Midea Group(000333) 中泰证券·2024-11-04 02:00Investment Rating - The report maintains a "Buy" rating for Midea Group [1] Core Views - Midea Group's revenue growth quality is strong, with a better-than-expected net profit attributable to shareholders [1] - The company is expected to maintain high-quality growth, with significant improvements in "other current liabilities" and "contract liabilities" [1] - The report anticipates a revenue increase of 8% year-on-year for 2023, with a projected growth rate of 10% for 2024 [1] Financial Performance Summary - Revenue (in million CNY): - 2022A: 345,709 - 2023A: 373,710 (+8%) - 2024E: 410,078 (+10%) - 2025E: 434,476 (+6%) - 2026E: 459,146 (+6%) [1] - Net Profit (in million CNY): - 2022A: 29,554 - 2023A: 33,720 (+14%) - 2024E: 38,929 (+15%) - 2025E: 42,846 (+10%) - 2026E: 46,818 (+9%) [1] - Earnings Per Share (in CNY): - 2022A: 3.86 - 2023A: 4.40 - 2024E: 5.08 - 2025E: 5.60 - 2026E: 6.12 [1] - Cash Flow Per Share (in CNY): - 2022A: 4.53 - 2023A: 7.56 - 2024E: 7.42 - 2025E: 8.03 - 2026E: 7.53 [1] - Return on Equity: - 2022A: 21% - 2023A: 20% - 2024E: 19% - 2025E: 18% - 2026E: 17% [1] - Price-to-Earnings Ratio: - 2022A: 18.7 - 2023A: 16.4 - 2024E: 14.2 - 2025E: 12.9 - 2026E: 11.8 [1] - Price-to-Book Ratio: - 2022A: 3.9 - 2023A: 3.4 - 2024E: 2.9 - 2025E: 2.5 - 2026E: 2.1 [1] Market Comparison - The report indicates that Midea's domestic sales growth is outperforming the industry, with a projected revenue increase of 9% in Q3, with all product categories showing positive growth [1] - The company is expected to maintain a high-quality growth trajectory, supported by strong performance in both domestic and international markets [1]