Midea Group(SZ:000333) Tianfeng Securities·2025-11-04 13:13Investment Rating - The investment rating for Midea Group is "Buy" with a target price not specified [5] Core Insights - Midea Group reported a revenue of 1119.3 billion yuan in Q3 2025, representing a year-on-year growth of 10.1%, and a net profit of 118.7 billion yuan, up 8.95% [1] - The company's ToC (To Consumer) business is expected to grow by 13% year-on-year in Q3 2025, driven by overseas OBM (Original Brand Manufacturer) and resilient domestic performance [2] - The ToB (To Business) segment is projected to see an 18% increase in revenue in Q3 2025, with significant contributions from new energy and industrial technology sectors [2] - Midea has established production bases in 12 countries, including Thailand, Egypt, the USA, and Brazil, to mitigate tariff and logistics costs, enhancing profitability [3] - The gross margin for Q3 2025 is reported at 26.4%, an increase of 1.2 percentage points, attributed to improved product mix and higher overseas sales [3] - The forecasted net profit for Midea Group for 2025-2027 is 449.0 billion yuan, 487.1 billion yuan, and 532.3 billion yuan respectively, with corresponding dynamic PE ratios of 12.9, 11.9, and 10.9 [3] Financial Data Summary - Revenue for 2023 is projected at 373,709.80 million yuan, with a growth rate of 8.10% [4] - The net profit for 2023 is estimated at 33,719.94 million yuan, reflecting a growth rate of 14.10% [4] - The earnings per share (EPS) for 2023 is expected to be 4.80 yuan [4] - The price-to-earnings (P/E) ratio for 2023 is 15.66 [4] - The company’s total assets are projected to reach 486,038.18 million yuan in 2023 [11]