ToB成长兑现，海外布局加速

Investment Rating - The report initiates coverage on Midea Group with a "Buy" rating [2][10] Core Views - Midea Group demonstrates strong resilience and steady growth despite external volatility, with 23Q1-3 revenue reaching 2911.1 billion yuan, up 7.7% YoY, and non-GAAP net profit attributable to shareholders of 268.4 billion yuan, up 11.5% YoY [1][8] - The company's ToC high-end brands (Toshiba + COLMO) and ToB businesses are growing rapidly, with ToC retail revenue exceeding 8.6 billion yuan in 23Q1-3, up 21% YoY, and ToB businesses (smart building technology, new energy & industrial technology, robotics & automation) generating revenues of 21.2 billion, 21.3 billion, and 22.9 billion yuan respectively, up 19%, 25%, and 17% YoY [1][9] - Midea plans to list on the Hong Kong Stock Exchange to accelerate global expansion, with overseas revenue accounting for 41.3% and 40.7% of total revenue in 2022 and 23H1 respectively [1][9] Financial Performance & Projections - Revenue for 2023-2025 is projected at 3773.81, 4066.14, and 4348.58 billion yuan, with YoY growth rates of 9.2%, 7.7%, and 6.9% respectively [2][10] - Net profit attributable to shareholders for 2023-2025 is estimated at 338.12, 376.43, and 409.73 billion yuan, with YoY growth rates of 14.4%, 11.3%, and 8.8% respectively [2][10] - The company's gross margin is expected to improve from 24.2% in 2022 to 25.8% in 2025, while ROE is projected to decline from 20.7% in 2022 to 17.1% in 2025 [3][10] Business Segments & Strategy - Midea's dual high-end brand strategy (Toshiba + COLMO) is driving product upgrades, while its ToB businesses are delivering on growth expectations [1][9] - The company's overseas revenue growth accelerated in 23H1 and 23Q1-3, with YoY increases of 3.3% and 4.7% respectively [1][9] - The proposed H-share listing aims to enhance global R&D capabilities, expand production capacity and supply chain, and improve overseas sales networks [1][9]