公司公布2024年年报：2024年营业总收入4091亿元，同比+9.5%；归母净利润385亿元，同比+14.3%； 4Q2024保持之前稳健增长趋势，营业总收入同比+9.1%，归母净利润同比+13.9%。经营活动净现金流 605亿元，是净利润的1.56倍。2021-2024年分红率分别为40.87%、58.16%、61.63%、69.31%，持续提 升，回报股东，对应A股当前分红收益率4.5%。2025年拟以不超过100元/股的价格回购50-100亿元，预 计回购0.5~1亿股，占比总股本0.65%~1.31%，其中超过70%将用于注销并减少注册资本。 2024年智慧家居2695亿元，同比+9.4%： 1）海外业务突飞猛进，海外收入（主要是家电）同比+12.0%，增速明显高于国内，南美、欧洲、非洲 增长靓眼，海外智能家居业务中OBM占比提升至43%。 2025年预期海外增长仍将强于国内，继续注重提升海外OBM占比、强化全球供应链能力。 2）中国市场上半年增速放缓，下半年得益于国家补贴。奥维云网推总数据，2024年国内家电零售市场 规模9,071亿元，同比+6.4%。美的内销（主要是家电）同比+7.7%，与市场 ...

现金流稳步提升+蓄水池再扩充，业绩留有余力。公司24 年经营活动产生现金流量净额605 亿元，同比 +4.5%。截至24 年末，公司其他流动负债904亿元，同比/环比Q3 末分别+27%/+3%；合同负债493 亿 元，同比/环比Q3末分别+18%/+31%。 投资建议：美的集团在白电业务上龙头优势明显，各业务条线发展逻辑清晰：1）家电业务，国内以旧 换新政策有望拉动需求，发力COLMO+东芝双高端品牌优化盈利，25 年海外OBM 业务占比有望提升。 2）ToB 业务趋势改善，各业务逐步突破并强化跨产品事业部横向协同，有望伴随规模扩张并逐步优化 盈利能力。预计25-27 年归母净利润429/469/508 亿元，对应PE 13.7x/12.6x/11.6x，维持"买入"评级。 风险提示：原材料价格上涨的风险；房地产市场波动的风险；市场竞争加剧的风险；海外品牌和品类拓 展不及预期。 事件：2024 年实现营业总收入4091 亿元，同比+9.5%；归母净利润385 亿元，同比+14.3%；扣非归母 净利润357 亿元，同比+8.4%。其中，24Q4 实现营业总收入887 亿元，同比+9.1%；归母净利润68 亿 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 30 年 月 日 美的集团（000333.SZ） 公司增长稳健，股东回报超预期 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 4090.84 亿 元，同比增长 9.47%；实现归母净利润 385.37 亿元，同比增长 14.29%。 其中，2024Q4 单季营业总收入为 887.34 亿元，同比增长 9.10%；归母净 利润为 68.38 亿元，同比增长 13.92%。 分红超预期，发布未来三年股东回报规划。2024 年现金分红预案为每 10 股派发现金 35 元（含税），分红比例 69.3%，同比大幅提升 7.67pct。 2025-2027 年每年实施两次现金分红，分红比例最低应达到 60%。 拟回购 A 股股份及将此前已回购股份注销，提升每股收益水平。拟回购 A 股股份，回购金额 50-100 亿元，回购价格不超过 100 元/股，回购数量占 公司总股本的 0.65%- 1.31%，将用于注销及实施股权激励，其中 70%及 以上将用于注销。此外，拟将剩余回购股份中的 1109 万股 A 股股份用途 变更为"用 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 30 年 月 日 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 4090.84 亿 元，同比增长 9.47%；实现归母净利润 385.37 亿元，同比增长 14.29%。 其中，2024Q4 单季营业总收入为 887.34 亿元，同比增长 9.10%；归母净 利润为 68.38 亿元，同比增长 13.92%。 分红超预期，发布未来三年股东回报规划。2024 年现金分红预案为每 10 股派发现金 35 元（含税），分红比例 69.3%，同比大幅提升 7.67pct。 2025-2027 年每年实施两次现金分红，分红比例最低应达到 60%。 拟回购 A 股股份及将此前已回购股份注销，提升每股收益水平。拟回购 A 股股份，回购金额 50-100 亿元，回购价格不超过 100 元/股，回购数量占 公司总股本的 0.65%- 1.31%，将用于注销及实施股权激励，其中 70%及 以上将用于注销。此外，拟将剩余回购股份中的 1109 万股 A 股股份用途 变更为"用于注销并减少公司注册资本"，占注销前总股本的 0.14%。 智 ...

