Midea Group(000333) 兴业证券·2024-11-10 05:34Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its competitive advantages and growth potential [2]. Core Insights - The company has demonstrated resilience in its operations, with domestic sales benefiting from the "old-for-new" appliance policy, while international sales continue to grow rapidly [2][3]. - The company's revenue for the first three quarters of 2024 reached 320.35 billion yuan, reflecting a year-on-year increase of 9.57% [3]. - The net profit attributable to shareholders for the same period was 31.699 billion yuan, up 14.37% year-on-year, showcasing strong profitability [3]. - The report highlights a significant increase in cash flow from operating activities, which amounted to 26.78 billion yuan in Q3, representing a 78% year-on-year growth [3][4]. Financial Summary - Revenue for 2024 is projected to be 407.36 billion yuan, with a year-on-year growth of 9.0% [2]. - The net profit attributable to shareholders is expected to reach 38.152 billion yuan in 2024, reflecting a growth of 13.1% [2]. - The gross margin is forecasted to improve slightly to 27.1% in 2024, up from 26.8% in 2023 [2]. - Earnings per share (EPS) are adjusted to 4.99 yuan for 2024, with a dynamic price-to-earnings (PE) ratio of 14.6 [2][5]. - The report indicates a stable return on equity (ROE) of 21.3% for 2024, maintaining strong profitability metrics [2][5].