Midea Group(000333) 国盛证券·2024-10-31 00:10Investment Rating - The investment rating for the company is "Buy" and it is maintained [4][3]. Core Views - The company has demonstrated robust profitability with a significant increase in cash flow. For the first three quarters of 2024, total revenue reached 320.35 billion yuan, a year-on-year increase of 9.57%, while net profit attributable to shareholders was 31.699 billion yuan, up 14.37% year-on-year [1][2]. - The revenue breakdown for Q1-Q3 2024 shows growth in smart home, new energy and industrial technology, and smart building technology, with respective revenues of 215.4 billion yuan (+10%), 25.4 billion yuan (+19%), and 22.4 billion yuan (+6%). However, revenue from robotics and automation declined by 9% to 20.8 billion yuan [1]. - The company has optimized its expense ratios, with a gross margin of 26.76% for Q1-Q3 2024, reflecting a year-on-year increase of 0.91 percentage points [2]. Financial Performance Summary - For Q3 2024, the company reported a single-quarter revenue of 102.23 billion yuan, a year-on-year increase of 8.08%, and a net profit of 10.895 billion yuan, up 14.86% year-on-year [1]. - The operating cash flow for Q3 2024 was 26.776 billion yuan, showing a remarkable year-on-year increase of 78.48%, with cash received from sales amounting to 120.326 billion yuan, up 36.52% [2]. - The company’s financial forecasts predict net profits of 38.786 billion yuan, 42.666 billion yuan, and 46.705 billion yuan for 2024, 2025, and 2026 respectively, indicating growth rates of 15.0%, 10.0%, and 9.5% [3][8]. Financial Metrics - The company’s total revenue for 2024 is projected to be 409.241 billion yuan, with a year-on-year growth rate of 10.0% [8]. - The earnings per share (EPS) for 2024 is estimated at 5.07 yuan, with a price-to-earnings (P/E) ratio of 14.3 [8]. - The net profit margin for Q1-Q3 2024 was 10.08%, reflecting a year-on-year increase of 0.36 percentage points [2].