建银国际：美的集团第三季业绩优于预期海外及ToB业务强劲增长

Core Viewpoint - Midea Group's Q3 performance exceeded expectations, driven by strong growth in overseas and ToB (business-to-business) operations, supported by two completed acquisitions [1] Financial Performance - Midea Group's A-share target price has been raised by 4%, from 85.6 RMB to 88.7 RMB, based on a projected P/E ratio of 14 times for 2026 [1] - Earnings forecasts for Midea Group have been increased by 3% and 2% for the next two years, reflecting better revenue growth and profit margin performance [1] Business Growth Drivers - The completed acquisitions of Toshiba Elevator and Arbonia Climate are identified as key growth engines for the group [1] - The company is expected to benefit from the ongoing penetration of its own brand (OBM), enhancing growth visibility [1] Market Outlook - The fourth quarter is anticipated to see further growth driven by the "trade-in" program [1]