Midea Group(SZ:000333) ZHONGTAI SECURITIES·2025-09-04 11:22Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has demonstrated strong revenue growth quality, with net profit exceeding expectations [3] - The company achieved a significant increase in revenue and net profit in the first half of 2025, driven by domestic sales and business-to-business (B2B) performance [6][11] - The company has initiated mid-year dividends, distributing a total of 3.8 billion yuan, with a dividend payout ratio of 15% [6] Financial Performance Summary - For 2023, the company reported operating revenue of 373.71 billion yuan, with a year-on-year growth rate of 8% [4] - The net profit attributable to the parent company for 2023 was 33.72 billion yuan, reflecting a year-on-year growth of 14% [4] - The company forecasts operating revenue of 409.08 billion yuan for 2024, with a growth rate of 9% [4] - The net profit attributable to the parent company is expected to reach 38.54 billion yuan in 2024, maintaining a growth rate of 14% [4] Business Segment Analysis - The company's consumer segment (2C) showed strong performance with a profit margin of 12% in the first half of 2025, benefiting from cost reductions and government subsidies [7] - The business-to-business (2B) segment reported a revenue of 32.3 billion yuan in Q2 2025, with a year-on-year growth of 17% [8] - The company aims to focus on robotics and renewable energy as key strategic areas for future growth in the 2B segment [10] Earnings Forecast - The company expects to achieve a net profit of 44.86 billion yuan in 2025, representing a year-on-year growth of 16% [11] - The earnings per share (EPS) is projected to be 5.84 yuan in 2025, with a continued upward trend in subsequent years [4][12]