Core Viewpoint - Midea Group is making significant strides in the humanoid robot sector, with its A-shares and H-shares both rising over 4% following the release of a prototype video showcasing the robot's capabilities [1][2]. Group 1: Company Developments - Midea Group has established a humanoid robot innovation center focused on product-oriented development, aiming to create both short-term and long-term technological advancements [1]. - The humanoid robot prototype can perform tasks such as dancing, making heart signs, and responding to voice commands [1]. - The company has been involved in the robotics industry since acquiring KUKA in 2017, with over 60% of its robot products currently focused on industrial applications, including collaborative robots [1]. Group 2: Strategic Focus - Midea Group's strategy involves a dual approach: advancing home appliance robotics for immediate applications while simultaneously developing core technologies for humanoid robots to explore future industrial and commercial applications [2]. - The company’s R&D efforts are concentrated on key components of humanoid robots, including gear reducers, motors, sensors, and controllers, which are being tested on internal prototypes [2].

Investment Rating - The report maintains a "Buy" rating for Midea Group [3][5] Core Views - The C-end business shows strong resilience, with significant improvements in the robotics segment. The domestic appliance replacement policy is effective, leading to a projected increase in sales [1][2] - The B-end business demonstrates steady growth, particularly in the new energy and industrial technology sectors, with a notable recovery in the robotics and automation segment [2] - Long-term, Midea Group's leading position is solid, supported by efficiency optimization and channel transformation, with a target price of 86.00 CNY based on a 15x PE for 2025 [3] Summary by Sections C-end Business - The domestic appliance replacement policy is expected to drive continued growth in the C-end business, with a projected 24% year-on-year increase in air conditioning sales in Q4 2024 [1] - Overseas sales of air conditioning units are projected to grow by 38% year-on-year in Q4 2024, with a cumulative growth of 31% for the first three quarters of 2024 [1] B-end Business - The B-end business revenue grew by 5% year-on-year in Q1-Q3 2024, with the robotics and automation segment showing a significant improvement in H2 2024 [2] - The robotics and automation segment is estimated to generate 30 billion CNY in revenue for 2024, with a 12% year-on-year increase in Q4 2024 [2] Financial Forecasts and Valuation - The report forecasts net profits of 38.88 billion CNY, 43.64 billion CNY, and 49.15 billion CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14, 12, and 11 [3][4] - Midea's current PE is 14.4, which is below the 5-year average PE of 15.8 for Midea and 18.7 for Haier, indicating a favorable valuation [3]

Investment Rating - The report maintains a "Buy" rating for Midea Group, with a target price of 86.00 CNY, compared to the current price of 71.87 CNY [3][5]. Core Views - Midea Group demonstrates strong resilience in its consumer (C-end) business, benefiting from the appliance replacement policy in China, which is expected to continue driving growth in 2025 [1]. - The overseas market shows robust growth, with a 38% year-on-year increase in air conditioning exports in Q4 2024, indicating a solid international strategy [1]. - The B-end business also shows steady growth, particularly in the new energy and industrial technology sectors, with a notable improvement in the robotics and automation segment in the second half of 2024 [2]. Summary by Sections C-end Business - The appliance replacement policy has significantly boosted domestic sales, with air conditioning sales in Q4 2024 up by 24% year-on-year, while the cumulative sales for Q1-Q3 2024 were down by 2% [1]. - The overseas sales for air conditioning in Q4 2024 increased by 38%, with a cumulative increase of 31% for Q1-Q3 2024, reflecting Midea's commitment to expanding its OBM strategy in emerging markets [1]. B-end Business - The overall revenue for Midea's B-end business grew by 5% year-on-year in Q1-Q3 2024, with specific segments like new energy and industrial technology showing growth rates of 19% and 6%, respectively [2]. - The robotics and automation segment is expected to see a revenue decline of 4% for the full year 2024, but Q4 2024 is projected to show a 12% increase in revenue [2]. Profit Forecast, Valuation, and Rating - Midea Group's net profit forecasts for 2024, 2025, and 2026 are 38.88 billion CNY, 43.64 billion CNY, and 49.15 billion CNY, respectively, with corresponding PE ratios of 14, 12, and 11 [3]. - The current PE ratio is 14.4, which is below the 5-year average PE ratios of 15.8 for Midea and 18.7 for Haier, indicating that Midea is undervalued [3]. - The report emphasizes the effectiveness of the appliance replacement policy and the company's strong performance stability, justifying the "Buy" rating and target price [3].

