美的集团：Q3净利YOY+15%，符合预期

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6]. Core Insights - The company achieved a revenue of 318.97 billion RMB for Q1-Q3 2024, representing a year-over-year increase of 9.6%. The net profit attributable to the parent company was 31.7 billion RMB, up 14.4% year-over-year [3]. - The company is expected to benefit from government policies promoting the replacement of old home appliances, which will support steady growth in home appliance consumption. Additionally, overseas market expansion is anticipated to contribute to revenue growth [5]. - The company's Q3 gross margin decreased by 1.1 percentage points to 26.4%, primarily due to fluctuations in raw material prices and changes in the sales mix [4]. Summary by Sections Company Overview - The company operates in the home appliance industry, with a current A-share price of 71.60 RMB as of November 11, 2024, and a target price of 84 RMB [1]. Financial Performance - For Q3, the company reported a revenue of 101.7 billion RMB, a year-over-year increase of 8.1%, and a net profit of 10.89 billion RMB, up 14.9% year-over-year [3]. - The company’s revenue from various segments for the first three quarters includes smart home appliances (215.4 billion RMB, +10% YOY), new energy and industrial technology (25.4 billion RMB, +19% YOY), smart building technology (22.4 billion RMB, +6% YOY), and robotics and automation (20.8 billion RMB, -9% YOY) [4]. Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 39.06 billion RMB, 44.05 billion RMB, and 49.11 billion RMB, respectively, with year-over-year growth rates of 15.8%, 12.8%, and 11.5% [5]. - The expected earnings per share (EPS) for the same years are 5.6 RMB, 6.3 RMB, and 7.0 RMB, with corresponding price-to-earnings (P/E) ratios of 13X, 11X, and 10X for A-shares [5].