美的集团：保持较高经营质量，业绩基础夯实

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 217.27 billion yuan in H1 2024, representing a year-on-year growth of 10.3%. The net profit attributable to shareholders was 20.80 billion yuan, up 14.11% year-on-year, and the net profit excluding non-recurring items was 20.18 billion yuan, an increase of 14.33% year-on-year [6][7]. - In Q2 2024, the company reported a revenue of 111.17 billion yuan, a year-on-year increase of 10.37%, with a net profit of 11.80 billion yuan, growing 15.84% year-on-year [6][7]. - The company maintains strong operational quality and solid performance foundations, with a focus on high-end product offerings and overseas expansion [7][8]. Summary by Sections Revenue and Profitability - In H1 2024, the company's revenue grew by 10.3% year-on-year, with the HVAC and consumer appliances segments both increasing by 10.28%. The robotics and automation systems segment grew by 6.02%, while other businesses saw a growth of 13.9% [7]. - The gross margin increased by 1.86 percentage points to 27.09%, with HVAC margins up by 2.98 percentage points and consumer appliances up by 1.4 percentage points [8]. - Operating profit reached 21.59 billion yuan, a year-on-year increase of 14.53%, with a slight increase in operating profit margin by 0.37 percentage points [8]. Business Segments - The commercial and industrial solutions segment generated revenue of 46.7 billion yuan, accounting for over 21% of total revenue, with significant growth in new energy and industrial technology [7]. - The company’s domestic sales increased by 8.37% year-on-year, while international sales grew by 13.09% [7]. Future Outlook - The company is expected to leverage its strong cost, operational, and brand advantages in the air conditioning, refrigeration, and small appliance sectors, with significant growth potential in B-end businesses and new energy vehicle thermal management [8]. - Forecasted net profits for 2024-2026 are 37.68 billion, 41.72 billion, and 46.16 billion yuan, with corresponding P/E ratios of 12.00, 10.84, and 9.80 times [8].