --- | --- | --- | --- | | ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 20 年 月 日 美的集团（000333.SZ） 2024Q2 业绩表现优秀，盈利能力稳健 事件：公司发布 2024 年中报。公司 2024H1 实现营业总收入 2181.22 亿 元，同比增长 10.28%；实现归母净利润 208.04 亿元，同比增长 14.11%； 扣非归母净利润 201.81 亿元，同比+14.33%。其中，2024Q2 单季营业总 收入为 1116.39 亿元，同比增长 10.36%；归母净利润为 118.04 亿元，同 比增长 15.84%；扣非归母净利润 109.44 亿元，同比+9.67%。 核心业务均增长稳健，海外快速增长。分事业部：2024H1 公司智能家居、 新能源及工业技术、智能建筑科技、机器人与自动化报告期收入分别为 1,476 亿元同比增长 11%，171 亿元同比增长 26%，157 亿元同比增长 6%，139 亿元同比下降 9%。其中，智能建筑科技报告期内收入增速减缓， 主要原因系部分国家热泵补贴政策变动及欧洲能源价格持续下降，除热泵 外的其他品类同比增长 18%；机器人与自动化报告期收入同 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 20 日 美的集团(000333.SZ) 海外业务提速，Q2 收入、业绩稳定增长 事件：美的集团发布 2024 年中报，公司 2024 年上半年实现收 入 2181.2 亿元，YoY+10.3%，实现归母净利润 208.0 亿元， YoY+14.1%；经折算，公司 2024Q2 单季度实现收入 1116.4 亿元， YoY+10.4%，实现归母净利润 118.0 亿元，YoY+15.8%。美的 2024Q2 收入保持稳定增长，主业盈利能力保持稳定。公司下半年内销有 望受益以旧换新政策，外销有望延续高景气，我们看好公司持续 增长。 外销提速，2024Q2 公司收入整体保持稳定增长：美的 2024Q2 收入延续双位数增长态势。B 端业务方面，公司楼宇科技/新能源 及工业技术/机器人与自动化业务 Q2 收入 YoY+6%/+28%/-5%，机 器人与自动化业务 Q2 降幅环比 Q1 略有收窄。C 端业务方面，我 们测算公司 Q2 智能家居事业群收入增速 10%+。分地区看，我们 估算公司 Q2 单季度内销增速约为 5%，外销增速接近 20 ...

Financial Performance - Revenue for the reporting period increased by 10.30% to 217.27 billion yuan compared to the same period last year[10] - Net profit attributable to shareholders of the listed company rose by 14.11% to 20.80 billion yuan[10] - Net cash flow from operating activities grew by 12.43% to 33.49 billion yuan[10] - Basic earnings per share increased by 13.11% to 3.02 yuan per share[10] - Total assets at the end of the reporting period reached 506.63 billion yuan, up 4.24% from the end of the previous year[10] - Equity attributable to shareholders of the listed company increased by 1.18% to 164.80 billion yuan[10] - Weighted average return on equity (ROE) was 12.20%, a slight increase of 0.06 percentage points[10] - Non-recurring gains and losses amounted to 623.30 million yuan, primarily from government subsidies and disposal of non-current assets[12] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[2] - Revenue increased by 10.30% to 217,274,086 thousand yuan compared to the same period last year[90] - Operating costs rose by 7.56% to 158,407,597 thousand yuan year-over-year[90] - Sales expenses grew by 25.23% to 21,455,838 thousand yuan, reflecting increased market expansion efforts[90] - R&D expenses increased by 15.91% to 7,662,534 thousand yuan, indicating higher investment in innovation[90] - Net cash flow from operating activities rose by 12.43% to 33,488,170 thousand yuan, showing improved operational efficiency[91] - Net cash flow from financing activities decreased by 225.84% to -20,977,156 thousand yuan, primarily due to increased debt repayments[91] - The company's net cash and cash equivalents decreased by 134.84% to -8,386,546 thousand yuan, mainly due to reduced cash flow from financing activities[91] - Other income surged by 76.90% to 1,367,008 thousand yuan, driven by increased tax deductions[90] - Investment income grew by 32.95% to 545,292 thousand yuan, mainly due to higher returns from joint ventures and associates[90] - Fair value changes in derivative financial instruments resulted in a 340.09% increase in gains, reaching 248,977 thousand yuan[90] - Total operating revenue increased by 10.30% to 217,274,086 thousand yuan, with manufacturing contributing 89.70% of the revenue[92] - Revenue from HVAC products grew by 10.28% to 101,461,115 thousand yuan, accounting for 46.70% of total revenue[92] - Revenue from consumer appliances increased by 10.28% to 75,138,372 thousand yuan, representing 34.58% of total revenue[92] - Revenue from robotics, automation systems, and other manufacturing rose by 6.02% to 18,300,601 thousand yuan, making up 8.42% of total revenue[92] - Domestic revenue grew by 8.37% to 126,197,955 thousand yuan, while international revenue increased