Midea Group(SZ:000333) 光大证券研究·2025-04-09 08:40Core Viewpoint - The company reported a total revenue of 409.1 billion yuan for 2024, reflecting a year-on-year increase of 9%, with net profit attributable to shareholders reaching 38.5 billion yuan, up 14% year-on-year [2] Group 1: Financial Performance - In Q4 2024, the company achieved revenue of 88.7 billion yuan, a 9% increase year-on-year, with net profit attributable to shareholders at 6.8 billion yuan, also up 14% year-on-year [2] - The profit distribution plan for 2024 includes a cash dividend of 35 yuan per 10 shares, totaling 26.7 billion yuan, resulting in a cash dividend ratio of 69.3% [2] - The company plans to repurchase shares worth 5 to 10 billion yuan, with over 70% intended for cancellation and reduction of registered capital [2] Group 2: Business Segmentation - Domestic revenue grew by 8% year-on-year, while overseas revenue increased by 12%, indicating stable growth in domestic operations and faster growth in international markets [3] - C-end and B-end businesses grew by 9% and 7% respectively, with household air conditioning sales remaining stable domestically while experiencing a 33% increase in exports [3] - The B-end segment showed strong performance, with revenues from new energy and industrial technology, smart building technology, and robotics and automation reaching 33.6 billion, 28.5 billion, and 28.7 billion yuan, respectively, with year-on-year growth rates of 21%, 10%, and -8% [3] Group 3: Profitability Metrics - The company's gross margin for 2024 was 26.4%, showing a slight decrease of 0.1 percentage points year-on-year, indicating stable gross profitability [4] - The net profit margin increased to 9.5%, up 0.4 percentage points year-on-year, reflecting improved profitability [4] - Operating cash flow for 2024 was 60.5 billion yuan, a 5% increase year-on-year, indicating strong cash generation capabilities [4]