美银：维持美的集团(00300)“买入”评级 目标价92.1港元

Core Viewpoint - Bank of America maintains its view that Midea Group (00300) is expected to achieve positive growth for the full year of 2026, driven primarily by its enterprise and overseas consumer businesses, thus reiterating a "Buy" rating with a target price of HKD 92.1 [1] Group 1: Business Segments - The building technology segment is identified as the largest and most profitable enterprise business unit of the group, with a sales target of USD 10 billion expected to be achieved by 2030, accounting for over 10% of the group's total sales, corresponding to a compound annual growth rate of approximately 15% [1] - The data center cooling market in China is seen as having significant potential, with industry experts predicting a shift to American technology models within two years, leading to a future market size expected to expand to USD 10 billion [1] Group 2: Competitive Position - Midea Group currently ranks among the top five in the Chinese market for cooling systems, and with its technological advantages in refrigerant systems, the company is well-positioned to benefit from the transition in technology pathways, further enhancing its market share in this rapidly growing segment [1]