业绩超预期，经营高质量

Investment Rating - The report maintains a "Buy" rating for Midea Group with a target price of 82.07 CNY, based on a current price of 69.78 CNY [5]. Core Insights - Midea Group's Q1 2024 performance exceeded expectations, with revenue of 106.1 billion CNY, a year-on-year increase of 10.22%, and a net profit attributable to shareholders of 9 billion CNY, up 11.91% year-on-year [3][4]. - The company demonstrated strong growth in both consumer and B2B segments, with notable increases in smart home products and overseas sales [3][4]. - The gross margin improved to 27.32%, a 3.28 percentage point increase year-on-year, reflecting a favorable product mix and cost management [4][7]. Financial Data Summary - Revenue projections for Midea Group are as follows: 398.2 billion CNY in 2024E, 422.9 billion CNY in 2025E, and 449.8 billion CNY in 2026E, with growth rates of 7.03%, 6.21%, and 6.35% respectively [5][8]. - The net profit attributable to shareholders is expected to reach 38.1 billion CNY in 2024E, 42.3 billion CNY in 2025E, and 46.5 billion CNY in 2026E, with growth rates of 13.12%, 10.90%, and 9.91% respectively [5][8]. - The company's earnings per share (EPS) is projected to be 5.47 CNY in 2024E, 6.07 CNY in 2025E, and 6.67 CNY in 2026E [5][8]. Operational Performance - Midea Group's cash flow from operations reached 13.9 billion CNY in Q1 2024, a 50% increase year-on-year, indicating strong operational efficiency [4][8]. - The company reported a record high in contract liabilities at 37.6 billion CNY at the end of Q1 2024, reflecting robust future revenue potential [4][8]. - The company’s asset-liability ratio stands at 63.08%, indicating a stable financial structure [1].