美的集团：内销韧性外销延续高增长，经营效率持续提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company has demonstrated resilience in domestic sales and continued high growth in exports, with a revenue increase of 9.57% year-on-year for the first three quarters of 2024, reaching 318.975 billion yuan. The net profit attributable to shareholders grew by 14.37% to 31.699 billion yuan, while the net profit excluding non-recurring items increased by 13.17% to 30.377 billion yuan [4][6]. - In the third quarter alone, the company achieved a revenue of 101.701 billion yuan, reflecting an 8.05% year-on-year growth, and a net profit of 10.895 billion yuan, which is a 14.86% increase year-on-year [4][6]. - The company’s gross margin for the first three quarters improved by 0.91 percentage points to 26.76%, driven by an optimized business structure and a higher proportion of C-end business, which has a better profit level [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 318.975 billion yuan, with a year-on-year growth of 9.57%. The net profit attributable to shareholders was 31.699 billion yuan, up 14.37%, and the net profit excluding non-recurring items was 30.377 billion yuan, an increase of 13.17% [4][5]. - In the third quarter, the company’s revenue was 101.701 billion yuan, marking an 8.05% year-on-year growth, with a net profit of 10.895 billion yuan, reflecting a 14.86% increase [4][5]. Business Segments - The company’s B-end business showed slight growth, with revenues from new energy and industrial technology increasing by approximately 7%, while revenues from smart building technology grew by about 5%. However, revenues from robotics and automation declined by about 10% due to adjustments in product strategies by overseas automotive manufacturers [4][6]. - The C-end business saw a revenue increase of approximately 8% in the third quarter, primarily due to the rapid growth of the company’s overseas proprietary brands and the ongoing expansion of its global footprint [4][6]. Operational Efficiency - The company has established a global technology group covering smart home, industrial technology, building technology, robotics and automation, and other innovative businesses. It maintains a dual focus on ToC and ToB business development, providing a diverse range of products and services while continuously enhancing its global business layout for sustainable growth [6]. - The company is pushing for digital operations across the entire value chain to optimize efficiency, with expectations for net profit attributable to shareholders to reach 38.659 billion yuan, 42.538 billion yuan, and 46.743 billion yuan for 2024, 2025, and 2026, respectively [6].