研报掘金丨长江证券：维持美的集团“买入”评级，持续强化全球业务布局

Core Insights - Midea Group achieved a net profit attributable to shareholders of 37.883 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 19.51% [1] - In Q3 2025, the net profit attributable to shareholders was 11.870 billion yuan, with a year-on-year increase of 8.95% [1] - The company has established a dual business matrix focusing on both ToC (Consumer) and ToB (Business) sectors, providing a diverse range of products and services while maintaining technological leadership [1] Business Strategy - Midea Group is continuously enhancing its global business layout to achieve sustainable growth in business scale [1] - The company is promoting digital operations across the entire value chain to optimize efficiency [1] Financial Projections - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 44.817 billion yuan, 48.131 billion yuan, and 52.194 billion yuan, respectively [1] - Corresponding price-to-earnings (PE) ratios for these years are expected to be 13.07, 12.17, and 11.22 times [1] - The company maintains a "Buy" rating based on these projections [1]