Midea Group(000333) 新浪财经·2025-04-03 08:39Core Insights - Midea Group reported a strong financial performance for 2024, with total revenue of 409.1 billion yuan, net profit attributable to shareholders of 38.5 billion yuan, and net profit excluding non-recurring items of 35.7 billion yuan, representing year-on-year growth of 9.47%, 14.29%, and 8.39% respectively [1] - The company experienced double-digit growth in overseas revenue and over 20% growth in new energy and industrial technology revenue [1] Revenue Breakdown - In 2024, revenue from smart home business, commercial and industrial solutions, and other income was 269.5 billion yuan, 104.5 billion yuan, and 33.1 billion yuan respectively, with year-on-year growth of 9.41%, 6.87%, and 18.69% [1] - Within the commercial and industrial solutions segment, revenue from new energy and industrial technology, smart building technology, robotics and automation, and other businesses was 33.6 billion yuan, 28.5 billion yuan, 28.7 billion yuan, and 13.7 billion yuan respectively, with year-on-year growth of 20.58%, 9.86%, -7.58%, and 6.00% [1] - Domestic and overseas revenue for 2024 was 238.1 billion yuan and 169.0 billion yuan respectively, with year-on-year growth of 7.68% and 12.01% [1] - Online and offline revenue for 2024 was 85.6 billion yuan and 321.5 billion yuan respectively, with year-on-year growth of 10.72% and 9.10% [1] Profitability - The gross margin for 2024 was 26.42%, with a slight decrease of 0.07 percentage points year-on-year, while the gross margin for Q4 2024 was 25.20%, down 3.62 percentage points year-on-year [2] - The gross margins for smart home business, commercial and industrial solutions, and other income were 29.97%, 21.39%, and 13.36% respectively, with year-on-year changes of +1.29, -0.68, and +1.28 percentage points [2] - The gross margins for new energy and industrial technology, smart building technology, robotics and automation, and other businesses were 17.74%, 30.17%, 22.00%, and 10.83% respectively, with year-on-year changes of +0.06, +0.81, -1.75, and -2.10 percentage points [2] - The gross margins for domestic and overseas operations were 26.14% and 26.82% respectively, with year-on-year increases of 0.89 and 0.44 percentage points [2] - Online and offline gross margins were 30.97% and 25.21% respectively, with year-on-year increases of 0.55 and 0.74 percentage points [2] Expenses and Net Profit Margin - The expense ratios for sales, management, R&D, and financial expenses were 9.47%, 3.55%, 3.97%, and -0.81% respectively, with year-on-year changes of +0.14, -0.06, +0.07, and +0.06 percentage points [3] - The net profit margin for 2024 was 9.42%, with a year-on-year increase of 0.40 percentage points, while the net profit margin for Q4 2024 was 7.71%, up 0.33 percentage points year-on-year [4] Investment Income and Liabilities - The company reported investment income and fair value changes of 1.443 billion yuan and 1.302 billion yuan respectively [5] - Contract liabilities for 2024 amounted to 49.255 billion yuan, an increase from the end of Q3 2024 [6] Dividend and Shareholder Returns - The company declared a cash dividend of 35 yuan per 10 shares, totaling 26.712 billion yuan, which represents approximately 69% of the net profit attributable to shareholders [7] - The company announced a three-year shareholder return plan (2025-2027), committing to a minimum cash dividend of 30% of the average distributable profit over the last three years, with cash dividends accounting for at least 60% of profit distribution [7] Investment Outlook - The company is expected to see continued growth in both consumer (C-end) and business (B-end) segments, with leading market shares in key consumer categories, rapid growth in domestic high-end brands, and increasing overseas brand presence [7] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are 42.8 billion yuan, 46.7 billion yuan, and 50.9 billion yuan respectively, with corresponding price-to-earnings ratios of 13.60, 12.46, and 11.44 [7]