Midea Group(SZ:000333) Changjiang Securities·2025-11-11 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved a revenue of 363.06 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 13.82%. The net profit attributable to the parent company was 37.88 billion yuan, up 19.51% year-on-year, and the net profit after deducting non-recurring gains and losses was 37.14 billion yuan, an increase of 22.26% year-on-year [4][5]. - In Q3 2025, the company reported a revenue of 111.93 billion yuan, a year-on-year increase of 10.06%, with a net profit of 11.87 billion yuan, up 8.95% year-on-year, and a net profit after deducting non-recurring gains and losses of 10.91 billion yuan, reflecting a growth of 6.95% year-on-year [4][5]. Summary by Sections Revenue Growth - The company experienced double-digit revenue growth, with the C-end business growing by 13% and the B-end business by 18%. Notably, the new energy and industrial technology sectors grew by 21%, while smart building technology saw a growth of 25% [9]. - The OBM (Original Brand Manufacturer) strategy has shown positive results, with OBM revenue accounting for over 45% of C-end export revenue in the first three quarters of 2025 [9]. Profitability - The gross margin for the first three quarters of 2025 was 25.87%, with a slight year-on-year decrease of 0.17 percentage points. The operating profit reached 34.54 billion yuan, reflecting a year-on-year growth of 13.98%, with an operating profit margin of 9.51%, an increase of 0.01 percentage points [9]. - In Q3 2025, the gross margin improved to 26.44%, up 1.20 percentage points year-on-year, with an operating profit of 11.14 billion yuan, a significant increase of 27.76% year-on-year, and an operating profit margin of 9.95%, up 1.38 percentage points [9]. Future Outlook - The company is expected to maintain a dual focus on both C-end and B-end business development, enhancing its product variety and services while strengthening its global business layout for sustainable growth. The projected net profits for 2025, 2026, and 2027 are 44.82 billion yuan, 48.13 billion yuan, and 52.19 billion yuan, respectively, with corresponding P/E ratios of 13.07, 12.17, and 11.22 [9].