IPO点评：美的集团

Investment Rating - The report assigns a valuation score of 5.6 for the IPO of the company, suggesting investors subscribe to the offering [4]. Core Insights - The company is a global leader in the home appliance market, ranking first in revenue and sales volume in 2023, with a market share of 7.9% globally and 25.5% in mainland China [2][3]. - The company has demonstrated consistent revenue growth with a CAGR of 4.3% from 2021 to 2023, and a net profit CAGR of 7.8% during the same period [3]. - The global home appliance market is expected to grow from RMB 37,557 billion in 2023 to RMB 44,237 billion by 2027, with a CAGR of 4.2% [3]. Company Overview - The company operates in over 200 countries, providing a range of home appliances and commercial solutions, including air conditioners, refrigerators, washing machines, and industrial robots [4]. - The company has a strong R&D capability and a well-experienced management team, contributing to its leading position in the industry [3][4]. Industry Status and Outlook - The home appliance market is highly competitive, with over 60,000 participants globally, but the top five players account for only 20.8% of the market share [2]. - The Chinese home appliance market is more concentrated, with the top five players holding 49.1% of the market share [2]. Financial Performance - The company's revenue for 2021, 2022, and 2023 was RMB 343.4 billion, RMB 345.7 billion, and RMB 373.7 billion, respectively, with a gross margin increasing from 22.4% in 2021 to 26.3% in 2023 [3]. - In the first four months of 2024, the company reported revenue of RMB 145.8 billion, a year-on-year increase of 11.0%, and a net profit of RMB 13.6 billion, up 12.5% [3]. IPO Details - The IPO price range is set at HKD 52 to 54.8 per share, with a total issuance amount expected to be between HKD 256 billion and 270 billion [4][5]. - The expected market capitalization post-IPO is approximately HKD 3,892 billion to 4,102 billion [4][5].