证券代码： 301008 证券简称：宏昌科技 | | 张海波 九鼎投资 | | --- | --- | | 张 | 宁 大岩资本 | | | 徐诺旭 湘财基金 | | 白 | 如 民生证券 | | | 陆浩然 惠升基金 | | | 王亚琪 上海证券 | | | 朱全洪 中财华楷 | | 时间 | 2025 年 11 月 19 日 | | 地点 | 公司五楼会议室 | | 上市公司接待人 | 1、副总经理、董事会秘书：佘砚 | | 员姓名 | | | | 本次投资者交流活动分为三个环节： | | | 1、董事会秘书佘砚先生介绍公司基本情况； | | | 2、投资者交流互动； | | | 3、参观车间和样品间。 | | | 主要问题如下： | | | 1、2024 年、2025 年 1-9 月公司净利率呈现下滑趋势，具体 | | | 原因是什么？ | | | 主要受如下几个原因影响：可转债的计提费用、股权激励产 | | 投资者关系活动 主要内容介绍 | 生的股份支付费用、新项目转固后折旧增加、以及汽车零部件项 | | | 目目前尚未达到盈亏平衡，以及核心原材料铜价上涨等多方面原 | | | 因对公司净利润产生较大 ...

Core Viewpoint - Midea Group reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust business momentum and potential for future growth [1][2] Financial Performance - Revenue for the first three quarters of 2025 reached approximately 363.06 billion yuan, representing a year-on-year increase of 13.82% [1] - Net profit attributable to shareholders was around 37.88 billion yuan, showing a year-on-year growth of 19.51% [1] - Basic earnings per share stood at 4.98 yuan [1] Business Segments - The ToB (Business-to-Business) segment saw a revenue increase of 20% year-on-year, accounting for 45% of overseas business revenue [1] - ToC (Business-to-Consumer) revenue grew by 13% year-on-year, while ToB revenue increased by 18% year-on-year [2] - Key B-end industries such as new energy and industrial technology, smart building technology, and robotics and automation experienced year-on-year growth rates of 21%, 25%, and 9% respectively [2] Market Dynamics - The company is focusing on expanding its OBM (Own Brand Manufacturing) business, which has surpassed 45% of overseas revenue [2] - The domestic air conditioning retail price increased by 6% year-on-year, indicating a recovery in pricing after a competitive phase [2] - The company is leveraging its diversified business layout to create multiple growth curves amid a slowdown in the home appliance sector [2]

Core Insights - Midea Group's stock rose over 4% following the announcement of its Q1-Q3 2025 performance, with revenue reaching approximately 363.06 billion yuan, a year-on-year increase of 13.82%, and net profit of about 37.88 billion yuan, up 19.51% [1][2] - The company maintains a positive outlook due to its first-mover advantage in ToB (business-to-business) operations and strong growth potential in overseas markets [1] - The OBM (original brand manufacturer) revenue grew by 20% year-on-year, accounting for 45% of overseas business revenue, with expectations of a 15% growth in 2026 [1] Financial Performance - For Q1-Q3 2025, Midea's ToC (business-to-consumer) and ToB revenues increased by 13% and 18% respectively [2] - The B-end industries, including new energy and industrial technology, smart building technology, and robotics and automation, saw year-on-year growth rates of 21%, 25%, and 9% respectively [2] - The average retail price of air conditioners in the domestic market increased by 6% year-on-year, indicating a recovery in pricing after a competitive phase [2] Business Strategy - Midea's diversified layout has supported its performance during a downturn in the home appliance sector, creating multiple growth trajectories [2] - The company is focusing on expanding its overseas market presence with its own brands, with OBM business accounting for over 45% of its overseas revenue [2] - The growth of ToB business is expected to outpace ToC business, driven by the expansion of AI-supported energy and robotics solutions, as well as increased attention to high-growth sectors like advanced manufacturing and data centers [1]

