扣非增速超预期，现金流量健康

Investment Rating - The report maintains a "Buy" investment rating for Midea Group [2][6]. Core Views - Midea Group's Q1 2024 performance exceeded expectations with total revenue of 1064.83 billion yuan, a year-on-year increase of 10.19%, and a net profit attributable to shareholders of 90 billion yuan, up 11.91%. The non-recurring net profit reached 92 billion yuan, reflecting a growth of 20.39% year-on-year [1][2]. - The smart home business showed steady growth, while the new energy and industrial technology sectors experienced rapid expansion. The revenue from the smart home segment grew by 11% year-on-year, and the commercial and industrial solutions segment increased by 9% [1]. - The company's gross margin improved by 3.28 percentage points to 27.32% in Q1 2024, indicating enhanced profitability [1]. Financial Performance Summary - Revenue and Profitability: In 2024 Q1, Midea Group achieved total revenue of 1064.83 billion yuan, with a net profit of 90 billion yuan, and a non-recurring net profit of 92 billion yuan, marking significant year-on-year growth [1][2]. - Cash Flow: The operating cash flow for Q1 2024 was 139.29 billion yuan, reflecting a year-on-year increase of 50.22%. The cash received from sales was 885.83 billion yuan, up 16.22% year-on-year [2]. - Profit Forecast: The report projects Midea Group's net profit attributable to shareholders to reach 381.49 billion yuan, 421.29 billion yuan, and 464.38 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 13.1%, 10.4%, and 10.2% [2][4].