Midea Group(SZ:000333) KAIYUAN SECURITIES·2024-08-21 09:31Investment Rating - The investment rating for Midea Group is maintained at "Buy" [2][5][12] Core Views - The report indicates that Midea Group's external sales continue to show high prosperity, with stable improvement in profitability. The company achieved a revenue of 217.27 billion yuan in H1 2024, representing a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 20.8 billion yuan, up 14.1% year-on-year [5][6] - For Q2 2024, the company reported a revenue of 111.17 billion yuan, a 10.4% increase year-on-year, and a net profit of 11.8 billion yuan, reflecting a 15.8% growth [5][6] - The report adjusts the profit forecast for 2024-2026, estimating net profits of 38.02 billion yuan, 41.16 billion yuan, and 44.71 billion yuan for the respective years, with corresponding EPS of 5.44 yuan, 5.89 yuan, and 6.40 yuan [5][6] Financial Performance Summary - In H1 2024, the revenue from HVAC, consumer appliances, and robotics/automation systems increased by 10.3%, 10.3%, and 6.0% year-on-year, respectively. Domestic and international revenues grew by 8.4% and 13.1% year-on-year [6][7] - The gross margin for H1 2024 was 27.1%, an increase of 1.9 percentage points year-on-year. The net profit margin was 9.7%, up 0.3 percentage points [7][8] - The company’s operating cash flow net amount increased by 12% year-on-year, indicating strong cash generation capabilities [7][8] Valuation Metrics - The current stock price of Midea Group is 63.16 yuan, with a P/E ratio of 11.6 for 2024, 10.7 for 2025, and 9.9 for 2026 [2][5][8] - The estimated revenue for 2024 is projected to be 406.07 billion yuan, with a year-on-year growth of 9.1% [8][9]