美的集团(000333)：大超预期 持续变革创新

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, indicating robust operational efficiency and market demand [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 252.33 billion yuan, a year-on-year increase of 15.68%, and a net profit attributable to shareholders of 26.01 billion yuan, up 25.04% year-on-year [1]. - For Q2 2025, revenue reached 123.90 billion yuan, reflecting a year-on-year growth of 10.99%, with a net profit of 13.59 billion yuan, increasing by 15.14% year-on-year [1]. Segment Performance - The fastest growth was observed in the New Energy and Industrial Technology segments, with revenue of 21.96 billion yuan, a year-on-year increase of 28.61%, accounting for 8.74% of total revenue [2]. - The Smart Home segment generated revenue of 167.20 billion yuan, up 13.31% year-on-year, representing 66.58% of total revenue [2]. - Other segments included Smart Building Technology with revenue of 19.51 billion yuan (up 24.18%) and Robotics and Automation with revenue of 15.07 billion yuan (up 8.33%) [2]. Regional Performance - Domestic revenue for H1 2025 was 143.93 billion yuan, a year-on-year increase of 14.05%, accounting for 57.31% of total revenue [2]. - Overseas revenue reached 107.19 billion yuan, growing by 17.7% year-on-year, making up 42.69% of total revenue, despite fluctuations in overseas tariff policies [2]. Cost and Profitability - The company's gross margin for manufacturing was 27.1%, down 0.99 percentage points year-on-year, while the net profit margin improved to 10.61%, an increase of 0.88 percentage points year-on-year, primarily due to effective cost control [3]. - The gross margin for the Smart Home segment was 28.52%, down 0.84 percentage points year-on-year, while the gross margin for New Energy and Industrial Technology was 16.93%, down 1.15 percentage points year-on-year [3]. Investment Outlook - The company is projected to have earnings per share (EPS) of 6.09 yuan, 6.86 yuan, and 7.73 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 12.5, 11.1, and 9.9, indicating strong growth resilience and low valuation [4].