abc 2025 年 01 月 14 日 Global Research 快评 美的集团 2025瑞银大中华研讨会：产品结构升级仍为关 键战略 2025展望：收入增长5%-10%，利润增速更快 美的出席了2025年瑞银大中华研讨会会议，管理层指引2025年收入增长 为5%-10%，利润增速则更快。其中，核心家电业务收入增速预计在该区间 内，其中海外业务由于OBM的驱动增速会更快；2B业务预计增速高于去年 （可能达到双位数）。据此，我们估算国内家电业务2025年收入增速约 为5%。我们认为这一指引较为保守，管理层主要担忧2025年需求环比放缓 以及外销OEM增长的问题。虽然，公司OEM订单在2024年12月仍实现了的 双位数增长。此外，管理层预计2024年4季度收入同比增速为高个位数，而 利润增速会更快。考虑到2025年政府补贴政策的延续，我们看好国内白电 需求以及行业产品结构升级。更多详情请参考我们2025年1月13日发布 的2025年展望报告。 2025年战略：持续产品结构升级，聚焦核心业务 管理层回应了方洪波主席最近发布的2025年战略规划，强调了以下几点 （1） 持续的产品结构升级：这是近年来推动公司盈 ...

各位投资人大家早上好首先感谢一下游明阳游总的百忙中抽出时间来跟我们做这一次交流今天我们这个是遮伤证券的中商股交流会然后我们的这个美利基创环节首先作为这个会议的开始我们想有请游总先跟我们做今年的三季度的一个简单的汇总然后对于今年四季度和明年的内外销的情况做一些简单的展望然后后面我们开始问答环节 想要提问的投资人可以现在先进行线上的排队谢谢大家 然后有请游董感谢大家的时间也谢谢大家对于美基集团的关注和支持整个三季度其实还是相对来说取得了一个还不错的成绩吧我们政治家局这边大概是一个 八个点的增长然后内销可能稍慢一点三个点然后外销是16个点然后整个2b是大概三个点然后内销是12个点然后外销是基本上有一个小幅度的下滑然后然后四季度其实大家也知道就是国补其实对于整个 家庭行业的交付刺激其实是比较大的然后我们也是我们自己内部数据看到对于特别是线下消费有一个比较好的正面的积极的刺激作用然后整体四季度的内销应该肯定还是会比三季度的来的会好一些然后四季度的外销其实目前也是看到订单我们在手的订单其实也是有一个不错的存量然后也是不停的在交付 所以说整体来说四季度应该会是一个整个增速会稍微比三季度会再快一点点然后明年的话确实是这个国际 ...

