美的集团：内销稳健外销快增，龙头经营韧性突显

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.36 CNY as of August 19, 2024 [1][3] Core Views - The company demonstrated strong operational resilience in H1 2024, with total revenue reaching 218.12 billion CNY, a YoY increase of 10.3%, and net profit attributable to shareholders of 20.8 billion CNY, up 14.1% YoY [1] - Domestic sales showed steady growth despite market pressures, while overseas sales continued rapid expansion, with a 13.1% YoY increase in international revenue [1] - The company's dual high-end brand strategy in the domestic market proved successful, with Colmo + Toshiba retail sales growing over 20% YoY in H1 2024 [1] Financial Performance Revenue Breakdown - HVAC business contributed 101.46 billion CNY, up 10.3% YoY [1] - Consumer appliances generated 75.14 billion CNY, a 10.3% YoY increase [1] - Robotics and automation sector reported 18.3 billion CNY, growing 6.0% YoY [1] Profitability Metrics - Gross margin improved to 27.1% in H1 2024, up 1.9 percentage points YoY [1] - Net profit margin reached 9.5%, a 0.3 percentage point increase YoY [1] - ROE stood at 20.7% in 2023, with projections of 21.2% for 2024E [3] Business Segments - Smart home business grew 11% YoY to 147.6 billion CNY [1] - New energy and industrial technology segment surged 26% YoY to 17.1 billion CNY [1] - Smart building technology revenue reached 15.7 billion CNY, with 18% growth excluding heat pumps [1] Future Projections - Revenue is expected to grow to 465.66 billion CNY by 2026E, with a CAGR of 6.9% [3] - EPS is projected to increase from 5.41 CNY in 2024E to 6.38 CNY in 2026E [3] - PE ratio is forecasted to decline from 11.5x in 2024E to 9.8x in 2026E [3] Market Position - The company maintains a leading position in the home appliance industry with a total market capitalization of 435.6 billion CNY [1] - Its strong brand portfolio and technological capabilities continue to drive market share gains both domestically and internationally [1][3]