美的集团（000333）：收入利润稳健增长，B端业务持续优异

Investment Rating - The report maintains an "Outperform" rating for Midea Group with a target price of RMB 92.32, based on a current price of RMB 76.40 [2][7]. Core Insights - Midea Group reported stable growth in total revenue and profit, with a notable performance in its ToB (business-to-business) segment [1][5]. - The company achieved a revenue of RMB 364.72 billion for Q3 2025, representing a year-on-year increase of 13.85%, and a net profit of RMB 37.88 billion, up 19.51% year-on-year [5][12]. - The gross profit margin for Q3 2025 was 26.7%, an increase of 0.3 percentage points, while the net profit margin was 10.6%, a slight decrease of 0.1 percentage points [6][13]. - Midea's diversified business model and efficient operations have allowed it to respond effectively to market changes, achieving solid growth in both ToC (business-to-consumer) and ToB segments [14]. Financial Performance Summary - For the fiscal year 2025, Midea's projected revenues are as follows: - 2025E: RMB 457.51 billion (up 12% from 2024) - 2026E: RMB 489.10 billion (up 7% from 2025) - 2027E: RMB 524.87 billion (up 7% from 2026) [4][11]. - Net profit projections are: - 2025E: RMB 44.36 billion (up 15% from 2024) - 2026E: RMB 48.28 billion (up 9% from 2025) - 2027E: RMB 53.47 billion (up 11% from 2026) [4][11]. - The diluted EPS (earnings per share) is expected to grow from RMB 5.02 in 2024 to RMB 6.96 in 2027 [4][11]. Valuation - Midea is focusing on direct-to-consumer (DTC) innovations to drive growth in its C-end business while maintaining strong performance in its B-end business through a customer value and efficiency strategy [15]. - The company is assigned a PE (price-to-earnings) ratio of 16x for 2025, supporting the target price of RMB 92.32 [7][15].