美的集团：H股启动招股，出海再迎里程碑

Investment Rating - The investment rating for Midea Group is "Buy" (maintained) [6] Core Views - Midea Group (0300.HK) is launching its H-share offering from September 9 to September 12, with a total global issuance of 492 million H-shares, accounting for 7.0% of the pre-issue total share capital. The international offering accounts for 95%, with an additional 15% over-allotment option. The issue price is set between HKD 52.0 and 54.8 per share, which translates to approximately 78%-82% of the A-share closing price on September 10. The expected fundraising is between HKD 25.59 billion and 26.97 billion, with the listing anticipated on September 17 [10][11]. - The significance of this H-share listing extends beyond fundraising; it is an extension of the "global breakthrough" strategy initiated in 2020, providing a platform for overseas equity incentives and mergers and acquisitions, while also improving the overseas investment channel and capital structure [10][11]. - The introduction of COSCO Shipping (Hong Kong) as a cornerstone investor will support fundraising for R&D, supply chain, and overseas channel brand building, enhancing the overseas strategy [10]. - Following the implementation of the new "replacement measures" by the government, Midea Group is expected to benefit significantly as a leading player in the home appliance sector, with positive feedback from initial execution in various provinces [10][11]. - Midea's Q2 2024 revenue showed double-digit growth, with strong performance in both C-end exports and stable domestic sales. The gross margin has improved for ten consecutive quarters, indicating robust operational momentum [10][11]. - The outlook remains positive, with domestic sales benefiting from a lower base and favorable weather, while external orders are strong. The company is expected to maintain a strong performance, with a projected dividend yield of over 5% [10][11]. Financial Summary - Midea Group's total share capital is 6,993 million shares, with a circulating A-share market value of approximately CNY 417.77 billion. The net asset per share is CNY 23.61, and the debt-to-asset ratio stands at 65.20% [6]. - The projected net profit for 2024 and 2025 is estimated at CNY 38.5 billion and CNY 42.5 billion, respectively, with a current P/E ratio of 11.3 and 10.2 for the following years [11][12].