美的集团（000333）：大超预期，持续变革创新

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a strong expectation for price appreciation [3][7]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 252.33 billion yuan, up 15.68% year-over-year, and net profit at 26.01 billion yuan, up 25.04% year-over-year [4]. - The fastest growth segments include the New Energy and Industrial Technology sectors, with revenue growth of 28.61% year-over-year [5]. - The company aims to reduce structural costs and simplify operations to promote growth, while also focusing on direct-to-consumer (DTC) model transformation [5]. Financial Performance - For the first half of 2025, the company achieved a gross margin of 27.1%, with a net profit margin of 10.61%, reflecting effective cost control measures [6]. - The company’s earnings per share (EPS) for 2025 is projected to be 6.09 yuan, with a corresponding price-to-earnings (P/E) ratio of 12.5 times based on the closing price of 76.16 yuan [7][12]. - The company’s revenue is expected to grow from 373.71 billion yuan in 2023 to 581.55 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.8% [12][16]. Segment Performance - The smart home segment generated 167.2 billion yuan in revenue, accounting for 66.58% of total revenue, while the New Energy and Industrial Technology segment contributed 21.96 billion yuan, representing 8.74% of total revenue [5]. - Domestic revenue for the first half of 2025 was 1439.31 billion yuan, up 14.05% year-over-year, while overseas revenue reached 1071.93 billion yuan, up 17.7% year-over-year [5]. Valuation Metrics - The report forecasts the company’s P/E ratios to decrease from 12.5 in 2025 to 9.9 in 2027, indicating a potential undervaluation relative to its earnings growth [7][12]. - The projected return on equity (ROE) is expected to remain strong, averaging around 18.9% from 2025 to 2027 [12][17].