美的集团（000333）：穿越周期的韧性，ToB引擎动力强劲

Investment Rating - The investment rating for Midea Group is "Buy" (maintained) [1] Core Views - Midea Group's Q3 performance met expectations, with revenue of 111.93 billion yuan in Q3, a year-on-year increase of 10%, and a net profit attributable to shareholders of 11.87 billion yuan, up 9% year-on-year [7] - The company continues to demonstrate resilience through cycles, with strong growth in its ToB (business-to-business) engine [1] - The company maintains a high-quality operational level, with a net operating cash flow of 57.07 billion yuan, despite a 5.3% year-on-year decline [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 454.37 billion yuan, with a year-on-year growth rate of 11.1% [5] - Net profit attributable to shareholders is expected to reach 44.45 billion yuan in 2025, reflecting a year-on-year increase of 15.3% [5] - The projected earnings per share for 2025 is 5.78 yuan, with a gross margin of 26.5% [5] - The return on equity (ROE) is forecasted to be 19.0% in 2025 [5]