Midea Group(000333) 天风证券·2024-08-21 02:00Investment 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]