2025 年 03 月 30 日 美的集团(000333.SZ) 资产负债表质量高，为后续经营奠定较好基础 事件：公司发布 2024 年年报。公司 2024 年实现收入 4090.8 亿 元，YoY+9.5%，实现归母净利润 385.4 亿元，YoY+14.3%；经折算， 公司 2024Q4 单季度实现收入 887.3 亿元，YoY+9.1%，实现归母净 利润 68.4 亿元，YoY+13.9%。公司 2024 年资产负债表质量较高， 蓄水池较深，我们预计美的能够较好地应对 2025 年外部环境的挑 战，继续保持稳健增长态势。 公司外销维持较快增长，内销逐渐受益国补：公司 2024H2 海外 主营业务收入 YoY+10.8%，外销保持高景气。展望后续，我们认为 公司通过内生+外延的方式，持续加强海外 OBM 业务投入，海外收 入有望保持较快增长。2024H2 公司国内主营业务收入 YoY+6.9%。 根据国家统计局数据，2024H2 我国限额以上家用电器和音像器材 类商品零售额 YoY+31%；奥维数据显示美的空调 2024H2 线上/线 下零售额 YoY+41%/+58%。我们预计公司国内业务零售增速高于收 ...

公司报告 | 年报点评报告 美的集团（000333） 证券研究报告 出口驱动增长，分红加码+回购注销彰显发展信心 事件：2024 年实现营业总收入 4091 亿元，同比+9.5%；归母净利润 385 亿 元，同比+14.3%；扣非归母净利润 357 亿元，同比+8.4%。其中，24Q4 实 现营业总收入 887 亿元，同比+9.1%；归母净利润 68 亿元，同比+13.9%； 扣非归母净利润 54 亿元，同比-12.5%。分红方面，公司拟每 10 股派息 35 元，现金分红总额 267 亿元，对应分红比例 69.3%。推出 25-27 年股东回 报规划，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%，现金分红在该次利润分 配中所占比例≥60%。同时公司拟回购不低于 50 亿元且不超过 100 亿元公 司股份，其中 70%及以上回购股份将用于注销并减少注册资本。 家电出口驱动增长，ToB 业务趋势向好。家电业务 24 年收入 2695 亿元， 同比+9.4%；24Q4 收入 541 亿元，同比+7%。To B 业务 24 年收入 1045 亿 元，同比+ ...

公司报告 | 年报点评报告 美的集团（000333） 证券研究报告 出口驱动增长，分红加码+回购注销彰显发展信心 事件：2024 年实现营业总收入 4091 亿元，同比+9.5%；归母净利润 385 亿 元，同比+14.3%；扣非归母净利润 357 亿元，同比+8.4%。其中，24Q4 实 现营业总收入 887 亿元，同比+9.1%；归母净利润 68 亿元，同比+13.9%； 扣非归母净利润 54 亿元，同比-12.5%。分红方面，公司拟每 10 股派息 35 元，现金分红总额 267 亿元，对应分红比例 69.3%。推出 25-27 年股东回 报规划，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%，现金分红在该次利润分 配中所占比例≥60%。同时公司拟回购不低于 50 亿元且不超过 100 亿元公 司股份，其中 70%及以上回购股份将用于注销并减少注册资本。 家电出口驱动增长，ToB 业务趋势向好。家电业务 24 年收入 2695 亿元， 同比+9.4%；24Q4 收入 541 亿元，同比+7%。To B 业务 24 年收入 1045 亿 元，同比+ ...

Core Viewpoint - Midea Group achieved record performance in 2024 with revenue exceeding 400 billion yuan, driven by core business focus and strategic initiatives in direct-to-consumer, overseas branding, and B2B operations [2][10] Financial Performance - Midea Group reported a revenue of 407.1 billion yuan in 2024, a year-on-year increase of 9.43% - The net profit attributable to shareholders was 38.5 billion yuan, up 14.28% - Operating cash flow reached 60.5 billion yuan, growing by 4.51% - The weighted average return on equity was 21.29%, a decrease of 0.94 percentage points [2] Business Segments - The smart home segment generated 269.5 billion yuan in revenue, growing by 9.41% - B2B solutions revenue was 104.5 billion yuan, increasing by 6.87% - Within B2B, revenue from new energy and industrial technology reached 33.61 billion yuan, up 20.58% [3] - Midea's air conditioning business remains a key revenue driver, accounting for half of its home appliance sales [3] Regional and Sales Performance - Domestic revenue was 238.12 billion yuan, growing by 7.68%, while overseas revenue reached 169 billion yuan, increasing by 12% - Online sales grew by 11% to 85.6 billion yuan, while offline sales increased by 9% to 321.5 billion yuan [3] Dividend and Share Buyback - Midea Group announced a dividend of 35 yuan per 10 shares, totaling 26.7 billion yuan, an increase from the previous year's 30 yuan per 10 shares and 20.78 billion yuan [4] - The company plans to repurchase A-shares worth between 5 billion and 10 billion yuan within a year [4] Executive Compensation - Midea's Vice President Zhao Lei had a salary of 15 million yuan, surpassing Chairman Fang Hongbo's 13.78 million yuan, with the salary gap narrowing from 1.94 million yuan to 1.22 million yuan [9] - Six executives earned over 10 million yuan in 2024 [9] Market Outlook - The domestic home appliance retail market is expected to see only a slight increase due to demand being pulled forward, while exports face uncertainties [10] - Midea plans to focus on DTC transformation, prioritize overseas OBM, and enhance B2B business to drive growth [10]