by 13.09% to 91,076,131 thousand yuan[92] - The gross profit margin for manufacturing improved by 2.09% to 28.84%, with HVAC products seeing a 2.98% increase in gross margin to 26.35%[94] - Cash and cash equivalents increased by 3.32% to 101,949,934 thousand yuan, representing 20.12% of total assets[96] - Short-term borrowings rose by 1.85% to 18,545,127 thousand yuan, accounting for 3.66% of total assets[96] - Investment in financial assets increased by 1,806,230 thousand yuan, with a total value of 37,892,586 thousand yuan at the end of the reporting period[98] - Total investment during the reporting period decreased by 6.51% to 82,114,656 thousand yuan compared to the same period last year[99] - The fair value of domestic stock 688249 (Jinghe Integration) decreased by 164,077 thousand yuan, resulting in a final book value of 1,291,167 thousand yuan[101] - The fair value of domestic stock 688322 (Orbbec) decreased by 82,518 thousand yuan, resulting in a final book value of 202,764 thousand yuan[101] - The fair value of overseas stock 1810 (Xiaomi Group W) increased by 11,485 thousand yuan, with a final book value of 193,893 thousand yuan[101] - The fair value of domestic stock 688165 (Efort) decreased by 87,211 thousand yuan, resulting in a final book value of 188,390 thousand yuan[101] - The fair value of overseas stock SOUN (SoundHound AI) increased by 54,748 thousand yuan, with a final book value of 118,495 thousand yuan[101] - The total fair value change loss for domestic stocks was 366,081 thousand yuan, with a final total book value of 2,198,439 thousand yuan[101] - The fair value change of foreign exchange contracts resulted in a gain of 80,827.6 thousand yuan, with a final amount of 67,347.4 thousand yuan[102] - The fair value change of cross-currency interest rate swaps resulted in a gain of 73,690.6 thousand yuan, with a final amount of 310,716.3 thousand yuan[102] - The total actual profit and loss from derivative investments during the reporting period was 221,986.8 thousand yuan[103] - The company's derivative investments are all funded by its own capital[103] - No speculative derivative investments were made during the reporting period[105] - The company did not sell any major assets or equity stakes during the reporting period[105] - The company controls one structured entity, a private equity fund, as of the end of the reporting period[106] - Overseas sales account for over 40% of the company's total revenue, exposing it to exchange rate fluctuation risks[108] - The company faces risks from global trade frictions and tariff barriers, which could increase operating costs[108] Market Position and Business Strategy - Midea's smart home business covers smart appliances, smart homes, and related industries, serving over 400 million users globally[13] - Midea has 33 R&D centers and 43 major manufacturing bases worldwide, with over 190,000 employees[14] - Midea ranked 277th in the 2024 Fortune Global 500, marking its 9th consecutive year on the list[15] - Midea holds the top market share in 9 home appliance categories in China, including 37.7% in household air conditioners and 65.1% in desktop microwave ovens[16] - In online sales, Midea leads in 11 categories, with a 38.7% market share in dryers and 54.6% in induction cookers[17] - Midea operates 28 national green factories, 3 zero-carbon factories, and 5 world lighthouse factories, showcasing advanced smart manufacturing capabilities[15] - Midea's overseas business includes 17 R&D centers and 22 manufacturing bases across more than 10 countries[14] - The company's "Number One" strategy in China has secured top market positions in multiple home appliance categories both online and offline[15] - Midea's ESG performance earned it a spot on the 2024 Fortune China ESG Influence List[15] - Midea's credit rating