大摩：首予美的集团“增持”评级 目标价92港元

Core Viewpoint - Morgan Stanley expresses a positive outlook on 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 market, which is seen as a key driver for growth [1] - The company is characterized as a defensive quality enterprise with significant growth potential [1] - The valuation of Midea Group is considered attractive, prompting the initiation of coverage with a positive rating [1] Group 2: Market Risks and Resilience - The report indicates that the downside risk of potential U.S. tariff increases is manageable [1] - News related to tariffs may exert pressure on stock price momentum, especially during or after the U.S. elections [1] - Midea's diversified global supply chain and strong customer bargaining power are expected to maintain fundamental stability in the medium to long term [1] Group 3: Financial Projections - Despite high global macro uncertainty, Midea's earnings visibility is deemed high [1] - The forecast for Midea's revenue and profit compound annual growth rates (CAGR) from 2024 to 2026 is 7% and 10%, respectively [1]