Midea Group(000333) 申万宏源证券·2025-03-31 14:13Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance remains robust, with a proposed cash dividend of RMB 35 per 10 shares, resulting in a dividend payout ratio of 69.31%. Additionally, the company plans to repurchase shares at a price not exceeding RMB 100 per share, with a total repurchase amount between RMB 5 billion to RMB 10 billion [6] - The company achieved total revenue of RMB 409.08 billion in 2024, representing a year-on-year growth of 9%, and a net profit attributable to shareholders of RMB 38.54 billion, up 14% year-on-year [6] - The company continues to implement a dual high-end brand strategy with "COLMO + Toshiba," achieving over 45% year-on-year growth in high-end brand retail sales [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is RMB 447.46 billion, with a year-on-year growth rate of 9.4% [5] - Net profit attributable to shareholders is projected to be RMB 42.48 billion in 2025, reflecting a year-on-year increase of 10.2% [5] - The company maintains a gross profit margin of approximately 26.4% for 2024, with a slight decrease of 0.1 percentage points year-on-year, while the net profit margin improved to 9.52%, an increase of 0.45 percentage points year-on-year [6] Business Segment Performance - In 2024, the domestic retail market for home appliances is expected to reach RMB 907.1 billion, growing by 6.4% year-on-year, with specific segments like refrigerators and washing machines showing significant growth [6] - The company's domestic sales reached RMB 238.11 billion, up 7.7% year-on-year, while overseas revenue was RMB 169.03 billion, increasing by 12% year-on-year [6] - The company's smart home (To C) business generated revenue of RMB 269.53 billion in 2024, a year-on-year increase of 9.4% [6]