Midea Group(SZ:000333) Ge Long Hui·2025-10-31 03:12Core Insights - The company reported a total revenue of 364.716 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 13.85%, and a net profit attributable to shareholders of 37.883 billion yuan, up 19.51% year-on-year [1] - In Q3 2025 alone, the company achieved a revenue of 112.385 billion yuan, with a year-on-year increase of 9.94%, and a net profit of 11.87 billion yuan, growing 8.95% year-on-year [1] Revenue Growth - The B-end business experienced rapid growth, with revenues from new energy and industrial technology, smart building technology, and robotics and automation increasing by 21% to 30.6 billion yuan, 25% to 28.1 billion yuan, and 9% to 22.6 billion yuan respectively [1] Profitability - The company's gross margin for Q3 2025 improved by 0.41 percentage points to 26.44% [1] - The expense ratios for sales, management, R&D, and finance in Q3 2025 were 8.70%, 3.31%, 3.72%, and -0.68%, showing year-on-year changes of -0.79 percentage points, -0.28 percentage points, +0.06 percentage points, and +1.65 percentage points respectively [1] - The net profit margin for Q3 2025 decreased by 0.11 percentage points to 10.71% [1] Cash Flow and Balance Sheet - The company's operating cash flow for Q3 2025 was 19.785 billion yuan, down 26.11% year-on-year, with cash received from sales of goods decreasing by 13.05% to 104.628 billion yuan [2] - As of Q3 2025, contract liabilities decreased by 2.66% year-on-year, while inventory increased by 12.33% year-on-year [2] Profit Forecast and Investment Recommendation - Based on the performance in Q3 2025 and the overall industry environment, the company is expected to achieve net profits attributable to shareholders of 45.095 billion yuan, 49.613 billion yuan, and 54.141 billion yuan for 2025-2027, reflecting year-on-year growth rates of 17.0%, 10.0%, and 9.1% respectively [2] - The investment rating is maintained at "Buy" [2]