Midea Group(000333) 国信证券·2025-02-13 12:25Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - Midea Group has established itself as the largest home appliance company globally, with a compound annual growth rate (CAGR) of 10% in revenue from 2010 to 2023, reaching 373.7 billion yuan, and a CAGR of 18% in net profit, amounting to 33.7 billion yuan [1] - The domestic home appliance market in China has significant growth potential, with the possibility of a 30%-100% increase compared to overseas markets. Midea's domestic sales have been consistently high, and the company is expected to maintain a stable 5% CAGR in domestic sales over the next decade [2] - The global home appliance market reached 3.7557 trillion yuan in 2023, with Midea holding a 6.6% market share. The company is focusing on expanding its overseas brand presence, with significant growth potential in emerging markets [3] - Midea's B2B business segments, including new energy and industrial technology, have substantial growth potential, with projected revenue growth of 81% in the medium term and 174% in the long term [4] - The company's diversified development strategy positions it well for future growth, particularly in overseas OBM (Original Brand Manufacturing) and B2B sectors, with a potential revenue increase of 50%-115% in the medium to long term [5] Summary by Sections Company Overview - Midea Group is a leading global home appliance manufacturer, covering a wide range of products including air conditioners, refrigerators, washing machines, and small appliances, as well as B2B solutions in robotics and automation [21] Financial Performance - The company reported a revenue of 373.7 billion yuan in 2023, with a net profit of 33.7 billion yuan. The revenue is expected to grow to 409.2 billion yuan in 2024, with a net profit forecast of 38.6 billion yuan [10] - Midea's revenue growth is supported by a strong performance in both domestic and international markets, with a projected revenue increase of 8.1% in 2023 [10] Domestic Market Analysis - The domestic home appliance market in China is currently valued at approximately 900 billion yuan, with significant room for growth, particularly in air conditioning, where 31% of urban and 73% of rural households have yet to install units [2] International Market Analysis - The global home appliance market is expected to grow at a CAGR of 3.5% from 2017 to 2023, with Midea's overseas sales projected to grow by 45% in the medium term and 132% in the long term [3] B2B Business Potential - Midea's B2B segments, including new energy and industrial technology, are expected to see substantial growth, with a projected revenue increase of 81% in the medium term [4] Future Outlook - The company is well-positioned for future growth, with a focus on enhancing its overseas OBM and B2B business, which are expected to be the main drivers of revenue growth [5]