Midea Group(SZ:000333) Xin Lang Cai Jing·2025-03-30 10:37Core Insights - The company achieved a total operating revenue of 409.1 billion yuan in 2024, a year-on-year increase of 9.5%, with a net profit attributable to shareholders of 38.5 billion yuan, up 14.3% year-on-year [1] - The company plans to distribute a cash dividend of 35 yuan per 10 shares, totaling 26.7 billion yuan, corresponding to a dividend payout ratio of 69.3% [1] - The company aims to repurchase shares worth no less than 5 billion yuan and no more than 10 billion yuan, with over 70% of the repurchased shares intended for cancellation [1] Financial Performance - In 2024, the home appliance segment generated revenue of 269.5 billion yuan, a year-on-year increase of 9.4%, while the ToB business generated revenue of 104.5 billion yuan, up 6.9% year-on-year [2] - The gross profit margin for the main business in 2024 was 26.4%, an increase of 0.7 percentage points year-on-year, with the smart home business gross margin at 30.0%, up 1.3 percentage points [3] - The net cash flow from operating activities reached 60.5 billion yuan in 2024, a year-on-year increase of 4.5% [3] Business Outlook - The company expects the domestic replacement policy to stimulate demand in the home appliance sector, with a focus on optimizing profitability through high-end brands [4] - The ToB business is showing improvement, with expectations for enhanced cross-product collaboration and profitability as the scale expands [4] - Forecasts for net profit attributable to shareholders are 42.9 billion yuan, 46.9 billion yuan, and 50.8 billion yuan for 2025 to 2027, respectively, with corresponding PE ratios of 13.7x, 12.6x, and 11.6x [4]