Midea Group(SZ:000333) Western Securities·2025-10-30 08:59Investment Rating - The investment rating for the company is "Buy" [5][11] Core Views - The company achieved a revenue of 363.06 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 13.82%, and a net profit attributable to shareholders of 37.88 billion yuan, up 19.51% year-on-year [1][5] - In Q3 2025, the company reported a revenue of 111.93 billion yuan, a year-on-year growth of 10.06%, with a net profit of 11.87 billion yuan, reflecting an 8.95% increase year-on-year [1][5] - The company is focusing on both B2C and B2B segments, with strong performance in smart home and energy + robotics strategies [1][2] Summary by Sections Financial Performance - For Q1-Q3 2025, the company's smart home business grew by 13% year-on-year, while B2B revenue increased by 18% [1] - The gross margin for Q3 2025 was 26.4%, up 1.2 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing slight improvements [2] Revenue and Profit Forecast - The company expects revenue growth rates of 11.4%, 7.6%, and 7.1% for 2025-2027, with net profit growth rates of 16.9%, 10.0%, and 9.8% respectively [2][3] - The projected P/E ratios for 2025-2027 are 12.7, 11.5, and 10.5 times [2][3] Market Position and Strategy - The company is enhancing its brand influence globally, with over 45% of its overseas sales coming from its own brands [1] - The B2B segment is expected to contribute significantly to long-term growth, particularly in commercial applications such as elevators and data centers [1][2]