Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company has demonstrated resilience in domestic sales and continued high growth in exports, with a revenue increase of 9.57% year-on-year for the first three quarters of 2024, reaching 318.975 billion yuan. The net profit attributable to shareholders grew by 14.37% to 31.699 billion yuan, while the net profit excluding non-recurring items increased by 13.17% to 30.377 billion yuan [4][6]. - In the third quarter alone, the company achieved a revenue of 101.701 billion yuan, reflecting an 8.05% year-on-year growth, and a net profit of 10.895 billion yuan, which is a 14.86% increase year-on-year [4][6]. - The company’s gross margin for the first three quarters improved by 0.91 percentage points to 26.76%, driven by an optimized business structure and a higher proportion of C-end business, which has a better profit level [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 318.975 billion yuan, with a year-on-year growth of 9.57%. The net profit attributable to shareholders was 31.699 billion yuan, up 14.37%, and the net profit excluding non-recurring items was 30.377 billion yuan, an increase of 13.17% [4][5]. - In the third quarter, the company’s revenue was 101.701 billion yuan, marking an 8.05% year-on-year growth, with a net profit of 10.895 billion yuan, reflecting a 14.86% increase [4][5]. Business Segments - The company’s B-end business showed slight growth, with revenues from new energy and industrial technology increasing by approximately 7%, while revenues from smart building technology grew by about 5%. However, revenues from robotics and automation declined by about 10% due to adjustments in product strategies by overseas automotive manufacturers [4][6]. - The C-end business saw a revenue increase of approximately 8% in the third quarter, primarily due to the rapid growth of the company’s overseas proprietary brands and the ongoing expansion of its global footprint [4][6]. Operational Efficiency - The company has established a global technology group covering smart home, industrial technology, building technology, robotics and automation, and other innovative businesses. It maintains a dual focus on ToC and ToB business development, providing a diverse range of products and services while continuously enhancing its global business layout for sustainable growth [6]. - The company is pushing for digital operations across the entire value chain to optimize efficiency, with expectations for net profit attributable to shareholders to reach 38.659 billion yuan, 42.538 billion yuan, and 46.743 billion yuan for 2024, 2025, and 2026, respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its competitive advantages and growth potential [2]. Core Insights - The company has demonstrated resilience in its operations, with domestic sales benefiting from the "old-for-new" appliance policy, while international sales continue to grow rapidly [2][3]. - The company's revenue for the first three quarters of 2024 reached 320.35 billion yuan, reflecting a year-on-year increase of 9.57% [3]. - The net profit attributable to shareholders for the same period was 31.699 billion yuan, up 14.37% year-on-year, showcasing strong profitability [3]. - The report highlights a significant increase in cash flow from operating activities, which amounted to 26.78 billion yuan in Q3, representing a 78% year-on-year growth [3][4]. Financial Summary - Revenue for 2024 is projected to be 407.36 billion yuan, with a year-on-year growth of 9.0% [2]. - The net profit attributable to shareholders is expected to reach 38.152 billion yuan in 2024, reflecting a growth of 13.1% [2]. - The gross margin is forecasted to improve slightly to 27.1% in 2024, up from 26.8% in 2023 [2]. - Earnings per share (EPS) are adjusted to 4.99 yuan for 2024, with a dynamic price-to-earnings (PE) ratio of 14.6 [2][5]. - The report indicates a stable return on equity (ROE) of 21.3% for 2024, maintaining strong profitability metrics [2][5].

Investment Rating - The report maintains a "Buy" rating for Midea Group with a target price of RMB 89.90, indicating a potential upside of 23.4% from the current closing price of RMB 72.84 [1][3][4]. Core Insights - Midea Group's profit growth continues to show double-digit increases, aligning with market expectations. For the first three quarters of 2024, the company's revenue and net profit attributable to shareholders grew by 9.6% and 14.4%, reaching RMB 319 billion and RMB 31.7 billion, respectively. In Q3 alone, revenue and net profit increased by 8.1% and 14.9%, amounting to RMB 101.7 billion and RMB 10.9 billion [1][2]. - The gross margin for the first three quarters reached 26.8%, a 1 percentage point increase from the same period in 2023. This improvement, along with a reduction in expense ratios, led to an operating profit margin increase of 0.4 percentage points to 12.0% [1][2]. - The report highlights strong performance in both C-end (consumer) and B-end (business) segments, with C-end sales growing by 7% in Q3, driven by robust external sales, particularly in the OEM and OBM businesses in emerging markets [2][3]. Financial Performance Summary - For the fiscal year ending December 31, 2022, Midea Group reported revenue of RMB 345.7 billion, with a year-on-year growth of 0.7%. Projections for 2023 and 2024 estimate revenues of RMB 373.7 billion and RMB 409.3 billion, reflecting growth rates of 8.1% and 9.5%, respectively [5][9]. - Net profit for 2022 was RMB 29.8 billion, with forecasts of RMB 33.7 billion for 2023 and RMB 38.1 billion for 2024, indicating growth rates of 13.6% and 10.1% [5][9]. - The report anticipates a slight adjustment in revenue and profit expectations for 2025, with a conservative reduction of 3% and 8%, respectively, due to uncertainties surrounding policy impacts [3][5].