was upgraded to A2 by Moody's in 2024, reflecting its strong financial position[15] - Domestic home appliance export value reached 347.9 billion yuan in the first half of 2024, a year-on-year increase of 18.3%[19] - Domestic white goods retail market size was 231.9 billion yuan in the first half of 2024, a year-on-year decrease of 7.0%[19] - Air conditioner market retail sales were 111.4 billion yuan in the first half of 2024, a year-on-year decrease of 14.5%[20] - Washing machine market retail sales were 42.7 billion yuan in the first half of 2024, a year-on-year increase of 1.8%[20] - Dryer market retail sales reached 6.7 billion yuan in the first half of 2024, a year-on-year increase of 16.9%[20] - Refrigerator market retail sales were 65 billion yuan in the first half of 2024, a year-on-year increase of 0.4%[20] - Dishwasher market retail sales were 5.8 billion yuan in the first half of 2024, a year-on-year increase of 5%[21] - Cleaning appliance retail sales were 16.5 billion yuan in the first half of 2024, a year-on-year increase of 9.8%[21] - Global industrial robot installations reached 553,052 units in 2022, a year-on-year increase of 5%[22] - China's industrial robot density increased from 25 in 2013 to 392 in 2022, ranking fifth globally[22] - Industrial robot market sales in the first half of 2024 were approximately 140,000 units, a slight increase of 5% year-on-year[23] - The demand for industrial robots in the second half of 2024 is expected to remain under pressure, with a projected year-on-year growth rate of 2%-3% in China[23] - The domestic central air conditioning market in 2023 had a tax-exempt sales revenue of 142.9 billion yuan, an 11% year-on-year increase, with domestic sales accounting for about 88%[25] - The domestic elevator and escalator production in 2023 was 1.557 million units, a 4% year-on-year increase, with a corresponding annual market size of approximately 250-300 billion yuan[25] - The smart building industry in China has a domestic revenue scale of about 400 billion yuan, with a compound annual growth rate of 5%-10%[25] - The company's total revenue in the first half of 2024 was 218.1 billion yuan, a 10% year-on-year increase, with a net profit attributable to the parent company of 20.8 billion yuan, a 14% year-on-year increase[28] - The central air conditioning market in 2023 saw domestic brands account for 57% of the market share, with significant progress in the large water unit segment[26] - The smart building industry is expected to benefit from the "carbon peak and carbon neutrality" strategy, with building operations accounting for 22% of China's total carbon emissions in 2021[26] - The elevator industry is undergoing a transformation driven by IoT technology, with the government promoting the installation of elevators in old residential areas as a key task in 2024[25] - The smart building industry is expected to see increased demand for energy-efficient and digital solutions due to rising electricity costs and policy support for building energy efficiency[26] - The company launched the PortaSplit mobile split air conditioner in the European market, achieving EU A++ energy efficiency and reducing installation costs by thousands of euros[30] - The company introduced the modular cold-climate heat pump air handler for the North American market, achieving 100% heating performance at -15°C and meeting the CEE Advanced Tier standard[30] - The company's "True Warmth" series heat pump heating machine operates stably at -35°C and maintains 60°C water temperature at -20°C, achieving industry-leading energy efficiency[30] - The COLMO Turing II residential central air conditioner features AI three-pipe multi-modal technology and achieves 200L dehumidification capacity with significant noise reduction[30] - The COLMO New Elephant fully embedded