Midea Group(000333) 申万宏源·2024-11-01 01:44Investment Rating - The investment rating for the company is "Buy (Maintain)" [4][7]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 318.975 billion yuan, a year-on-year increase of 10%, and a net profit attributable to shareholders of 31.699 billion yuan, up 14% year-on-year [4]. - The white goods industry remains highly prosperous, with the company optimizing its product structure and maintaining a profit-oriented approach [5]. - The company has seen a steady improvement in profitability, with a gross margin of 26.8% and a net profit margin of 10.1% in the first three quarters [6]. - The "old-for-new" policy has shown significant results, leading to an upward revision of profit forecasts for 2024-2026 [7]. Summary by Sections Market Data - Closing price: 72.75 yuan - One-year high/low: 83.67/48.75 yuan - Market capitalization: 500.684 billion yuan [2]. Financial Data - Net asset per share: 27.31 yuan - Asset-liability ratio: 61.16% - Total shares: 7,649 million [3]. Performance Overview - Q3 2024 revenue: 101.701 billion yuan, up 8% year-on-year - Q3 2024 net profit: 10.895 billion yuan, up 15% year-on-year - Revenue from core business segments: Smart Home (215.4 billion yuan), New Energy and Industrial Technology (25.4 billion yuan), Smart Building Technology (22.4 billion yuan), Robotics and Automation (20.8 billion yuan) [4][5]. Profitability Metrics - Gross margin: 26.8%, up 1 percentage point year-on-year - Net profit margin: 10.1%, up 0.4 percentage points year-on-year - Operating cash flow: 60.264 billion yuan, up 35% year-on-year [6]. Future Outlook - Revised profit forecasts for 2024-2026: 38.6 billion yuan (2024), 42.5 billion yuan (2025), 46.7 billion yuan (2026), with corresponding PE ratios of 14, 13, and 12 [7].