Investment Rating - The report maintains an "Outperform" rating for Midea Group (000333 SZ) [1][3] Core Views - Midea Group demonstrated strong revenue resilience and steady profit growth in Q3 2024 [1] - The company achieved robust growth in overseas OBM business, with Q3 overseas e-commerce sales up 50% YoY [1] - Midea's home appliance business maintained stable growth, with smart home revenue reaching 2154 billion yuan in the first three quarters, up 10% YoY [1] - The company's B2B business showed mixed performance, with new energy and industrial technology revenue up 19% YoY, while robotics and automation revenue declined 9% [1] Financial Performance - Q3 2024 revenue reached 1022 3 billion yuan, up 8 1% YoY [1] - Net profit attributable to shareholders grew 14 9% YoY to 108 9 billion yuan in Q3 2024 [1] - Gross margin declined 1 1 percentage points to 26 0% in Q3, mainly due to increased overseas sales proportion and lagging effects of raw material price increases [1] - Net profit margin improved 0 6 percentage points to 10 7% in Q3 [1] Operational Highlights - Operating cash flow surged 78 5% YoY to 267 8 billion yuan in Q3 [1] - Contract liabilities increased 29 2% YoY to 375 1 billion yuan at the end of Q3 [1] - Other current liabilities (mainly sales rebates) grew 21 0% YoY to 875 9 billion yuan [1] Industry and Market Position - Midea maintained faster growth than the overall home appliance market, with Q3 domestic air conditioner sales down 9 9% while Midea achieved low single-digit growth [1] - The company's overseas expansion strategy showed strong results, with OBM revenue growing over 25% in the first three quarters [1] Future Outlook - The report raised profit forecasts for 2024-2026, expecting net profit attributable to shareholders of 386/427/466 billion yuan, representing 14%/11%/9% YoY growth [1] - The company's PE ratio is projected at 14 3/13 0/11 9 times for 2024-2026 [1] - Midea's continued overseas expansion and domestic replacement demand are expected to drive future growth [1]

Investment Rating - The investment rating for Midea Group is "Buy" (maintained) as of November 1, 2024 [1]. Core Insights - Midea Group's domestic market share has increased against the trend, and the company has maintained steady growth in performance. For Q3 2024, the company achieved operating revenue of 318.97 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 31.7 billion yuan, up 14.4% year-on-year [1]. - The company has adjusted its earnings forecasts for 2024-2026, expecting net profits of 38.56 billion yuan, 42.66 billion yuan, and 46.52 billion yuan respectively, with corresponding EPS of 5.04 yuan, 5.57 yuan, and 6.08 yuan [1][4]. Summary by Sections Domestic and International Sales Performance - In Q3 2024, Midea's C-end business revenue grew by 8% year-on-year, with significant growth in exports. The domestic market share for Midea's air conditioners reached 33.0%, an increase of 2.9 percentage points, despite a 10% decline in industry sales [2]. - The B-end business also saw an 8% year-on-year revenue increase, although the robotics and automation segment faced challenges with a 10% decline in revenue [2]. Profitability and Financial Metrics - The gross profit margin for Q3 2024 was 26.0%, down 1.1 percentage points, primarily due to increased promotional efforts. The net profit margin improved to 10.8%, up 0.5 percentage points [3]. - The company’s operating income for 2024 is projected to reach 409.83 billion yuan, with a year-on-year growth of 10.2% [4]. Financial Forecasts - Midea Group's financial forecasts indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 442.25 billion yuan in 2025 and 475.51 billion yuan in 2026 [4]. - The projected P/E ratios for 2024, 2025, and 2026 are 14.3, 13.0, and 11.9 respectively, suggesting a favorable valuation outlook [4].

