Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][11]. Core Insights - The company achieved a revenue of RMB 363.06 billion for the first three quarters of 2025, representing a year-over-year increase of 13.8%. The net profit attributable to the parent company was RMB 37.88 billion, up 19.5% year-over-year [9]. - The company’s Q3 revenue was RMB 1119.3 billion, with a year-over-year growth of 10.1%, and a net profit of RMB 11.87 billion, reflecting a 9.0% increase year-over-year [9]. - The report highlights that the tightening of subsidies has impacted Q3 growth, with some regions pausing national subsidies, which may affect future sales growth [9]. - The company is expected to maintain a strong performance in its home appliance segment, benefiting from domestic subsidy policies and expanding its overseas market [9]. - The projected net profits for 2025, 2026, and 2027 are RMB 44.46 billion, RMB 48.02 billion, and RMB 52.17 billion, respectively, with year-over-year growth rates of 15.4%, 8.0%, and 8.6% [9]. Financial Summary - The company’s gross profit margin for Q3 was 26.7%, a slight increase of 0.3 percentage points year-over-year. However, the financial expense ratio increased by 1.6 percentage points [9]. - The earnings per share (EPS) for 2025 is projected to be RMB 5.79, with a price-to-earnings (P/E) ratio of 12.99 for H shares [8][9]. - The dividend per share (DPS) is expected to be RMB 3.47 in 2025, with a dividend yield of 4.67% [8].
美的集团（00300）：Q3净利YOY+9%，较前两季度有所回落