Investment Rating - The report maintains a "Buy" rating for Midea Group [1] Core Views - Midea Group is transitioning from a leading home appliance manufacturer to a global leader in HVAC (Heating, Ventilation, and Air Conditioning) [3][7] - The company has been actively expanding its global presence through strategic acquisitions, including the recent purchase of Arbonia's climate division for €760 million (approximately ¥5.88 billion) [3][5] - Midea's HVAC business is expected to benefit from market opportunities in Europe, particularly with the shift from gas boilers to heat pumps [6][7] - The company is also focusing on enhancing its brand value and profitability in the Chinese market while facing competition from brands like Xiaomi and Aux [8] Company Overview - Midea Group's future prospects lie in the global home appliance, HVAC, and industrial technology sectors, with a history of small-scale acquisitions to fill global business gaps [5] - The formation of a new alliance, MBT Climate, with Arbonia and Clivet aims to provide comprehensive and efficient product solutions in Europe [5][6] - The company is experiencing rapid growth in its commercial HVAC business, particularly in precision central air conditioning for data centers [6] Financial Performance - For the first three quarters of 2024, Midea Group reported revenue of ¥318.97 billion, a year-on-year increase of 9.6%, and a net profit of ¥31.70 billion, up 14.4% [9] - The company has shown strong profitability, with a net profit margin of 9.94% for the first three quarters, improving from the previous year [16] - Midea's revenue growth is supported by domestic consumption stimulus policies, particularly in the home appliance sector [24] Market Trends - The domestic home appliance market is benefiting from the "old-for-new" subsidy policy, with a projected retail sales growth of 12.3% in 2024 [24] - Midea's air conditioning sales are expected to continue growing, with domestic sales reaching 10.415 million units in 2024, a 4.57% increase year-on-year [31] - The central air conditioning market is facing challenges domestically but is seeing strong export growth, with a 39.8% increase in exports in 2024 [41] Future Projections - The report forecasts Midea Group's net profit to reach ¥38.65 billion in 2024, with an EPS of ¥5.05, and further growth expected in subsequent years [80]

Investment Rating - The report maintains a "Buy" rating for Midea Group [1] Core Views - Midea Group is evolving from a leading home appliance manufacturer to a global leader in HVAC (Heating, Ventilation, and Air Conditioning) [3][7] - The company has successfully completed the acquisition of ARBONIA climate, enhancing its HVAC capabilities in Europe [3][5] - Midea's diversified business strategy, including acquisitions and global supply chain optimization, positions it well for future growth [6][8] Company Overview - Midea Group's future prospects lie in the global home appliance, HVAC, and industrial technology sectors, with a focus on small-scale acquisitions to fill global business gaps [3][5] - The recent acquisition of ARBONIA climate, valued at €760 million (approximately ¥5.88 billion), strengthens Midea's position in the European HVAC market [3][5] - The formation of a new alliance, MBT Climate, with ARBONIA climate and Clivet, aims to provide comprehensive and efficient product solutions in Europe [5] Business Development - Midea's commercial HVAC business is rapidly expanding, particularly in the precision central air conditioning segment for data centers [6] - Despite challenges in the European heat pump market due to subsidy withdrawals, Midea's local brand presence and supply chain advantages are expected to drive growth [6] - The company is also expanding its home appliance market globally, with acquisitions like the Spanish brand Teka to enhance its presence in developed regions [8] Financial Performance - For the first three quarters of 2024, Midea achieved revenue of ¥318.97 billion, a year-on-year increase of 9.6%, and a net profit of ¥31.70 billion, up 14.4% [9] - The company’s net profit margin improved to 9.94%, reflecting strong cost management and product structure optimization [16] - Midea's revenue projections for 2024-2026 are ¥410.44 billion, ¥441.31 billion, and ¥474.88 billion, respectively, with net profits expected to reach ¥38.65 billion, ¥43.41 billion, and ¥48.90 billion [80]

