Midea Group(000333) 国泰君安·2024-07-24 02:31Investment Rating - The investment rating for Midea Group is "Accumulate" with a target price of 81.39, maintaining the previous rating of "Accumulate" [1][3]. Core Views - Midea Group is preparing for its H-share listing, which is expected to accelerate its overseas development plans, including the establishment of a foreign currency pool [2][3]. - The company forecasts net profit attributable to shareholders for 2024-2026 to be 37.02 billion, 39.88 billion, and 43.26 billion yuan, respectively, with corresponding EPS of 5.31, 5.72, and 6.20 yuan, reflecting year-on-year growth of 10%, 8%, and 8% [3]. - The company plans to issue up to 651 million shares for overseas listing, accounting for approximately 8.5% of the total share capital [3]. - The report highlights that the discount rates for leading home appliance companies listed in both A and H shares are relatively low, with Haier Smart Home and Hisense Home Appliances showing discount rates of 17.3% and 22.7%, respectively [3]. - Midea Group's H-share issuance is expected to attract market interest, with a projected fundraising scale of 37.042 billion Hong Kong dollars if the issue price is set at 85% of the current price [3]. Summary by Sections - Investment Recommendations: The report maintains profit forecasts and the "Accumulate" rating, with a focus on the company's strong cash flow performance and historical price range between 49.18 and 72.71 yuan over the past 52 weeks [3][4]. - Market Position: Midea Group is positioned to enhance its overseas presence through the H-share listing, which is anticipated to provide a high dividend yield of 4.8% post-issuance, assuming a maintained dividend payout ratio [3].