Midea Group(SZ:000333) Ge Long Hui·2025-06-19 17:46Core Insights - Midea Group achieved total revenue of 409.08 billion yuan in 2024, a year-on-year increase of 9%, and a net profit attributable to shareholders of 38.54 billion yuan, up 14% year-on-year [1] - The company has maintained a steady growth trend with a CAGR of 9% for total revenue and 20% for net profit from 2011 to 2024 [1] - In the domestic market, Midea's revenue reached 238.1 billion yuan in 2024, growing by 8% year-on-year, while overseas revenue was 169 billion yuan, an increase of 12% year-on-year [1] Domestic Market Performance - Midea's products ranked first in market share across nine categories, including air conditioners and kitchen appliances, in both online and offline markets in 2024 [1] - The domestic air conditioning market saw a shipment volume of 104 million units in 2024, a 5% increase year-on-year, with Midea maintaining a leading market share of 31.90% as of February 2025 [2] - The HVAC segment generated revenue of 161.1 billion yuan in 2023, with a CAGR of 9% from 2017 to 2023, while the consumer appliances segment generated 134.7 billion yuan with a CAGR of 5% [2] International Market Performance - Midea has established 22 overseas R&D centers and 23 production bases across 11 countries, with OBM business revenue accounting for 43% of the overseas smart home business revenue in 2024 [1] - The total shipment volume of air conditioners reached 201 million units in 2024, marking an 18% increase year-on-year [2] Business Segment Analysis - The New Energy and Industrial Technology segment leads with a 45.1% global market share in household air conditioning compressors, while the company ranks first in the production of household air conditioning motors and washing machine motors [3] - In the smart building technology segment, Midea ranked fifth in revenue in mainland China with a market share of 2.7%, and in commercial air conditioning, it held a 14.3% market share domestically and 6.6% globally, ranking first and fifth respectively [3] - The Robotics and Automation segment, primarily operated by KUKA, holds a 8.9% market share, ranking third in the global industrial robotics market [3] Future Projections - Midea Group is projected to achieve revenues of 447.46 billion yuan, 478.36 billion yuan, and 506.80 billion yuan from 2025 to 2027, representing year-on-year growth rates of 9.4%, 6.9%, and 5.9% respectively [4] - The expected net profit attributable to shareholders for the same period is forecasted to be 42.48 billion yuan, 46.70 billion yuan, and 50.41 billion yuan, with growth rates of 10.2%, 9.9%, and 7.9% respectively [4] - The company is assigned a target PE ratio of 16 for 2025, indicating a potential upside of 27% from the current market valuation [4]