国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.31 龙头地位彰显，逆势强劲增长 美的集团(000333) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|--------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 谢丛睿 ( 分析师 ) | 樊夏俐 ( 分析师 ) | | | 021-38031654 | 021-38038437 | 021-38676666 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | fanxiali@gtjas.com | | 登记编号 | S0880521050002 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 美的集团（000333.SZ） 盈利能力稳健，现金流增长明显 事件：公司发布 2024 年三季报。公司 2024Q1-Q3 实现营业总收入 3203.5 亿元，同比增长 9.57%；实现归母净利润 316.99 亿元，同比增长 14.37%。 其中，2024Q3 单季营业总收入为 1022.28 亿元，同比增长 8.08%；归母 净利润为 108.95 亿元，同比增长 14.86%。 2024Q1-Q3 收入拆分：智能家居、新能源及工业技术、智能建筑科技、 机器人与自动化分别为 2154 亿元同比+10%，254 亿元同比+19%，224 亿元同比+6%，208 亿元同比-9%。其中，OBM 业务收入同增 25%+。 盈利能力稳健，费用率优化。毛利率：2024Q1-Q3/Q3 公司毛利率同比 +0.91/-1.08pct 至 26.76%/26.04%。费率端：2024Q3 销售/管理/研发/财 务费率为 9.50%/3.59%/3.66%/-2.32% ， 同 比 变 动 0.81pct/- 0.29pct/0.06pc ...

Financial Performance - Revenue for the third quarter 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] - Basic earnings per share for the quarter rose 12.23% to 1.56 yuan[3] - Total operating revenue for the first nine months of 2024 reached RMB 320.35 billion, a 9.6% increase compared to RMB 292.38 billion in the same period of 2023[12] - Net profit attributable to shareholders of the parent company for the first nine months of 2024 was RMB 31.70 billion, up 14.4% from RMB 27.72 billion in the same period of 2023[12] - Basic earnings per share for the first nine months of 2024 were RMB 4.58, up 12.8% from RMB 4.06 in the same period of 2023[13] - Total comprehensive income for the first nine months of 2024 was RMB 31.20 billion, a 12.5% increase compared to RMB 27.74 billion in the same period of 2023[13] Business Segment Performance - Smart home business generated 215.4 billion yuan in revenue year-to-date, a 10% increase year-over-year[3] - New energy and industrial technology segment revenue grew 19% year-over-year to 25.4 billion yuan[3] Cash Flow and Financial Position - Operating cash flow for the first nine months of the year surged 34.56% to 60.26 billion yuan[3] - Investment activities resulted in a net cash outflow of 90.56 billion yuan, a 169.47% increase compared to the previous year[7] - Financing activities generated a net cash inflow of 19.96 billion yuan, a significant turnaround from the previous year's outflow[7] - Total assets increased by 16.69% to 567.15 billion yuan compared to the end of the previous year[3] - The company's equity attributable to shareholders increased by 28.25% to 208.89 billion yuan[3] - Total assets increased to RMB 567.15 billion as of September 30, 2024, compared to RMB 486.04 billion at the end of 2023[10] - Total liabilities rose to RMB 346.85 billion as of September 30, 2024, from RMB 311.74 billion at the end of 2023[11] - Shareholders' equity grew to RMB 220.30 billion as of September 30, 2024, up from RMB 174.30 billion at the end of 2023[11] - Cash and cash equivalents stood at RMB 160.88 billion as of September 30, 2024, compared to RMB 81.67 billion at the end of 2023[10] - Accounts receivable increased to RMB 36.92 billion as of September 30, 2024, from RMB 32.88 billion at the end of 2023[10] - Inventory decreased to RMB 42.77 billion as of September 30, 2024, from RMB 47.34 billion at the end of 2023[10] - Short-term borrowings surged to RMB 27.94 billion as of September 30, 2024, from RMB 8.82 billion at the end of 2023[11] - Long-term borrowings decreased to RMB 10.49 billion as of September 30, 2024, from RMB 46.14 billion at the end of 2023[11] - Retained earnings increased to