白电三巨头一季度业绩比拼：从出海到B端，转型路径显分野

Core Viewpoint - The three major white goods giants, Midea Group, Haier Smart Home, and Gree Electric Appliances, reported significant year-on-year growth in revenue and net profit for Q1 2024, indicating a positive start for the home appliance industry despite their stock prices declining on April 30, 2024 [2][3]. Financial Performance - Midea Group led with a revenue of 127.8 billion yuan, 1.6 times that of Haier Smart Home and three times that of Gree Electric Appliances [3]. - Midea Group also ranked first in net profit with 12.4 billion yuan, while Gree's net profit was approximately 5.9 billion yuan, surpassing Haier by about 400 million yuan [3]. - In terms of net profit margin, Gree Electric Appliances had the highest at 14.2%, followed by Midea Group at nearly 10% and Haier Smart Home at around 7% [3]. International Market Engagement - Gree Electric Appliances had a foreign sales revenue of approximately 28.2 billion yuan in 2023, accounting for about 15% of its total revenue, with a year-on-year growth of around 13% [3]. - Haier Smart Home's overseas revenue accounted for 50% of its total, while Midea Group's overseas revenue made up 41% [3]. - Midea Group completed the acquisition of European kitchen appliance manufacturer Teka Group on April 29, 2024 [4]. Air Conditioning Market Dynamics - Gree Electric Appliances' reliance on air conditioning contributes to its higher profitability, benefiting from competitive advantages in cost management and brand premium [5]. - The air conditioning market showed resilience in Q1 2025, with retail volume and value increasing by 0.22% and 5.22% year-on-year, respectively, driven by government policies and product upgrades [6]. - Gree's consumer electronics revenue, including air conditioning, was approximately 148.6 billion yuan in 2023, a decline of 4.29% year-on-year, indicating challenges in the air conditioning sector last year [6]. B2B Market Expansion - Midea Group's revenue from B2B sectors, including new energy and industrial technology, reached 11.1 billion yuan in Q1 2024, a 45% increase year-on-year, contributing to 22% of its total revenue [8]. - Haier Smart Home reported 32.4 billion yuan from its equipment and channel services, accounting for 11.3% of total revenue [8]. - Gree Electric Appliances' B2B business, including industrial products and green energy, accounted for nearly 10% of its revenue, with significant investments in upstream supply chains [9].