Investment Rating - The report maintains a "Buy" rating for Midea Group [12]. Core Viewpoints - Midea Group has transitioned from an OEM model to an OBM model since 2015, establishing a comprehensive overseas brand matrix that covers high, medium, and low-end products. The company has significantly enhanced its global localization operations, which is expected to drive further increases in its overseas market share [3][10]. - The long-term growth of Midea's white goods products overseas is projected to be substantial, with potential annual sales volumes several times higher than those in 2024, driven primarily by replacement demand as global appliance ownership rates peak [3][10]. Summary by Sections Introduction - Midea, Haier, and Gree represent three major players in the domestic white goods industry, each with distinct globalization processes. Midea's international sales strategy is positioned between the two, with significant room for market share growth as domestic market expansion slows [6][20]. Globalization Progress - Midea began its overseas expansion in 1986, initially focusing on OEM. Since 2015, the company has shifted towards building its own brands, establishing 22 R&D centers and 23 production bases globally by 2024, and achieving a 6.7% share of global major appliance sales, ranking third in the industry [7][39]. Strengthening Overseas Sales - Midea's global strategy has evolved from "global operation" to "global breakthrough," focusing on local market integration. The company has expanded its sales channels and production capacity, with significant investments in e-commerce and a growing number of overseas sales points [8][51]. Overseas OBM Business Potential - Midea's projected long-term global annual sales for air conditioners, refrigerators, and washing machines are expected to reach 10.367 million, 2.898 million, and 3.711 million units, respectively, indicating growth potentials of 186%, 173%, and 133% compared to 2024 [9][10]. Investment Recommendations - The report suggests that Midea's ongoing global expansion and the expected growth in its white goods segment present a promising investment opportunity. Forecasted net profits for 2025, 2026, and 2027 are estimated at 42.588 billion, 46.766 billion, and 52.091 billion yuan, respectively, with corresponding P/E ratios of 13.61, 12.39, and 11.13 [10].
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