Core Viewpoint - Midea Group's Building Technology division has launched the world's first fully AI-enabled water machine "Lighthouse Factory," highlighting its leadership in smart manufacturing and its role in advancing global Industry 4.0 [1] Group 1: AI and Smart Manufacturing - The new water machine factory integrates AI technology throughout the entire process from R&D to manufacturing and after-sales service, distinguishing it from other "Lighthouse Factories" [1] - Midea's Building Technology has invested significantly in technology innovation since its establishment in 2004, leading to breakthroughs in industry technology barriers [1] Group 2: Product Development and Market Position - Midea's magnetic levitation variable frequency centrifugal chiller, launched in 2006, pioneered domestic variable frequency chiller technology and has a broad market potential due to its energy efficiency and effectiveness [1] - The sales of magnetic levitation chillers have increased several times in recent years, positioning the company as the number one in China and among the top two globally [2] Group 3: Synergy with Midea Group - The collaboration with Midea Group's Central Research Institute enhances product and technology development, allowing for better market insight and competitive advantage [2] - The establishment of the "Lighthouse Factory" has improved production efficiency, with 80% of water machine products being customized [3] - Midea Group's strong sales resources significantly support the sales of water machine products [3]

Core Insights - Midea Group's revenue for 2024 has surpassed 400 billion yuan for the first time, demonstrating robust growth despite challenging macroeconomic conditions [1] - The company achieved double-digit growth in net profit, with smart home products maintaining steady expansion and strong growth potential in new energy and industrial technology sectors [1] R&D and Innovation - Midea Group has significantly increased its R&D investment, with a cumulative investment exceeding 100 billion yuan over the past decade and over 43 billion yuan in the last three years, including more than 16 billion yuan in 2024, reflecting a year-on-year increase of over 10% [1] - The company has received 1 national science and technology award, 30 provincial and ministerial awards, and 67 international leading/advanced achievement recognitions in 2024 [1] Standardization and Patents - To support its "technology leadership" strategy, Midea Group has implemented a "3+1" standardization strategy, participating in the formulation or revision of 230 technical standards in 2024 [2] - The company has also increased its global patent portfolio, with over 11,000 new global patents granted in 2024, including more than 5,000 invention patents [2] Market Performance - Midea's self-owned brands have achieved market breakthroughs in various countries and appliance categories, with leading market shares in air conditioning in Brazil and Egypt, and refrigerators in Malaysia, Saudi Arabia, and Chile [2] - In the domestic market, Midea's products lead in market share across nine categories, including air conditioners, dryers, and electric kettles [2] Future Development - Midea Group plans to continue exploring high-quality development in new energy and industrial technology, focusing on core components and green energy R&D, while also expanding into health care and smart logistics [3]

Investment Rating - The investment rating for Midea Group is maintained as "Buy" [6][43]. Core Views - Midea Group achieved a revenue of 407.15 billion yuan in 2024, representing a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 38.54 billion yuan, up 14.3% [6][13]. - The company announced a dividend payout ratio of 69.3%, exceeding expectations, and plans to implement a share repurchase program of 5 to 10 billion yuan along with a 1.33 billion yuan employee stock ownership plan [6][13]. - The growth in C-end business and steady improvement in profitability led to upward revisions in profit forecasts for 2025-2026, with new projections for 2027 [6][43]. Summary by Sections Revenue and Profitability - In 2024, Midea Group's revenue reached 407.15 billion yuan, with a net profit of 38.54 billion yuan, and a non-recurring net profit of 35.74 billion yuan [6][13]. - For Q4 2024, the company reported revenue of 88.17 billion yuan and a net profit of 6.84 billion yuan [6][13]. Business Segments - The smart home segment generated revenue of 269.53 billion yuan, growing by 9.41%, while the commercial and industrial solutions segment brought in 104.50 billion yuan, up 6.87% [7][21]. - Revenue from new energy and industrial technology increased by 20.58%, while the robotics and automation segment saw a decline of 7.58% [7][21]. Geographic and Channel Performance - Domestic revenue was 238.1 billion yuan, up 7.7%, while overseas revenue reached 169 billion yuan, growing by 12.0% [7][23]. - Online sales accounted for 21.03% of total revenue, with a growth of 10.72%, while offline sales made up 78.97% [7][23]. Profitability Metrics - The gross margin for 2024 was 26.4%, with a Q4 gross margin of 25.2% [8][27]. - The net profit margin for 2024 was 9.5%, with a Q4 net profit margin of 7.5% [8][36]. Cash Flow and Efficiency - Operating cash flow for 2024 was 60.51 billion yuan, reflecting a 4.5% increase [37][42]. - Inventory turnover days increased to 71 days, while accounts receivable turnover days were 35.8 days [37][42]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is set at 42.93 billion, 46.98 billion, and 51.00 billion yuan respectively, with corresponding EPS of 5.60, 6.13, and 6.66 yuan [6][43].

