美的集团(000333)：B端业务增速亮眼 毛利率提升

Core Insights - The company reported a revenue of 364.716 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 13.85%, and a net profit attributable to shareholders of 37.883 billion yuan, up 19.51% year-on-year [1] - The company's B-end business showed strong growth, particularly in the fields of new energy, commercial multi-connected systems, elevators, robotics, and automation solutions [2] - The company maintains a "recommended" rating with projected revenues and net profits for 2025-2027 showing consistent growth [3] Revenue and Profit Performance - For Q3 2025, the company achieved a revenue of 112.385 billion yuan, a year-on-year increase of 9.94%, and a net profit attributable to shareholders of 11.870 billion yuan, up 8.95% year-on-year [1][2] - The company’s gross profit margin improved to 26.44% in Q3 2025, an increase of 0.41 percentage points year-on-year [2] Business Segment Analysis - C-end business showed resilience, with air conditioning sales up 6.87% online but down 13.10% offline, while refrigerator sales decreased by 19.17% online and 6.50% offline [1] - B-end business revenue for new energy, industrial technology, and robotics was 30.6 billion, 28.1 billion, and 22.6 billion yuan respectively, with year-on-year growth rates of 21%, 25%, and 9% [2] Future Projections - The company forecasts revenues of 450.478 billion, 486.373 billion, and 522.231 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.12%, 7.97%, and 7.37% [3] - Expected net profits for the same period are projected at 44.296 billion, 47.995 billion, and 53.452 billion yuan, with corresponding year-on-year growth rates of 14.94%, 8.35%, and 11.37% [3]