Midea Group(000333) 光大证券·2024-05-06 12:02Investment Rating - The report maintains a "Buy" rating for Midea Group (000333.SZ) [1] Core Insights - Midea Group's Q1 2024 revenue reached 106.5 billion yuan, a year-on-year increase of 10% - The net profit attributable to shareholders was 9 billion yuan, up 12% year-on-year, while the net profit excluding non-recurring items was 9.2 billion yuan, reflecting a 20% increase year-on-year [5][6] Summary by Sections Financial Performance - In Q1 2024, Midea's gross margin improved to 27.3%, an increase of 3.3 percentage points year-on-year, driven by higher average prices of major appliances and significant growth in export revenue [6] - The company's operating cash flow for Q1 2024 was 13.9 billion yuan, a 50% increase year-on-year [6] Business Segments - The consumer segment (C-end) and business segment (B-end) grew by 11% and 9% respectively. The domestic sales of household air conditioners increased by 9%, while exports surged by 17% [6] - B-end businesses, including new energy and industrial technology, reported revenues of 7.7 billion yuan, 8.2 billion yuan, and 6.7 billion yuan, with year-on-year growth rates of 23%, 6%, and -12% respectively [6] Profitability and Valuation - The report forecasts net profits for 2024-2026 to be 37.6 billion yuan, 41.7 billion yuan, and 46.6 billion yuan respectively, with corresponding price-to-earnings ratios of 13, 12, and 10 times [6][8]