Midea Group(SZ:000333) HUAXI Securities·2025-04-30 11:17Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's revenue for the full year 2024 reached 409.1 billion yuan, representing a year-over-year increase of 9.5%, while the net profit attributable to shareholders was 38.5 billion yuan, up 14% year-over-year [1] - In Q1 2025, total revenue was 128.4 billion yuan, showing a year-over-year growth of 21%, with net profit attributable to shareholders at 12.4 billion yuan, a 38% increase year-over-year [1] - The company is expanding its presence in various sectors, including smart home technology, new energy, industrial technology, and robotics, with significant growth in these areas [2] Revenue by Business Segment - For the full year 2024, the revenue breakdown by business segment is as follows: - Smart Home and Others: 99.5 billion yuan (YOY +19%), with smart home products growing by 17% - New Energy and Industrial Technology: 11.1 billion yuan (YOY +45%) - Smart Building Technology: 9.9 billion yuan (YOY +20%) - Robotics and Automation: 7.3 billion yuan (YOY +9%) [2] - In Q1 2025, the revenue by business segment includes: - Smart Home and Others: 99.5 billion yuan - New Energy and Industrial Technology: 11.1 billion yuan - Smart Building Technology: 9.9 billion yuan - Robotics and Automation: 7.3 billion yuan [2] Revenue by Region - For the full year 2024, domestic revenue was 238.1 billion yuan (YOY +8%), while international revenue was 169.0 billion yuan (YOY +12%) [3] Profitability - The gross profit margin for 2024 was 26% (YOY -0.1 percentage points), and the net profit margin was 9.5% (YOY +0.5 percentage points) [4] - In Q1 2025, the gross profit margin was 25% (YOY -1.9 percentage points), and the net profit margin was 10% (YOY +1.5 percentage points) [4] Financial Forecast and Valuation - The company expects revenues of 446.8 billion yuan, 480.6 billion yuan, and 513.0 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 43.3 billion yuan, 47.6 billion yuan, and 51.6 billion yuan for the same years [10] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 5.65 yuan, 6.22 yuan, and 6.73 yuan respectively, with corresponding price-to-earnings (PE) ratios of 13, 12, and 11 times [10]