Midea Group(000333) 太平洋证券·2025-03-31 10:45Investment Rating - The report maintains a "Buy" rating for Midea Group (000333) with a target price based on the last closing price of 76.87 [1] Core Insights - Midea Group achieved a total revenue of 409.08 billion yuan in 2024, representing a year-on-year increase of 9.47%, and a net profit attributable to shareholders of 38.54 billion yuan, up 14.29% year-on-year [4][10] - The company reported a strong performance in Q4 2024, with total revenue of 88.73 billion yuan, a 9.10% increase year-on-year, and a net profit of 6.84 billion yuan, reflecting a 13.92% year-on-year growth [4][10] - Midea Group's dividend distribution plan includes a total payout of 26.71 billion yuan, with a dividend ratio of 69.3% [7] Revenue Breakdown - In 2024, Midea Group's revenue from the ToB business exceeded 100 billion yuan, with the smart home segment generating 269.53 billion yuan, a 9.41% increase year-on-year [5] - The COLMO and Toshiba high-end brands saw retail sales growth of 45% year-on-year, with COLMO's market share in the high-end segment significantly increasing [5] - The company's online and offline revenue reached 85.62 billion yuan and 321.53 billion yuan respectively, with year-on-year growth of 10.72% and 9.10% [6] Profitability Metrics - Midea Group's gross margin for Q4 2024 was 25.20%, a decrease of 3.62 percentage points year-on-year, while the annual gross margin for manufacturing was 28.24%, an increase of 0.75 percentage points [6] - The net profit margin for Q4 2024 improved to 7.49%, up 0.75 percentage points year-on-year, indicating overall cost optimization [6] Future Projections - The report forecasts Midea Group's net profit attributable to shareholders for 2025, 2026, and 2027 to be 42.90 billion yuan, 46.96 billion yuan, and 50.45 billion yuan respectively, with corresponding EPS of 5.60 yuan, 6.13 yuan, and 6.59 yuan [10] - The expected PE ratios for the same years are projected to be 13.73, 12.54, and 11.67 [10] Strategic Initiatives - Midea Group is focusing on technological advancements, with over 11,000 new patents granted in 2024 and participation in the formulation of 230 technical standards [9] - The company is expanding its global presence through the successful listing of H shares and establishing a comprehensive sales network in multiple overseas markets [9]