美的集团(000333)：境内外业务表现强势 B端业务占比保持提升

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in both revenue and net profit [1][2]. Financial Performance - In 25H1, the company achieved revenue of 251.12 billion yuan, a year-on-year increase of 15.58%, and a net profit attributable to shareholders of 26.014 billion yuan, up 25.04% [1]. - For Q2 alone, the company recorded revenue of 123.903 billion yuan, reflecting a growth of 10.99%, and a net profit of 13.591 billion yuan, which is a 15.14% increase year-on-year [1]. Business Segments - Domestic business revenue reached 143.9 billion yuan, growing by 14%, with the company's products leading in sales on major online platforms [2]. - The overseas business generated revenue of 107.2 billion yuan, marking an 18% increase, with products exported to over 200 countries and regions [2]. - The toC smart home segment reported revenue of 167.2 billion yuan, up 13%, while the toB segment achieved 64.5 billion yuan, growing by 21% [2]. - The company’s high-end brands, Toshiba and COLMO, saw retail sales growth exceeding 60% [2]. Strategic Focus - The company is committed to a DTC transformation, focusing on retail to drive growth in the C-end business [3]. - The B-end business is leveraging a technology-driven strategy to enhance customer value and efficiency, maintaining strong growth [3]. Valuation - The company’s projected EPS for 2025-2027 is 5.66, 6.28, and 6.93 yuan per share, with growth rates of 13%, 11%, and 10% respectively [3]. - A target price of 90.56 yuan is set based on a 16x PE valuation for 2025, maintaining an "outperform" rating [3].