RMB 146.85 billion as of September 30, 2024, from RMB 136.28 billion at the end of 2023[11] - Minority interests remained stable at RMB 11.41 billion as of September 30, 2024, compared to RMB 11.42 billion at the end of 2023[11] - Sales revenue from goods and services received in cash increased to 312.17 billion yuan, up 19.0% from 262.38 billion yuan in the same period last year[14] - Net cash flow from operating activities rose to 60.26 billion yuan, a 34.6% increase compared to 44.79 billion yuan in the previous year[14] - Net cash flow from investing activities was negative 90.56 billion yuan, a significant decrease from negative 33.61 billion yuan in the same period last year[14] - Net cash flow from financing activities improved to 19.96 billion yuan, compared to negative 13.41 billion yuan in the previous year[15] - Cash and cash equivalents at the end of the period decreased to 49.31 billion yuan from 59.89 billion yuan at the beginning of the period[15] - The company received 7.42 billion yuan in tax refunds, up 20.0% from 6.18 billion yuan in the same period last year[14] - Payments for goods and services increased to 190.84 billion yuan, up 19.4% from 159.85 billion yuan in the previous year[14] - Cash received from investments decreased to 71.22 billion yuan, down 18.2% from 87.12 billion yuan in the same period last year[14] - Cash paid for investments increased to 160.02 billion yuan, up 32.0% from 121.24 billion yuan in the previous year[14] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period: 271,449, including 67 H-share registered shareholders and 271,382 A-share shareholders[8] - Midea Holding Co., Ltd. holds 28.36% of the shares, totaling 2,169,178,713 shares[8] - Hong Kong Securities Clearing Company Limited holds 14.76% of the shares, totaling 1,129,385,202 shares[8] - HKSCC NOMINEES LIMITED holds 8.51% of the shares, totaling 650,828,180 shares[8] - China Securities Finance Corporation Limited holds 2.59% of the shares, totaling 198,145,134 shares[8] - Fang Hongbo holds 1.53% of the shares, totaling 116,990,492 shares[8] - China Industrial and Commercial Bank Limited - Huatai-PineBridge CSI 300 ETF holds 1.23% of the shares, totaling 93,801,083 shares[8] - Central Huijin Asset Management Co., Ltd. holds 1.15% of the shares, totaling 88,260,460 shares[8] - Huang Jian holds 1.13% of the shares, totaling 86,140,000 shares[8] - China Construction Bank Limited - E Fund CSI 300 ETF holds 0.81% of the shares, totaling 62,264,445 shares[8] Expenses and Other Financial Metrics - R&D expenses for the first nine months of 2024 amounted to RMB 11.40 billion, a 13.9% increase compared to RMB 10.01 billion in the same period of 2023[12] - Interest income for the first nine months of 2024 was RMB 5.46 billion, a 6.8% increase compared to RMB 5.11 billion in the same period of 2023[12] - Sales expenses for the first nine months of 2024 were RMB 31.16 billion, a 23.0% increase compared to RMB 25.35 billion in the same period of 2023[12] - Income tax expenses for the first nine months of 2024 were RMB 6.25 billion, a 13.7% increase compared to RMB 5.50 billion in the same period of 2023[12] - Total assets impairment loss for the first nine months of 2024 was RMB 353.66 million, a 105.1% increase compared to RMB 172.48 million in the same period of 2023[12] - Foreign currency translation differences for the first nine months of 2024 resulted in a loss of RMB 489.25 million, compared to a gain of RMB 84.63 million in the same period of 2023[13] Audit and Reporting - The company's third quarter report was not audited[16]

