Midea Group(SZ:000333) Chang Jiang Shang Bao·2025-03-31 00:16Core Insights - Midea Group achieved record high operating performance in 2024, with revenue surpassing 400 billion yuan for the first time, reaching 409.08 billion yuan, and net profit attributable to shareholders at approximately 38.5 billion yuan, marking a year-on-year growth of about 14% [2][5][6] Financial Performance - The company's revenue growth for 2024 was 9.47%, the fastest in three years, compared to 0.68% in 2022 and 8.10% in 2023 [5][6] - The net profit for 2024 was 38.54 billion yuan, with a year-on-year growth of 14.29%, consistent with the previous year's growth rate [6] - The "old-for-new" policy in the home appliance sector significantly contributed to Midea's revenue growth, alongside strong performance in various business segments [6] Business Segments - The smart home segment generated 269.53 billion yuan in revenue, accounting for 66.20% of total revenue, with a growth rate of 9.41% [6] - The fastest-growing segment was new energy and industrial technology, with revenue of 33.61 billion yuan, reflecting a year-on-year increase of 20.58% [6] - Other segments, including smart building technology and health care, also showed positive growth, while the robotics and automation segment experienced a decline of 7.58% [6] Market Performance - Domestic market revenue reached 238.12 billion yuan, growing by 7.68%, while overseas revenue was 169.03 billion yuan, up by 12.01%, with overseas sales accounting for 41.52% of total revenue [7][9] - Online sales revenue increased to 85.62 billion yuan, a growth of 10.72%, surpassing the offline sales growth of 9.10% [10] R&D and Innovation - Midea's R&D investment for 2024 was approximately 16.23 billion yuan, with a total of around 43.43 billion yuan invested over the past three years [12] - The company employs about 23,700 R&D personnel, representing 11.94% of total employees, with a significant focus on global innovation [12] - Midea ranked eighth globally in the number of patent families, leading among private enterprises in China [12] Shareholder Returns - Midea plans to distribute dividends of 26.71 billion yuan for 2024, which is 69.31% of the net profit attributable to shareholders [13] - Since its overall listing in 2013, the company has distributed a total of approximately 134.19 billion yuan in dividends [14] - The company announced a share buyback plan of up to 10 billion yuan, with a significant portion intended for cancellation [3][14]