Revenue and Profit Growth - Revenue for the reporting period reached 101.7 billion yuan, an increase of 8.05% year-over-year[3] - Net profit attributable to shareholders of the listed company was 10.89 billion yuan, up 14.86% compared to the same period last year[3] - Total operating revenue for the first nine months of 2024 reached 320.35 billion yuan, a 9.6% increase compared to 292.38 billion yuan in the same period of 2023[17] - Net profit for the first nine months of 2024 was 32.15 billion yuan, up 13.7% from 28.29 billion yuan in the same period of 2023[18] - Sales revenue from goods and services for the first nine months of 2024 was 318.97 billion yuan, a 9.6% increase compared to 291.11 billion yuan in the same period of 2023[17] - Total comprehensive income for the first nine months of 2024 was 31.20 billion yuan, a 12.5% increase from 27.74 billion yuan in the same period of 2023[19] Business Segment Performance - Smart home business revenue for the year-to-date was 215.4 billion yuan, a 10% increase year-over-year[3] - New energy and industrial technology business revenue grew 19% year-over-year to 25.4 billion yuan[3] - Robotics and automation business revenue decreased by 9% year-over-year to 20.8 billion yuan[3] Financial Position and Assets - Total assets at the end of the reporting period were 567.15 billion yuan, a 16.69% increase from the end of the previous year[3] - Total assets increased to RMB 567.15 billion as of September 30, 2024, compared to RMB 486.04 billion as of December 31, 2023[14] - Current assets rose to RMB 361.99 billion as of September 30, 2024, up from RMB 281.32 billion as of December 31, 2023[12] - Cash and cash equivalents surged to RMB 160.88 billion as of September 30, 2024, compared to RMB 81.67 billion as of December 31, 2023[12] - Inventory decreased to RMB 42.77 billion as of September 30, 2024, down from RMB 47.34 billion as of December 31, 2023[12] - Fixed assets increased to RMB 32.65 billion as of September 30, 2024, compared to RMB 30.94 billion as of December 31, 2023[14] - Long-term equity investments rose to RMB 5.08 billion as of September 30, 2024, up from RMB 4.98 billion as of December 31, 2023[14] Liabilities and Equity - Total liabilities increased to RMB 346.85 billion as of September 30, 2024, compared to RMB 311.74 billion as of December 31, 2023[15] - Short-term borrowings rose significantly to RMB 27.94 billion as of September 30, 2024, up from RMB 8.82 billion as of December 31, 2023[15] - Shareholders' equity increased to RMB 220.30 billion as of September 30, 2024, compared to RMB 174.30 billion as of December 31, 2023[16] - Retained earnings grew to RMB 146.85 billion as of September 30, 2024, up from RMB 136.28 billion as of December 31, 2023[16] Cash Flow - Net cash flow from operating activities for the year-to-date was 60.26 billion yuan, up 34.56% year-over-year[3] - Operating cash flow for the first nine months of 2024 was 60.26 billion yuan, a 34.6% increase from 44.79 billion yuan in the same period of 2023[20] - Total cash received from operating activities for the first nine months of 2024 was 330.86 billion yuan, a 20.1% increase compared to 275.48 billion yuan in the same period of 2023[20] - Net cash flow from investing activities decreased by 169.47% to -90,564,488 due to increased cash payments for investments[7] - Net cash flow from financing activities increased by 248.85% to 19,961,078 due to increased cash received from investments[7] - Investment activities generated a net cash outflow of 9.056 billion in 2024 (1-9 months), compared to 3.361 billion in the same period in 2023[21] - Cash inflows from financing activities increased to 6.349 billion in 2024 (1-9 months), up from 2.526 billion in 2023[21] - Cash outflows from financing activities rose to 4.353 billion in 2024 (1-9 months), compared to 3.867 billion in 2023[22] - Net cash flow from financing activities was 1.996 billion in 2024 (1-9 months), a significant improvement from a net outflow of 1.341 billion in 2023[22] - The company's cash and cash equivalents decreased by 1.058 billion in 2024 (1-9 months), compared to a decrease of 206 million in 2023[22] - The company's cash and cash equivalents balance at the end of September 2024 was 4.931 billion, slightly higher than the 4.907 billion at the end of September 2023[22] Earnings and Returns - Basic earnings per share for the reporting period was 1.56 yuan, an increase of 12.23% year-over-year[3] - Weighted average return on equity for the reporting period was 6.25%, a slight decrease of 0.02 percentage points[3] - Basic earnings per share for the first nine months of 2024 were 4.58 yuan, up 12.8% from 4.06 yuan in the same period of 2023[19] Other Financial Metrics - Short-term borrowings increased by 216.80% to 27.94 billion yuan, mainly due to increased borrowing[6] - Capital reserve increased by 133.17% to 49,533,518 due to stock issuance[7] - Treasury stock decreased by 53.18% to 6,026,463 due to stock cancellation[7] - Other comprehensive income decreased by 411.11% to -839,246 due to foreign currency financial statement translation differences[7] - Financial income increased by 79.45% to 2,981,829 due to reduced interest expenses[7] - Investment income increased by 55.64% to 786,114 due to gains from disposal of derivative financial assets and liabilities[7] - Fair value change income increased by 178.10% to 328,536 due to changes in the fair value of non-current financial assets[7] - Total operating costs for the first nine months of 2024 were 285.21 billion yuan, a 9.6% increase compared to 260.26 billion yuan in the same period of 2023[17] - Investment income for the first nine months of 2024 was 786.11 million yuan, a 55.6% increase from 505.08 million yuan in the same period of 2023[17] Shareholder Information - Total number of ordinary shareholders is 271,449, with Midea Holding Co., Ltd. holding 28.36% of shares[9]

Financial Reporting and Compliance - Midea Group will not separately prepare and publish an interim report or interim summary report for the six months ended June 30, 2024, as per the Hong Kong Listing Rules[2] - Financial performance for the six months ended June 30, 2024, is included in the prospectus, accessible on the Hong Kong Stock Exchange and Midea Group's official websites[3] - The company has complied with the Hong Kong Listing Rules by including comparative financial data for the six months ended June 30, 2024, and June 30, 2023, in the prospectus[2] - Midea Group confirms that it will not violate its constitutional documents or applicable laws and regulations in China regarding the publication and distribution of interim and financial reports[2] - The company has included a statement in the prospectus regarding compliance with the Corporate Governance Code under Appendix C1 of the Hong Kong Listing Rules[2] Corporate Governance and Leadership - The announcement is made under the Hong Kong Listing Rules 13.48(1) and is signed by the Chairman, Executive Director, and President, Mr. Fang Hongbo[3] - The Board of Directors includes executive directors, non-executive directors, and independent non-executive directors as of the announcement date[3]