Midea Group(000333) 开源证券·2024-05-10 04:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company has achieved rapid growth in its C-end business, with a continuous improvement in profitability. The Q1 2024 revenue reached 106.1 billion (up 10.2% year-on-year), and the net profit attributable to shareholders was 9.0 billion (up 11.9%) [4][5]. - The report maintains profit forecasts, expecting net profits attributable to shareholders to be 37.44 billion, 41.18 billion, and 45.30 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of 5.37, 5.90, and 6.49 [4][5]. Summary by Sections Company Overview - The company has a total market capitalization of 501.18 billion and a circulating market capitalization of 491.65 billion. The current stock price is 71.85 [3]. Financial Performance - In Q1 2024, the company’s C-end business saw significant growth, particularly in the smart home segment, which grew by 11% year-on-year. The overseas e-commerce retail sales surged by 60% [5]. - The company’s gross margin improved to 27.3% (up 3.3 percentage points), attributed to digital transformation and optimized product structure [6]. - The operating cash flow for Q1 2024 was 13.93 billion (up 50.2%), indicating high revenue quality [6]. Business Segments - C-end business growth was highlighted by strong performance in washing machines and air conditioning, with external sales of refrigerators increasing by 106% [5]. - The B-end business maintained steady growth, with revenues from commercial and industrial solutions up 9% year-on-year. The new energy and industrial technology segment saw a revenue increase of 23% [5]. Financial Projections - The company’s revenue is projected to grow from 404.13 billion in 2024 to 470.63 billion in 2026, with a year-on-year growth rate of 8.6% in 2024 [7][8]. - The net profit is expected to grow from 37.44 billion in 2024 to 45.30 billion in 2026, with a net profit margin of 9.3% in 2024 [7][8].