Core Viewpoint - Midea Group has achieved record highs in revenue, profit, and cash flow for the year 2024, reflecting its strong operational resilience and growth potential in a new economic cycle [1] Financial Performance - Midea Group reported total revenue of 409.1 billion yuan for 2024, a year-on-year increase of 9.5% [1] - The net profit attributable to shareholders reached 38.5 billion yuan, marking a 14.3% year-on-year growth, the largest increase since 2019 [1] - Operating cash flow for the year was 60.5 billion yuan, indicating strong cash generation capabilities [1] Shareholder Return Initiatives - Midea Group announced a significant share repurchase plan, intending to buy back shares worth between 5 billion to 10 billion yuan by 2025, supported by a bank loan commitment of up to 9 billion yuan [1] - The planned repurchase is the largest implementation scheme since the introduction of stock repurchase financing in the A-share market [1] Dividend Policy - The company has proposed a cash dividend plan for 2024, distributing 35 yuan per 10 shares (including tax), totaling 26.7 billion yuan, which is nearly 30% higher than the previous year [3] - The dividend payout ratio is approximately 70% of the net profit attributable to shareholders, an increase of 8 percentage points from the previous year [3] - Since its overall listing in 2013, Midea Group has distributed over 134 billion yuan in dividends, with an average payout ratio exceeding 50% [3] Future Shareholder Return Planning - Midea Group has outlined a three-year shareholder return plan from 2025 to 2027, committing to implement cash dividends and share repurchases twice a year [4] - This plan aims to enhance the frequency of dividends, providing more stable return expectations for investors [4]

Core Insights - Midea Group reported a record high total revenue of 409.1 billion yuan for 2024, representing a year-on-year growth of 9.5%, and a net profit of 38.5 billion yuan, up 14.3% year-on-year [1] - The company achieved significant milestones in its diversified business and international expansion, with B2B revenue surpassing 100 billion yuan for the first time, reaching 104.5 billion yuan, and accounting for 25.5% of total revenue [1][2] - Midea's overseas business, particularly its own brand (OBM), contributed 43% to its smart home overseas revenue [1][2] Revenue Breakdown - Midea's revenue from the domestic market was 240.1 billion yuan, growing by 7.7%, while overseas revenue reached 169 billion yuan, increasing by 12% [2] - The smart home business generated 269.5 billion yuan, accounting for 66.2% of total revenue, with a year-on-year growth of 9.4% [2] - The commercial and industrial solutions segment generated 104.5 billion yuan, representing 25.7% of total revenue, with a growth of 6.87% [2] Business Segment Performance - The commercial and industrial solutions segment is further divided into four areas: New Energy and Industrial Technology, Smart Building Technology, Robotics and Automation, and Other Businesses [3] - New Energy and Industrial Technology reported revenue of 33.6 billion yuan, up 20.6%, while Smart Building Technology earned 28.5 billion yuan, growing by 9.9% [3][4] - Robotics and Automation experienced a revenue decline of 7.6%, attributed to cyclical demand fluctuations in the industry [4] Shareholder Returns - Midea announced a cash dividend of 26.7 billion yuan, with a per-share distribution of 3.5 yuan, marking a nearly 30% increase from the previous year [5][6] - The company also revealed a share buyback plan, with a total amount expected to be between 5 billion and 10 billion yuan, aimed at reducing registered capital and implementing employee stock ownership plans [6] - The total amount for dividends and buybacks could reach 36.7 billion yuan, nearly 95% of the company's profit for 2024 [6] Future Plans - Midea outlined a three-year shareholder return plan (2025-2027), committing to two cash dividends annually, with a focus on overseas OBM and DTC model enhancements [7] - The company aims to increase its B2B revenue share and expand its presence in the new energy and industrial technology sectors, while also developing health care and smart logistics businesses [7]