天眼查资料显示，美的集团股份有限公司成立于 2000年04月07日，是一家以从事通用设备制造业为主 的企业。截至2025年09月30日，美的集团股东户数308748户，较上次增加31510户，户均持股市值 192.32万元，户均持股数量2.46万股。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9685，近一年增长64.70%。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 2025年12月31日，美的集团披露接待调研公告，公司于12月31日接待睿远基金、华创证券、长江养老保 险、银河证券、中信里昂证券、兴业证券等20家机构调研。 美的集团（000333）最新股价为78.15元，较前一交易日收盘价下跌0.70元，跌幅为0.89%，总市值 5937.76亿元。从行业市盈率来看，美的集团所处的家电行业行业滚动市盈率平均30.26倍，行业中值 30.21倍，美的集团13.28倍排名第13位。 调研情况显示，美的集团在应对汇率 ...

1 / 3 | 这几年，智能建筑科技板块开拓了多元化的客户群体，包 | | --- | | 括数据中心、医疗卫生、工业园区、轨道交通、高端酒店、商 | | 业地产、科教文体、农林牧渔、采暖供暖等。同时，公司也在 | | 不同的区域，开拓了多类型的客户。 | | 上半年，据产业在线数据显示，公司商用多联机 2025 | | （VRF）的国内市场销售额占比超过 28%，继续稳居行业第一； | | 据艾肯网报告显示，公司离心机组市场销售额占比超过 15%， | | 位居行业第一；公司离心机发货量同比增长超 65%，其中磁悬 | | 浮离心机发货量同比超过 130%。 | | 在国内，公司今年 5 月份为中国电信粤港澳大湾区首个大 | | 规模全液冷智能算力数据中心提供高压变频离心式冷水机组。 | | 在海外，公司为马来西亚吉隆坡时代广场提供高效冷水机组+ | | 控制系统；为新加坡登加镇二期组屋提供高效集成冷站解决方 | | 案；为蓝思科技越南制造基地提供高效机房解决方案；为国轩 | | 高科芝加哥工厂提供磁悬浮离心机；为富士康墨西哥芯片工厂 | | 提供高效稳定的温控解决方案；为巴西 MRV 体育馆提供一站 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 90.72 RMB [7]. Core Insights - The company reported a total revenue of 364.716 billion RMB for the first nine months of 2025, representing a year-on-year increase of 13.85%, and a net profit attributable to shareholders of 37.883 billion RMB, up 19.51% year-on-year [1][5]. - The strategic upgrade focuses on "technology leadership, direct user access, digital intelligence, and global expansion," enhancing its competitive position in traditional home appliance sectors while expanding into new markets [1][5]. - The company is expected to benefit from improved tariff conditions and is positioned as a long-term quality investment target [1]. Revenue Performance - In Q3 2025, total revenue increased by 9.94% year-on-year, while net profit rose by 8.95% [1][21]. - The company’s air conditioning sales showed a decline in both domestic and international markets, with domestic sales down 9.3% and international sales down 14.4% [2]. - The company is actively enhancing its overseas production capacity to mitigate tax impacts from tariffs [2]. Business Segment Growth - The ToB business segment has shown strong growth momentum, with revenues from new energy and industrial technology reaching 30.6 billion RMB, up 21% year-on-year [3]. - Smart building technology revenue was 28.1 billion RMB, reflecting a 25% increase year-on-year, supported by contributions from ARBONIA climate and Toshiba elevators [3]. - Robotics and automation revenue reached 22.6 billion RMB, with a year-on-year growth of 9% [3]. Profitability Metrics - The gross margin for the first nine months of 2025 was 26.21%, a slight decrease of 0.15 percentage points year-on-year, but Q3 2025 saw a gross margin increase of 1.11 percentage points [4]. - The overall expense ratio decreased by 1.17 percentage points year-on-year, with management and financial expense ratios also showing improvements [4]. Future Earnings Forecast - The company is projected to achieve net profits of 44.87 billion RMB, 49.80 billion RMB, and 55.07 billion RMB for the years 2025 to 2027, respectively, with corresponding EPS of 5.84, 6.48, and 7.17 RMB [5][31]. - The expected average PE ratio for the industry in 2026 is 14x, indicating a favorable valuation compared to the company's projected performance [5][32]. Revenue Growth Projections - Total revenue is expected to reach 453.0 billion RMB in 2025, with a year-on-year growth of 10.7%, and further growth projected at 8.1% and 7.3% for 2026 and 2027, respectively [26]. - The smart home business is anticipated to remain a core profit contributor, with revenue growth driven by domestic demand and international market penetration [20][26].