美的集团：业绩稳步向上，发展韧性继续显现

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has shown steady revenue growth, with a 9.57% year-on-year increase in revenue for the first three quarters of 2024, reaching 319 billion yuan, and a 14.37% increase in net profit to 31.7 billion yuan [2][5] - The C-end business continues to develop steadily, while the B-end business performs well, with significant growth in OBM revenue exceeding 25% year-on-year [3][5] - The company's net profit margin has improved, with a net profit margin of 10.08% for the first three quarters of 2024, up 0.36 percentage points year-on-year [4][5] Financial Performance Summary - For the first three quarters of 2024, the company reported a net cash flow from operating activities of 60.3 billion yuan, a 34.56% increase year-on-year [2][5] - The company's gross margin and net margin for the first three quarters of 2024 were 26.76% and 10.08%, respectively, showing improvements compared to the previous year [4][5] - The projected net profit for 2024-2026 is expected to be 38.2 billion, 42.2 billion, and 46 billion yuan, with year-on-year growth rates of 13.41%, 10.28%, and 9.00% respectively [5][7]