证券研究报告 | 公司点评 gszqdatemark 2024 09 20 年 月 日 美的集团（000333.SZ） H 股上市首日表现亮眼，看好家电龙头发力全球 事件：美的集团 H 股于 9 月 17 日在港交所挂牌上市，上市首日收盘价为 59.10 港元，当日股价涨幅达 7.85%，相比 2024 年 9 月 13 日 A 股收盘 价 63.51 元折价 15.3%。本轮 H 股实际发行股数为 5.66 亿股（行使超额 配股权，原定 4.92 亿股），使得 A+H 股总市值达 4746 亿元，对应 2024wind （24/9/13 收盘价）一致盈利预测 12.5X，按照 2023 年度公司 61.63%分 红率来算，2024 年公司股息率仍有约 5%。 募集资金净额的分配比例如下：20%将用于全球研发投入；35%将用于智 能制造体系及供应链管理升级；另外 35%将用于完善全球销售网络及提 高自有品牌在海外市场的销售；剩余 10%则用于补充运营资金及一般企 业用途。公司目前处于迈入全球化及多元化发展的重要阶段，此次 H 股上 市不仅为公司提供了海外股权激励及收购并购的新平台，还优化了投资通 道和结构，有 ...

公司快报 2024 年 09 月 11 日 美的集团(000333.SZ) 证券研究报告 白色家电Ⅲ 投资评级 买入-A 维持评级 6 个月目标价 80.85 元 股价 (2024-09-10) 60.75 元 交易数据 总市值(百万元) 424,355.41 流通市值(百万元) 417,301.01 总股本(百万股) 6,985.27 流通股本(百万股) 6,869.15 12 个月价格区间 49.18/72.71 元 拟发行 H 股，加速全球化扩张步伐 事件：2024 年 9 月 9 日，公司在香港刊登并派发 H 股招股说明 书。预计公司本次全球发售 H 股股数为 4.9 亿股~ 6.5 亿股，约占 公司当前总股本的 7.0%~9.3%。公司本次 H 股发行的价格区间初 步确定为 52.00 港元~54.80 港元，约为公告前一交易日 （20240906）A 股收盘价的 75%~79%（按照 20240906 港币兑人民 币中间价 1HKD=0.91CNY 计算）。公司 H 股香港公开发售于 2024 年 9 月 9 日开始，预计于 2024 年 9 月 12 日结束，并预计于 2024 年 9 月 13 ...

证券研究报告 非金融公司|公司点评|美的集团（000333） H 股启动招股，出海再迎里程碑 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月10日 证券研究报告 |报告要点 美的集团（0300.HK）于 9 月 9 日-9 月 12 日招股，全球发行共 4.92 亿股 H 股，占发行前总股 本 7.0%，其中国际发售占 95%，另有 15%超额配股权；发行价 52.0-54.8 港元/股，汇率中间 价换算约为 10 日 A 股收盘价 78%-82%，按基准发行规模拟募资 255.9-269.7 亿港元，不晚于 9 月 13 日确定发行价，预计于 9 月 17 日上市。本次 H 股上市意义多在募资之外，是 2020 年 以来"全球突破"战略主轴的延伸，为海外股权激励及收并购提供运作平台的同时，完善境外 投资通道与资本结构。 |分析师及联系人 管泉森 孙珊 蔡奕娴 SAC：S0590523100007 SAC：S0590523110003 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/9 非金融公司|公司点评 glzqdatemark2 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨美的集团（000333.SZ） [Table_Title] 保持较高经营质量，业绩基础夯实 | --- | --- | --- | |------------------------------------|-------|-------| | | | | | ，实现归母净利润 208.04 亿元， | | | | 14.33% ，其中 2024Q2 实现 | | | 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 | --- | --- | --- | |-------------------------------------------------|-------|-------| | | | | | 美的集团（ 000333.SZ ） | | | | [Table_Title2] 保持较高经营质量，业绩基础夯实 | | | 相关研究 [Table_Summary2] 事件描述 公司发布 2024 年中报：公司 2024H1 实现营业收入 2172.74 亿元， ...

证券代码：000333 证券简称：美的集团 美的集团股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------|------------------------------|---------------------------------------------------------|------------------| | | □特定对象调研 | 编号： 2024-08 █分析师会议 | | | | □媒体采访 | □业绩说明会 | | | 投资者关系活 | □新闻发布会 | □路演活动 | | | 动类别 | □现场参观 | | | | | □其他 | | | | 参与单位名称 | | 中信证券、中欧瑞博、万家基金、华宝基金、长信基金 | | | 时间 | 2024 年 8 月 30 日 | | | | 地点 | 公司 | | | | 上市公司接待 人员姓名 | 公司管理层 | | | | | 1. | 公司上半年的业绩情况如何？ | | | | 2024 | 年上半年，公司营业总收入 2,181 亿元，同比增长 10% | ...

＃市m场a数rk据etData＃ 市场数据日期 2024-08-19 收盘价（元） 62.36 总股本（百万股） 6985.27 流通股本（百万股） 6869.15 净资产（百万元） 164797.59 总资产（百万元） 506631.91 每股净资产(元) 23.59 来源：WIND，兴业证券经济与金融研究院整理 S0190521020002 苏子杰 suzijie@xyzq.com.cn S0190522070005 王雨晴 wangyuqing@xyzq.com.cn S0190523070007 主要财务指标 | --- | --- | --- | --- | --- | |------------------------------------------|--------|--------|--------|--------| | ＄会计zy年c度wzb|主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 373710 | 405643 | 435701 | 465662 | | 同比增长 | 8.1% | 8.5% | 7.4% | 6. ...

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 美的集团（000333）公司半年报点评 2024 年 08 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 2024.04.01 市场表现 [Table_QuoteInfo] | --- | --- | |-----------------------------------------|---------------| | 08[Table_StockInfo 月 22日收盘价（元）] | 64.09 | | 52 周股价波动（元） | 48.75-72.99 | | 总股本/流通 A 股（百万股） | 6985/6869 | | 总市值/流通市值（百万元） | 447686/440244 | | 相关研究 | | | [Table_ReportInfo] 《2023 | | | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | 沪深 300 对比 | 1M | 2M | 3M ...