Investment Rating - The investment rating for Midea Group is "Buy" (maintained) [6][43] Core Views - Midea Group achieved a revenue of 407.15 billion yuan in 2024, representing a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 38.54 billion yuan, up 14.3% [6][13] - The company announced a dividend payout ratio of 69.3%, exceeding expectations, and plans to implement a share repurchase program of 5 to 10 billion yuan along with a 1.33 billion yuan employee stock ownership plan [6][13] - The C-end business is experiencing rapid growth, and profitability is steadily improving, leading to an upward revision of profit forecasts for 2025-2026 and the addition of a forecast for 2027 [6][43] Summary by Sections Revenue and Profitability - In Q4 2024, Midea Group reported a revenue of 88.17 billion yuan, a 9.0% increase year-on-year, and a net profit of 6.84 billion yuan, up 13.9% [6][13] - The company’s revenue from the smart home business reached 269.53 billion yuan, growing by 9.41%, while the commercial and industrial solutions segment generated 104.50 billion yuan, up 6.87% [7][21] - The gross profit margin for 2024 was 26.4%, with a net profit margin of 9.5% [27][36] Business Segmentation - Domestic revenue was 238.1 billion yuan, increasing by 7.7%, while overseas revenue reached 169 billion yuan, up 12.0% [7][23] - The smart home segment showed significant growth, while the robotics and automation segment saw a decline in revenue by 7.58% [7][21] Financial Forecasts - The projected net profits for 2025-2027 are 42.93 billion yuan, 46.98 billion yuan, and 51.00 billion yuan respectively, with corresponding EPS of 5.60 yuan, 6.13 yuan, and 6.66 yuan [6][43] - The current stock price corresponds to a P/E ratio of 14.0 for 2025, 12.8 for 2026, and 11.8 for 2027 [6][43]

Group 1 - The core viewpoint of the article highlights Midea Group's significant share repurchase plan, which ranges from 5 billion to 10 billion yuan, reflecting the company's confidence in its future development and responding to market policies [1][3] - Midea Group's share repurchase will utilize its own funds and/or a special loan from the Bank of China, marking it as the largest implementation plan since the introduction of stock repurchase loans in the A-share market [1] - The company plans to use over 70% of the repurchased shares for cancellation and reduction of registered capital, as well as for implementing equity incentive plans and/or employee stock ownership plans [1] Group 2 - In terms of performance, Midea Group achieved a total operating revenue of 409.1 billion yuan last year, representing a year-on-year growth of 9.5%, and a net profit attributable to shareholders of 38.5 billion yuan, up 14.3% [2] - As of December 31, 2024, Midea Group's total assets are approximately 604.4 billion yuan, with cash and cash equivalents around 140.4 billion yuan, and net assets attributable to shareholders of approximately 216.8 billion yuan [2] - If the repurchase amount reaches the upper limit of 10 billion yuan, it would account for about 1.65% of the company's total assets and approximately 4.61% of the net assets attributable to shareholders based on the financial data as of December 31, 2024 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance remains robust, with a proposed cash dividend of RMB 35 per 10 shares, resulting in a dividend payout ratio of 69.31%. Additionally, the company plans to repurchase shares at a price not exceeding RMB 100 per share, with a total repurchase amount between RMB 5 billion to RMB 10 billion [6] - The company achieved total revenue of RMB 409.08 billion in 2024, representing a year-on-year growth of 9%, and a net profit attributable to shareholders of RMB 38.54 billion, up 14% year-on-year [6] - The company continues to implement a dual high-end brand strategy with "COLMO + Toshiba," achieving over 45% year-on-year growth in high-end brand retail sales [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is RMB 447.46 billion, with a year-on-year growth rate of 9.4% [5] - Net profit attributable to shareholders is projected to be RMB 42.48 billion in 2025, reflecting a year-on-year increase of 10.2% [5] - The company maintains a gross profit margin of approximately 26.4% for 2024, with a slight decrease of 0.1 percentage points year-on-year, while the net profit margin improved to 9.52%, an increase of 0.45 percentage points year-on-year [6] Business Segment Performance - In 2024, the domestic retail market for home appliances is expected to reach RMB 907.1 billion, growing by 6.4% year-on-year, with specific segments like refrigerators and washing machines showing significant growth [6] - The company's domestic sales reached RMB 238.11 billion, up 7.7% year-on-year, while overseas revenue was RMB 169.03 billion, increasing by 12% year-on-year [6] - The company's smart home (To C) business generated revenue of RMB 269.53 billion in 2024, a year-on-year increase of 9.4% [6]

