Midea Group(000333) 中国银河·2024-08-21 03:30Investment Rating - The report maintains a "Recommend" rating for the company [3] Core Views - The company achieved revenue of 217.274 billion yuan in H1 2024, a YoY increase of 10.30%, with net profit attributable to shareholders of 20.804 billion yuan, up 14.11% YoY [1] - In Q2 2024, the company's revenue was 111.172 billion yuan, a YoY increase of 10.37%, with net profit attributable to shareholders of 11.804 billion yuan, up 15.84% YoY [1] - The company's smart home business remained stable, with revenue of 147.6 billion yuan in H1 2024, up 11% YoY [1] - Overseas revenue reached 91.076 billion yuan in H1 2024, a YoY increase of 13.09%, driven by the transformation of overseas business [1] - The company's gross profit margin improved to 27.09% in H1 2024, up 1.86 percentage points YoY, with a net profit margin of 9.73%, up 0.32 percentage points YoY [1] Business Performance - The company's domestic revenue in H1 2024 was 126.198 billion yuan, up 8.37% YoY, outperforming the industry average [1] - Overseas e-commerce sales grew by over 50% in H1 2024, with multiple products entering Amazon's bestseller list [1] - The company's global production base export volume increased by over 20% in H1 2024 [1] - The company's sales/management/R&D expense ratios in H1 2024 were 9.87%/3.08%/3.53%, showing stable cost control [1] Financial Forecasts - The company's revenue is expected to reach 411.041 billion yuan in 2024, with a YoY growth of 9.99% [5] - Net profit attributable to shareholders is forecasted to be 37.75 billion yuan in 2024, up 11.95% YoY [5] - EPS is projected to be 5.40 yuan in 2024, with a P/E ratio of 11.66x [5] - The company's gross profit margin is expected to be 26.82% in 2024, with a net profit margin of 9.22% [5] Strategic Initiatives - The company is advancing its "OBM First" strategy, focusing on building overseas self-owned brands and enhancing international logistics capabilities [1] - The company is optimizing its product structure, with high-end product sales in the Asia-Pacific market growing nearly 20% faster than the average growth rate from January to May 2024 [1]