washer-dryer set reduces clothing wear by 40% and won the 2024 Red Dot Design Best of the Best award[31] - The Toshiba T27 fully embedded washer-dryer set achieves 59-minute drying for 3kg of clothing and holds international wool certifications[31] - The Little Swan Double Wash Station MAX integrates washing, drying, and cleaning functions with 10,000Pa suction power and AI voice interaction[31] - The COLMO AVANT series modular refrigerator increases nutritional elements by 38% and features -30°C deep freezing technology[31] - The Toshiba Master series refrigerator offers a 702L capacity, 60-minute rapid ice-making, and 99% sterilization rate for ice-making[31] - COLMO cloud villa electric water heater uses aerospace-grade polymer material and high-strength integrated stretched inner tank, ensuring 10-year product quality with a corrosion-resistant layer[32] - COLMO AVANT gas water heater achieves a thermal efficiency of nearly 105%, significantly saving gas and solving condensation water discharge issues[32] - Midea's AK5 PRO series range hood has a maximum airflow of 23m³/min and a cleaning rate of 99.1% with steam cleaning function[32] - Midea's Q518S gas stove reaches a thermal efficiency of 65% and a maximum power of 5.2kW with upgraded anti-dry burn technology[32] - COLMO TURING dishwasher features a 100% coverage rate with innovative fan-shaped water flow and passes 43,800 life cycle tests[33] - Midea's crystal flame series dishwasher reduces drying time with a dual exhaust system and increases washing pressure by 73%[33] - Toshiba's vacuum pressure IH rice cooker improves rice water absorption by 20% and sweetness by 39.4% with 20kPa variable pressure[34] - Midea's X11 floor washer achieves a 99% anti-tangling rate and 5-minute quick drying with 80℃ hot air and bidirectional rotation[34] - Midea's lucky clover floor fan reduces noise with innovative blade technology inspired by submarine propeller design[35] - Midea has established 16 national-level innovation platforms and 80 provincial-level innovation platforms as of June 2024[36] - The company has developed a high-power density dual-stage booster pump for gas water heaters, achieving super large flow and high lift[38] - The company's air source heat pump system can operate at temperatures as low as -35℃, improving low-temperature heating efficiency by over 8%[39] - The company has obtained 1 national science and technology award, 30 provincial and ministerial awards, and 26 internationally leading/advanced achievements in the first half of 2024[39] - The company has accumulated over 100,000 global patent applications and more than 85,000 authorized patents as of June 2024[39] - The company participated in the formulation or revision of 89 technical standards in the first half of 2024, including 8 international standards[39] - The company has upgraded nearly 30,000 stores nationwide to be fully categorized, pre-installed, digitalized, and online[40] - The company achieved 100% delivery visibility, 95% delivery accuracy, and 99% automatic policy fulfillment through its retail system[40] - The company reduced its own inventory by 50% through cloud warehouse integration[40] - The company has built 15,000 digital retail flagship stores to drive high-quality growth in its own channels[40] - The company provides industry-leading digital platform services to enable online business operations[40] - Domestic e-commerce sales accounted for nearly 50% of Midea's total sales in the first half of 2024, with a focus on providing one-stop solutions and enhancing product services[41] - Midea achieved an 8% growth in engineering business sales in H1 2024, with professional customer numbers increasing by 16% and business opportunities growing by 11%[41] - Midea's registered membership exceeded 200 million by June 2024, with