大摩：首予美的集团(00300)“增持”评级 目标价92港元

Core Viewpoint - Morgan Stanley is optimistic about Midea Group's dual-engine strategy, which focuses on home appliances and the To-B segment, considering the company a defensive quality enterprise with growth potential and attractive valuation, initiating coverage of Midea's H-shares with an "Overweight" rating and a target price of HKD 92 [1] Group 1: Company Strategy and Outlook - Midea Group's dual-engine strategy combines home appliances and the To-B segment, which is viewed positively by analysts [1] - The company is recognized for its diversified global supply chain and strong customer bargaining power, which are expected to maintain fundamental stability in the medium to long term [1] Group 2: Financial Projections - Morgan Stanley forecasts a compound annual growth rate (CAGR) of 7% for revenue and 10% for profit from 2024 to 2026 [1] Group 3: Market Risks - The potential risk of increased tariffs from the U.S. is considered manageable, with possible impacts on stock price dynamics during or after the U.S. elections [1] - Despite high global macroeconomic uncertainty, Midea's earnings visibility is deemed high [1]