Midea Group(SZ:000333) GOLDEN SUN SECURITIES·2025-10-30 06:28Investment Rating - The report maintains a "Buy" investment rating for the company [2][5]. Core Insights - The company reported a total revenue of 364.716 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 13.85%. The net profit attributable to shareholders was 37.883 billion yuan, with a year-on-year increase of 19.51% [1]. - In Q3 2025 alone, the company achieved a revenue of 112.385 billion yuan, marking a 9.94% increase year-on-year, and a net profit of 11.87 billion yuan, up 8.95% year-on-year [1]. - The B-end business is experiencing rapid growth, with revenues from new energy and industrial technology, smart building technology, and robotics and automation increasing by 21% to 30.6 billion yuan, 25% to 28.1 billion yuan, and 9% to 22.6 billion yuan, respectively [1]. - The company's gross margin improved by 0.41 percentage points to 26.44% in Q3 2025, while the net profit margin slightly decreased by 0.11 percentage points to 10.71% [1]. Financial Performance Summary - The company forecasts net profits of 45.095 billion yuan, 49.613 billion yuan, and 54.141 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.0%, 10.0%, and 9.1% [2]. - The financial projections indicate a steady increase in revenue, with expected figures of 456.008 billion yuan in 2025, 492.488 billion yuan in 2026, and 526.962 billion yuan in 2027, reflecting growth rates of 12.0%, 8.0%, and 7.0% respectively [4]. - The latest diluted EPS is projected to be 5.87 yuan in 2025, increasing to 6.46 yuan in 2026 and 7.05 yuan in 2027 [4].