active operations reaching 15 million users in H1 2024[42] - Midea launched 5 new series products and deepened its presence in interest-based e-commerce platforms, maintaining its No. 1 position in total online sales during the "618" shopping festival[41] - Midea's brand audience assets ranked first in the home appliance industry on platforms like Xiaohongshu and Douyin in H1 2024[42] - Midea developed a leading whole-house smart system, integrating four core technologies and launching a series of smart home products[42] - Midea upgraded its service standards and implemented IoT-enabled proactive services, improving customer satisfaction and service efficiency[43] - Ande Zhilian, Midea's supply chain management arm, enhanced its end-to-end digital capabilities, optimizing logistics and storage efficiency for multiple industries[44] - Ande Zhilian's "1+3" digital supply chain solution supported clients in achieving cost reduction and operational efficiency improvements[44] - Midea expanded its offline retail network, covering over 40,000 stores and promoting O2O and OMO business models[41] - The company's delivery network covers over 99% of townships nationwide, with over 80% of ToC orders delivered on the same or next day, and over 98% of orders delivered within 48 hours[45] - The company has over 7,000 new energy vehicles in its fleet, with a smart algorithm adoption rate of over 98% for vehicle scheduling[45] - The company has over 4,000 domestic cooperative outlets and more than 40,000 delivery and installation engineers as of June 2024[45] - Overseas home appliance shipments increased by over 20% year-on-year in the first half of 2024[47] - In the Asia-Pacific market, the sales growth rate of mid-to-high-end products was nearly 20% higher than the average growth rate from January to May 2024[47] - Overseas smart home app new registered users exceeded 1 million in the first half of 2024, with total registered users reaching 3.1 million and average monthly active users increasing by nearly 150% year-on-year[47] - E-commerce sales revenue increased by over 50% year-on-year in the first half of 2024[47] - The company has launched cloud call systems in 18 countries and regions as of June 2024[47] - The company has added over 1,500 digital terminal outlets overseas[47] - Mid-to-high-end multi-door refrigerator sales increased by over 100% year-on-year, and washing machine sales increased by over 40% year-on-year[47] - The company's registered membership has exceeded 200 million, with over 24 million new members added in the first half of 2024, and the Net Promoter Score (NPS) has increased by 30% year-on-year[49] - The GMV of the OMO multi-platform traffic project has exceeded 1.

| 宁波美美家园电器 | 本公司之子公司 | 其他应收款 | 3.50 | 1.58 | - | 5.08 | 资金往来 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 服务有限公司 | | | | | | | | | | 佛山市顺德区美的 饮水机制造有限公 | 本公司之子公司 | 其他应收款 | 10.14 | 0.36 | - | 10.50 | 资金往来 | 非经营性往来 | | 司 | | | | | | | | | | 广东美的暖通设备 有限公司 | 本公司之子公司 | 其他应收款 | 76.81 | 18.99 | - | 95.80 | 资金往来 | 非经营性往来 | | 广东美的智联家居 科技有限公司 | 本公司之子公司 | 其他应收款 | 0.53 | - | - | 0.53 | 资金往来 | 非经营性往来 | | 贵州美的数港科技 有限公司 | 本公司之子公司 | 其他应收款 | 25,470.00 | 8,500.00 | - | 33,970.00 | 资金往来 | 非经营性往来 | | 合肥华 ...

证券代码：000333 证券简称：美的集团 公告编号：2024-076 公司本次发行上市的联席保荐人已于 2024 年 8 月 9 日收到香港联交所向其 发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函 不构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见的权 力。 公司本次发行上市尚需取得香港证券及期货事务监察委员会和香港联交所 等相关监管机构、证券交易所的最终批准，该事项仍存在不确定性。公司将根据 该事项的进展情况依法及时履行信息披露义务，敬请广大投资者注意投资风险。 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 关于香港联交所审议公司发行 H 股的公告 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。 美的集团股份有限公司（以下简称"公司"）正在进行发行 H 股股票并在香 港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市（以下简称"本 次发行上市"）的相关工作，香港联交所上市委员会于 2024 年 8 月 8 日举行上市 聆讯，审议公司本次发行上市的申请。 2024 年 8 月 10 日 ...