Investment Rating - The report maintains a "Buy" rating for Midea Group [1] Core Views - Midea Group's revenue growth quality is strong, with a better-than-expected net profit attributable to shareholders [1] - The company is expected to maintain high-quality growth, with significant improvements in "other current liabilities" and "contract liabilities" [1] - The report anticipates a revenue increase of 8% year-on-year for 2023, with a projected growth rate of 10% for 2024 [1] Financial Performance Summary - **Revenue (in million CNY)**: - 2022A: 345,709 - 2023A: 373,710 (+8%) - 2024E: 410,078 (+10%) - 2025E: 434,476 (+6%) - 2026E: 459,146 (+6%) [1] - **Net Profit (in million CNY)**: - 2022A: 29,554 - 2023A: 33,720 (+14%) - 2024E: 38,929 (+15%) - 2025E: 42,846 (+10%) - 2026E: 46,818 (+9%) [1] - **Earnings Per Share (in CNY)**: - 2022A: 3.86 - 2023A: 4.40 - 2024E: 5.08 - 2025E: 5.60 - 2026E: 6.12 [1] - **Cash Flow Per Share (in CNY)**: - 2022A: 4.53 - 2023A: 7.56 - 2024E: 7.42 - 2025E: 8.03 - 2026E: 7.53 [1] - **Return on Equity**: - 2022A: 21% - 2023A: 20% - 2024E: 19% - 2025E: 18% - 2026E: 17% [1] - **Price-to-Earnings Ratio**: - 2022A: 18.7 - 2023A: 16.4 - 2024E: 14.2 - 2025E: 12.9 - 2026E: 11.8 [1] - **Price-to-Book Ratio**: - 2022A: 3.9 - 2023A: 3.4 - 2024E: 2.9 - 2025E: 2.5 - 2026E: 2.1 [1] Market Comparison - The report indicates that Midea's domestic sales growth is outperforming the industry, with a projected revenue increase of 9% in Q3, with all product categories showing positive growth [1] - The company is expected to maintain a high-quality growth trajectory, supported by strong performance in both domestic and international markets [1]

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333 SZ) with a current price of 72 25 RMB [2] Core Views - Midea Group's 2024 Q1-Q3 revenue reached 3203 billion RMB, a YoY increase of 10%, with net profit attributable to the parent company at 317 billion RMB, up 14% YoY [3] - In Q3 2024, the company achieved revenue of 1022 billion RMB (YoY +8%) and net profit attributable to the parent company of 109 billion RMB (YoY +15%) [3] - The company's C-end business performed well in overseas markets, while the B-end business continued to expand, with B-end/C-end revenues increasing by 10%/5% YoY respectively in 2024 Q1-Q3 [5] - The net profit margin showed steady growth, with a 9 9% net profit margin in 2024 Q1-Q3, up 0 4 percentage points YoY [5] - The company's operating cash flow reached 603 billion RMB in 2024 Q1-Q3, a 35% YoY increase, indicating improving operational quality [5] Business Performance - In the home appliance sector, Midea's air conditioner sales in Q3 2024 saw a 27% YoY increase in exports, while domestic sales remained flat due to a high base and weak consumer demand [5] - The B-end business, including new energy and industrial technology, intelligent building technology, and robotics and automation, contributed 686 billion RMB in revenue in 2024 Q1-Q3, with new energy and industrial technology growing 19% YoY [5] - The company's gross margin in 2024 Q1-Q3 was 26 8%, up 0 9 percentage points YoY, driven by the rapid growth of overseas self-owned brands and economies of scale in B-end businesses [5] Financial Metrics - The company's total market capitalization is 5531 22 billion RMB, with a total share capital of 7 656 billion shares [2][9] - The company's EPS is expected to grow from 5 08 RMB in 2024 to 6 42 RMB in 2026, with a projected ROE of 21 56% in 2024, increasing to 21 91% by 2026 [9] - The company's P/E ratio is forecasted to decrease from 14 in 2024 to 11 in 2026, indicating potential undervaluation [9] Strategic Outlook - Midea Group's long-term growth is supported by its leading market position, efficiency optimization, and channel transformation, with internationalization and diversification strategies ensuring future growth [5] - The report raises the company's net profit forecast for 2024-2026 to 38 9 billion RMB, 43 6 billion RMB, and 49 2 billion RMB, respectively, reflecting confidence in the company's growth trajectory [5]