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333) with a target price based on the last closing price of 76.87 [1] Core Insights - Midea Group achieved a total revenue of 409.08 billion yuan in 2024, representing a year-on-year increase of 9.47%, and a net profit attributable to shareholders of 38.54 billion yuan, up 14.29% year-on-year [4][10] - The company reported a strong performance in Q4 2024, with total revenue of 88.73 billion yuan, a 9.10% increase year-on-year, and a net profit of 6.84 billion yuan, reflecting a 13.92% year-on-year growth [4][10] - Midea Group's dividend distribution plan includes a total payout of 26.71 billion yuan, with a dividend ratio of 69.3% [7] Revenue Breakdown - In 2024, Midea Group's revenue from the ToB business exceeded 100 billion yuan, with the smart home segment generating 269.53 billion yuan, a 9.41% increase year-on-year [5] - The COLMO and Toshiba high-end brands saw retail sales growth of 45% year-on-year, with COLMO's market share in the high-end segment significantly increasing [5] - The company's online and offline revenue reached 85.62 billion yuan and 321.53 billion yuan respectively, with year-on-year growth of 10.72% and 9.10% [6] Profitability Metrics - Midea Group's gross margin for Q4 2024 was 25.20%, a decrease of 3.62 percentage points year-on-year, while the annual gross margin for manufacturing was 28.24%, an increase of 0.75 percentage points [6] - The net profit margin for Q4 2024 improved to 7.49%, up 0.75 percentage points year-on-year, indicating overall cost optimization [6] Future Projections - The report forecasts Midea Group's net profit attributable to shareholders for 2025, 2026, and 2027 to be 42.90 billion yuan, 46.96 billion yuan, and 50.45 billion yuan respectively, with corresponding EPS of 5.60 yuan, 6.13 yuan, and 6.59 yuan [10] - The expected PE ratios for the same years are projected to be 13.73, 12.54, and 11.67 [10] Strategic Initiatives - Midea Group is focusing on technological advancements, with over 11,000 new patents granted in 2024 and participation in the formulation of 230 technical standards [9] - The company is expanding its global presence through the successful listing of H shares and establishing a comprehensive sales network in multiple overseas markets [9]

证券研究报告 | 2025年03月31日 美的集团（000333.SZ） 优于大市 2024 年报点评： 海外持续拉动增长，大规模回购+分红回报股东 营收业绩增长良好，大规模回购+分红回报股东。公司 2024 年实现营收 4090.8 亿/+9.5%，归母净利润 385.4 亿/+14.3%，扣非归母净利润 357.4 亿 /+8.4%。其中 Q4 收入 887.3 亿/+9.1%，归母净利润 68.4 亿/+13.9%，扣非 归母净利润 53.6 亿/-12.5%。公司拟每 10 股分红 35 元，现金分红率达到 69.3%，折合 3 月 28 日 A 股收盘价的股息率为 4.6%。同时公司宣布 50-100 亿元的 A 股回购计划，其中 70%及以上回购股份将用于注销并减少注册资本。 公司公布未来三年股东回报规划，明确公司在符合相关条件下每年实施两次 现金分红，以现金方式分配的利润不少于最近三年实现的年均可分配利润的 30%，其中现金分红在该次利润分配中所占比例最低应达到 60%。 家电主业稳健增长，B 端业务Q4 增长向好。公司2024 年智能家居收入2695.3 亿/+9.4%，预计 Q4 增长 8% ...

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证券研究报告 | 2025年03月31日 美的集团（000333.SZ） 优于大市 2024 年报点评： 海外持续拉动增长，大规模回购+分红回报股东 营收业绩增长良好，大规模回购+分红回报股东。公司 2024 年实现营收 4090.8 亿/+9.5%，归母净利润 385.4 亿/+14.3%，扣非归母净利润 357.4 亿 /+8.4%。其中 Q4 收入 887.3 亿/+9.1%，归母净利润 68.4 亿/+13.9%，扣非 归母净利润 53.6 亿/-12.5%。公司拟每 10 股分红 35 元，现金分红率达到 69.3%，折合 3 月 28 日 A 股收盘价的股息率为 4.6%。同时公司宣布 50-100 亿元的 A 股回购计划，其中 70%及以上回购股份将用于注销并减少注册资本。 公司公布未来三年股东回报规划，明确公司在符合相关条件下每年实施两次 现金分红，以现金方式分配的利润不少于最近三年实现的年均可分配利润的 30%，其中现金分红在该次利润分配中所占比例最低应达到 60%。 家电主业稳健增长，B 端业务Q4 增长向好。公司2024 年智能家居收入2695.3 亿/+9.4%，预计 Q4 增长 8% ...