雪球·2025-05-03 02:28Core Viewpoint - The article analyzes the performance of the three major home appliance companies (Midea Group, Gree Electric Appliances, and Haier Smart Home) in Q1 2025, highlighting their differentiated growth paths amid global trade fluctuations and consumer diversification. Midea Group - Revenue and Profit: In Q1 2025, Midea Group reported revenue of 128.4 billion, a year-on-year increase of 20.61%, and a net profit of 12.422 billion, up 38.02% year-on-year. The net profit excluding non-recurring items was 12.750 billion, also up 38.03% year-on-year [1][2]. - Business Analysis: Midea's robot and automation business generated revenue of 27.175 billion in 2024, growing by 16.2% year-on-year. The HVAC business achieved revenue of 96.323 billion in 2024, with a year-on-year growth of 8.8%. R&D investment in Q1 2025 was 4.831 billion, accounting for 3.78% of revenue [2][3]. - Market Performance: In January-February 2025, Midea's air conditioning sales volume increased by 5.1% year-on-year, with exports rising by 26.5%. The overall sales growth was 17.3% year-on-year [3]. Gree Electric Appliances - Revenue and Profit: Gree Electric Appliances achieved revenue of 41.64 billion in Q1 2025, a year-on-year increase of 13.78%, with a net profit of 5.904 billion, up 26.29% year-on-year. The net profit excluding non-recurring items was 5.717 billion, also up 26.34% year-on-year [3][4]. - Business Analysis: The air conditioning business accounted for 78% of Gree's revenue in 2024. In January-February 2025, Gree's air conditioning sales volume increased by 2.9% year-on-year, with exports up 28.5% [4]. - Market Performance: Gree holds a significant market share in the air conditioning sector, benefiting from strong brand influence, but its reliance on a single business line poses risks [4]. Haier Smart Home - Revenue and Profit: In Q1 2025, Haier reported revenue of 79.118 billion, a year-on-year increase of 10.06%, and a net profit of 5.487 billion, up 15.09% year-on-year. The net profit excluding non-recurring items was 5.364 billion, growing by 15.61% year-on-year [5][6]. - Business Analysis: In 2024, Haier's global revenue reached 285.981 billion, with a year-on-year growth of 4.29%. In January-February 2025, the combined sales of air conditioning increased by 17.9% year-on-year [6]. - Market Performance: Haier leads in market share for refrigerators and washing machines, with strong competitiveness in overseas markets, supported by a global layout and multi-brand strategy [6]. Performance Comparison - Midea Group leads in both revenue scale and net profit, with a significantly higher net profit growth rate compared to the other two companies, indicating strong overall business development and profitability [6]. - Gree Electric Appliances shows a higher net profit growth than revenue growth, reflecting effective cost control, but its smaller revenue scale and high dependency on air conditioning limit its risk resilience [6]. - Haier Smart Home's performance growth is relatively stable, with strong market share in home appliances, but its revenue scale and net profit growth are slightly lower than Midea Group [6]. Best Performance and Investment Value Analysis - Midea Group stands out in revenue, profit, and growth rate, showcasing clear advantages from scale effects and a diversified strategy [7]. - Gree Electric Appliances benefits from policy incentives and high dividends, providing stable profitability, but its single business risk remains a concern. Future diversification efforts may enhance its growth potential [9]. - Haier Smart Home's increasing penetration in smart home products and high-end brand growth contribute to its profitability and market competitiveness, with a promising outlook in the context of consumer upgrades and global expansion [10].