Midea Group(SZ:000333) Guoxin Securities·2025-11-03 13:28Investment Rating - The investment rating for Midea Group is "Outperform the Market" [5] Core Views - Midea Group demonstrated resilient growth in operating performance, with revenue for Q1-Q3 2025 reaching 364.72 billion, a year-on-year increase of 13.8%, and net profit attributable to shareholders at 37.88 billion, up 19.5% [1] - The company's B-end and OBM (Original Brand Manufacturer) businesses continue to drive growth momentum, with B-end revenue increasing by 18% in the first three quarters [2] - The gross margin has improved, with Q3 gross margin rising by 1.2 percentage points to 26.4%, ending a four-quarter decline [3] Summary by Sections Revenue and Profitability - For Q3 2025, Midea Group achieved revenue of 112.38 billion, a 9.9% increase year-on-year, and net profit of 11.87 billion, up 8.9% [1] - The company’s C-end appliance business grew by 13% year-on-year in the first three quarters, showcasing strong operational capabilities despite market pressures [2] B-end Business Performance - The B-end business revenue grew by 18% in the first three quarters, with significant contributions from new energy and industrial technology, intelligent building technology, and robotics and automation [2] Financial Metrics - The company’s Q3 net profit margin was 10.6%, maintaining a solid profitability level [3] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 44.9 billion, 49.4 billion, and 54 billion respectively, reflecting a year-on-year growth of 16%, 10%, and 9% [4][5]