美的方洪波最新发声！信息量很大

Core Viewpoint - The chairman of Midea Group, Fang Hongbo, stated that the home appliance industry lacks a competitive moat and cannot produce great companies, indicating that Xiaomi has strategically lost in this sector [2][8]. Group 1: Company Strategy and Financials - Midea Group plans to continue increasing its dividend and share buyback ratio, with a significant rise in the dividend payout ratio expected for 2024 [5][6]. - The company currently has a cash reserve of nearly 40 billion yuan, which is increasing annually, but there are concerns that low capital expenditure may lower return on equity (ROE) [6][7]. - Midea's revenue has surpassed 400 billion yuan, and the company is focusing on both B2B and B2C business models to adapt to the declining growth in the home appliance sector [7][9]. Group 2: Market Dynamics and Competition - The home appliance market is characterized as a mature market with limited growth potential, and Midea is working to slow the decline of its core business while exploring new growth avenues [7][9]. - The company acknowledges the increasing concentration in the home appliance industry, with a notable rise in market share despite the entry of new competitors [7]. - Fang Hongbo emphasized that the home appliance industry is highly competitive and that any new entrants are strategically at a disadvantage, as the market is saturated and efficiency gains are minimal [8][9]. Group 3: Future Prospects and Medical Sector - Midea Group is exploring opportunities in the medical sector, particularly in imaging diagnostic equipment, and is considering establishing a dedicated medical division [9]. - The company believes there is significant growth potential in the medical equipment market, with a target of reaching 50 billion yuan in revenue, as the current largest domestic player, Mindray, has revenues of just over 30 billion yuan [9].