Midea Group(000333) 开源证券·2024-11-04 05:30Investment Rating - The investment rating for Midea Group is "Buy" (maintained) as of November 1, 2024 [1]. Core Insights - Midea Group's domestic market share has increased against the trend, and the company has maintained steady growth in performance. For Q3 2024, the company achieved operating revenue of 318.97 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 31.7 billion yuan, up 14.4% year-on-year [1]. - The company has adjusted its earnings forecasts for 2024-2026, expecting net profits of 38.56 billion yuan, 42.66 billion yuan, and 46.52 billion yuan respectively, with corresponding EPS of 5.04 yuan, 5.57 yuan, and 6.08 yuan [1][4]. Summary by Sections Domestic and International Sales Performance - In Q3 2024, Midea's C-end business revenue grew by 8% year-on-year, with significant growth in exports. The domestic market share for Midea's air conditioners reached 33.0%, an increase of 2.9 percentage points, despite a 10% decline in industry sales [2]. - The B-end business also saw an 8% year-on-year revenue increase, although the robotics and automation segment faced challenges with a 10% decline in revenue [2]. Profitability and Financial Metrics - The gross profit margin for Q3 2024 was 26.0%, down 1.1 percentage points, primarily due to increased promotional efforts. The net profit margin improved to 10.8%, up 0.5 percentage points [3]. - The company’s operating income for 2024 is projected to reach 409.83 billion yuan, with a year-on-year growth of 10.2% [4]. Financial Forecasts - Midea Group's financial forecasts indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 442.25 billion yuan in 2025 and 475.51 billion yuan in 2026 [4]. - The projected P/E ratios for 2024, 2025, and 2026 are 14.3, 13.0, and 11.9 respectively, suggesting a favorable valuation outlook [4].