Group 1 - A new company named Baotou Midea Smart Home Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The legal representative of the company is Wang Chunkai, and its business scope includes sales of household appliances, refrigeration and air conditioning equipment, furniture, home goods, toys, animation and gaming products, and electronic products [1] - The company is indirectly wholly owned by Midea Group [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - Midea Group has established itself as the largest home appliance company globally, with a compound annual growth rate (CAGR) of 10% in revenue from 2010 to 2023, reaching 373.7 billion yuan, and a CAGR of 18% in net profit, amounting to 33.7 billion yuan [1] - The domestic home appliance market in China has significant growth potential, with the possibility of a 30%-100% increase compared to overseas markets. Midea's domestic sales have been consistently high, and the company is expected to maintain a stable 5% CAGR in domestic sales over the next decade [2] - The global home appliance market reached 3.7557 trillion yuan in 2023, with Midea holding a 6.6% market share. The company is focusing on expanding its overseas brand presence, with significant growth potential in emerging markets [3] - Midea's B2B business segments, including new energy and industrial technology, have substantial growth potential, with projected revenue growth of 81% in the medium term and 174% in the long term [4] - The company's diversified development strategy positions it well for future growth, particularly in overseas OBM (Original Brand Manufacturing) and B2B sectors, with a potential revenue increase of 50%-115% in the medium to long term [5] Summary by Sections Company Overview - Midea Group is a leading global home appliance manufacturer, covering a wide range of products including air conditioners, refrigerators, washing machines, and small appliances, as well as B2B solutions in robotics and automation [21] Financial Performance - The company reported a revenue of 373.7 billion yuan in 2023, with a net profit of 33.7 billion yuan. The revenue is expected to grow to 409.2 billion yuan in 2024, with a net profit forecast of 38.6 billion yuan [10] - Midea's revenue growth is supported by a strong performance in both domestic and international markets, with a projected revenue increase of 8.1% in 2023 [10] Domestic Market Analysis - The domestic home appliance market in China is currently valued at approximately 900 billion yuan, with significant room for growth, particularly in air conditioning, where 31% of urban and 73% of rural households have yet to install units [2] International Market Analysis - The global home appliance market is expected to grow at a CAGR of 3.5% from 2017 to 2023, with Midea's overseas sales projected to grow by 45% in the medium term and 132% in the long term [3] B2B Business Potential - Midea's B2B segments, including new energy and industrial technology, are expected to see substantial growth, with a projected revenue increase of 81% in the medium term [4] Future Outlook - The company is well-positioned for future growth, with a focus on enhancing its overseas OBM and B2B business, which are expected to be the main drivers of revenue growth [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Insights - Midea Group is the largest home appliance company globally, with a revenue CAGR of 10% from 2010 to 2023, reaching 373.7 billion, and a net profit CAGR of 18% to 33.7 billion [1] - The domestic home appliance market in China has significant growth potential, with a projected 30%-100% increase compared to overseas markets [2] - The company has a strong competitive advantage due to its extensive channel network and efficient production and R&D systems, expecting a stable 5% CAGR in domestic sales over the next decade [2] - Midea's overseas sales are accelerating, with a global market size of 37.6 trillion, and the company holds a 6.6% market share, the largest globally [3] - The B2B segment has substantial growth potential, with expected revenue growth of 81% in the medium term and 174% in the long term [4] - The company's diversified development strategy positions it well for future growth, particularly in overseas OBM and B2B businesses, with a potential revenue increase of 50%-115% [5] Summary by Sections Company Overview - Midea Group has evolved from a plastic and metal products manufacturer to a global leader in home appliances, covering a wide range of products [21][22] Financial Performance - The company reported a revenue of 373.7 billion in 2023, with a net profit of 33.7 billion, indicating a strong financial position [1][10] Domestic Market Analysis - The domestic home appliance market is expected to grow steadily, with significant room for expansion in air conditioning and other categories [2][19] International Market Analysis - Midea's international sales are growing, with a focus on emerging markets where penetration rates are low [3][19] B2B Business Potential - The B2B segment, including new energy and industrial technology, has a projected market size of 81.1 billion, with Midea's revenue from this segment expected to grow significantly [4][19] Growth Outlook - The company is well-positioned for future growth, with a focus on enhancing its overseas OBM and B2B business segments [5][19]

Group 1: Business Strategy and Growth - The company's operational strategy for 2025 focuses on "simplification to promote growth and self-disruption to face challenges" [1] - Emphasis on innovation and overcoming challenges through simplified thinking and actions [1][2] - Business model simplification includes clarifying roles, reducing redundancies, and focusing on core products [2] Group 2: Expansion in Middle East and Africa - Midea Saudi Arabia Company (MSA) opened on January 15, 2025, marking the seventh subsidiary in the region [3] - The Saudi market shows significant potential due to rapid urbanization and increasing demand for home appliances [3] - MSA aims to build a robust sales network and introduce high-quality products tailored to local consumer needs [3] Group 3: Achievements in Smart Manufacturing - Midea operates 43 major manufacturing bases across over 10 countries, with a leading position in smart manufacturing [4][5] - The Chongqing water machine factory was recognized as a "lighthouse factory," showcasing advanced AI-enabled manufacturing processes [5] - The factory achieved a 180% increase in custom order volume while reducing selection and design cycles by 81% and 45%, respectively [5][6] Group 4: Social Responsibility Initiatives - Midea is collaborating with local government and educational institutions to establish a high-quality public high school, with a total investment of approximately 600 million yuan [7][8] - The school will accommodate 1,800 students and is set to open in September 2025, addressing the demand for quality education in the region [7][8] - Midea has donated a total of 100 million yuan to support educational initiatives, including 70 million yuan specifically for the high school project [8]

证券代码：000333 证券简称：美的集团 公告编号：2025-002 美的集团股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 2021 年限制性股票激励计划的 18 名激励对象因离职、职务调整或违反"公 司红线"等原因，董事会同意将其已获授但尚未解除限售的限制性股票共计 258,668 股进行回购注销；2022 年限制性股票激励计划的 22 名激励对象因离职、 职务调整或违反"公司红线"等原因，董事会同意将其已获授但尚未解除限售的 限制性股票共计 681,500 股进行回购注销；2023 年限制性股票激励计划的 29 名 激励对象因离职或职务调整等原因，董事会同意将其已获授但尚未解除限售的限 制性股票共计 553,375 股进行回购注销。 2、申报时间：2025 年 1 月 17 日至 2025 年 4 月 3 日，每日 9：30—11：30、 13：30—17：00 特此公告。 美的集团股份有限公司董事会 根据以上议案，公司将回购注销部分激励对象所持的限制性股票共 1,493,543 股，注销 ...