Midea Group(SZ:000333) 光大证券研究·2025-03-17 09:06Group 1 - The core viewpoint of the article highlights the effectiveness of the old-for-new policy in promoting domestic sales and the resilience of overseas growth for the home appliance industry, particularly for Midea [2][3] Group 2 - Domestic business: The old-for-new policy in the second half of 2024 has shown significant results, benefiting the domestic home appliance industry and leading companies. Midea's air conditioning domestic sales in Q4 2024 increased by 24% year-on-year, while the cumulative year-on-year change for Q1-Q3 2024 was -2%. The continuation of this policy is expected to drive sustained growth in domestic C-end business in 2025 [2] - Overseas business: Midea's air conditioning exports in Q4 2024 increased by 38% year-on-year, with a cumulative year-on-year change of +31% for Q1-Q3 2024. The company is committed to its overseas OBM strategy and continues to expand in emerging markets, anticipating steady growth in overseas C-end business in 2025 [2] Group 3 - B-end business: The overall revenue of Midea's B-end business across three major divisions increased by 5% year-on-year in Q1-Q3 2024. The revenue growth rates for the new energy and industrial technology, smart building technology, and robotics and automation sectors were +19%, +6%, and -9% respectively. The robotics and automation sector showed significant improvement in H2 2024, with an estimated annual revenue decline of 4%, and Q4 2024 revenue expected to increase by 12% year-on-year [3]