证 券 研 究 报 告 美的集团（000333）2024 年三季报点评 强推（维持） 内外销并进，经营质量再提升 目标价：84 元 当前价：72.25 元 事项： ❖ 24Q1-Q3 公司实现营业总收入 3203.5 亿元，同比+9.6%；归母净利润 317.0 亿 元，同比+14.4%。单季度来看，24Q3 公司实现营业总收入 1022.3 亿元，同比 +8.1%；归母净利润 109.0 亿元，同比+14.9%。 评论： ❖ 收入增速稳健，海外布局成效显著。在外部环境波动较大的背景下，公司再度 实现稳健增长，收入增速跑赢行业竞争对手，彰显多元化、全球化的经营韧性。 分业务看，24Q1-Q3 各板块收入分别为：智能家居实现收入 2154 亿元（+10%）， 新能源及工业技术 254 亿（+19%）、智能建筑科技 224 亿（+6%）、机器人与 自动化 208 亿（-9%）。公司 B 端业务拓展顺利，占总收入比例约 21%，第二 增长曲线逐渐清晰。此外家电业务方面，公司自主品牌出海战略稳步推进，2024 年 1-9 月海外 OBM 收入同比增长超过 25%，在全球渠道拓展和供应链建设等 方面成效显著。随着国内以 ...

Investment Rating - The investment rating for the company is "Buy" with a target price reflecting a potential upside of over 20% within the next six months [3][11]. Core Views - The company has demonstrated strong growth driven by overseas sales, with a notable increase in revenue and net profit for Q3 2024. The overall revenue reached 318.97 billion yuan, a year-on-year increase of 9.57%, while the net profit attributable to the parent company was 31.7 billion yuan, up 14.37% year-on-year [1]. - The company is expected to benefit from domestic policies promoting appliance upgrades, which may boost demand in Q4. The overseas business has shown remarkable growth, particularly in e-commerce sales [1][2]. - The company is focusing on enhancing its core competitiveness in both consumer and business sectors, aiming for long-term development and profitability optimization [1]. Financial Performance Summary - For Q3 2024, the company reported revenue of 101.7 billion yuan, a year-on-year increase of 8.05%, and a net profit of 10.89 billion yuan, up 14.86% year-on-year [1]. - The gross profit margin for Q3 2024 was 26.0%, a decrease of 1.1 percentage points year-on-year, attributed to rising copper prices and currency fluctuations [1]. - The company’s operating cash flow for the first three quarters of 2024 was 60.26 billion yuan, reflecting a year-on-year increase of 34.6% [1]. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 410.11 billion yuan, 443.42 billion yuan, and 475.92 billion yuan respectively, with growth rates of 9.74%, 8.12%, and 7.33% [2][5]. - The net profit attributable to the parent company is expected to reach 38.46 billion yuan in 2024, 42.72 billion yuan in 2025, and 46.72 billion yuan in 2026, with corresponding growth rates of 14.07%, 11.06%, and 9.35% [2][5]. - The company’s earnings per share (EPS) are projected to be 5.02 yuan in 2024, 5.58 yuan in 2025, and 6.10 yuan in 2026 [2][5]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is forecasted to be 14.38x for 2024, 12.95x for 2025, and 11.84x for 2026 [2][5]. - The price-to-book (P/B) ratio is expected to decline from 3.13 in 2024 to 2.60 in 2026 [2][5]. - The enterprise value to EBITDA (EV/EBITDA) ratio is projected to be 8.46 for 2024, decreasing to 6.11 by 2026 [2][5].

2024 年 10 月 31 日 公司点评 买入/维持 美的集团(000333) 目标价: 昨收盘:72.75 美的集团：2024Q3 业绩双位数提升，海外电商同比高增 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 23/10/3124/1/1224/3/2524/6/624/8/1824/10/30 美的集团 沪深300 ◼ 股票数据 总股本/流通(亿股) 76.49/68.82 总市值/流通(亿元) 5,564.89/5,006.84 12 个月内最高/最低 价(元) 83.67/48.75 相关研究报告 <<美的集团：2024Q2 龙头业绩快速提 升，海外表现强劲>>--2024-08-21 <<美的集团：2023Q4 业绩实现较快增 速，H2 新能源及工业技术高速发 展>>--2024-04-01 << 美的集团系列深度(一):从制造 到智造，复盘家电巨头蝶变之路>>-- 2024-03-10 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券 ...