Core Viewpoint - Midea Group's Q3 performance exceeded expectations, driven by strong growth in overseas and ToB (business-to-business) operations, supported by two completed acquisitions [1] Financial Performance - Midea Group's A-share target price has been raised by 4%, from 85.6 RMB to 88.7 RMB, based on a projected P/E ratio of 14 times for 2026 [1] - Earnings forecasts for Midea Group have been increased by 3% and 2% for the next two years, reflecting better revenue growth and profit margin performance [1] Business Growth Drivers - The completed acquisitions of Toshiba Elevator and Arbonia Climate are identified as key growth engines for the group [1] - The company is expected to benefit from the ongoing penetration of its own brand (OBM), enhancing growth visibility [1] Market Outlook - The fourth quarter is anticipated to see further growth driven by the "trade-in" program [1]

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].

Core Viewpoint - Midea Group reported a double-digit growth in revenue for the first three quarters of the year, but the net profit growth in the third quarter showed signs of slowing down due to pressures in the domestic home appliance market from policy adjustments [2][4]. Financial Performance - For the first three quarters of 2023, Midea Group's revenue increased by 13.82% year-on-year to 363.57 billion yuan, and the net profit attributable to shareholders rose by 19.51% to 37.88 billion yuan [2]. - In the third quarter alone, revenue grew by 10.06% year-on-year to 111.93 billion yuan, while net profit increased by 8.95% to 11.87 billion yuan, indicating a slowdown in profit growth [2]. Management Changes - Midea Group announced the resignation of its former Vice President Berlin, who was the President of the China region, with Wang Chunkai taking over his position [3]. - The organizational structure of Midea's domestic marketing system has been further optimized following these changes [3]. Industry Context - The domestic home appliance market faced challenges in the third quarter due to adjustments in national subsidy policies, affecting not only Midea but also other companies like Hisense and TCL [4]. - Hisense reported a revenue growth of only 1.35% to 71.53 billion yuan for the first three quarters, with a net profit increase of 0.67% to 2.81 billion yuan [4]. - TCL's global TV shipment volume increased by 5.3% to 21.08 million units, but its domestic market experienced a decline of 4.1% [4]. Business Strategy - Midea Group's faster growth compared to competitors is attributed to its focus on expanding ToB (business-to-business) and overseas operations, with ToB revenue increasing by 18% year-on-year [5]. - Specific segments such as new energy and industrial technology, smart building technology, and robotics saw revenue growth of 21%, 25%, and 9% respectively [5]. - Midea's overseas revenue from its own brand accounted for over 45% of its ToC (business-to-consumer) business in the first nine months of the year [5].

Core Insights - Midea Group reported a double-digit growth in revenue for the first three quarters of the year, but the net profit growth in the third quarter showed signs of slowing down [2] - The domestic home appliance market faced pressure in the third quarter due to adjustments in national subsidy policies, affecting not only Midea but also other companies like Hisense and TCL [3] Financial Performance - For the first three quarters of 2023, Midea Group's revenue increased by 13.82% year-on-year to 363.057 billion yuan, while the net profit attributable to shareholders rose by 19.51% to 37.883 billion yuan [2] - In the third quarter alone, Midea's revenue grew by 10.06% year-on-year to 111.933 billion yuan, and the net profit increased by 8.95% to 11.87 billion yuan, indicating a slowdown in profit growth [2] Management Changes - Midea Group announced the resignation of its Vice President Berlin, who was previously the President of the China region. He will continue to hold other positions within the company [2] - Wang Chunkai has been appointed as the new President of Midea's China region, while Yin Xianhe will take over as the domestic marketing general manager for the washing machine division [2] Market Context - The domestic home appliance market's growth in the third quarter was constrained by the adjustment of national subsidy policies, impacting major players like Hisense and TCL as well [3] - Hisense reported a revenue growth of only 1.35% to 71.533 billion yuan for the first three quarters, with a net profit increase of 0.67% to 2.812 billion yuan, and a decline in net profit in the third quarter [4] - TCL's global TV shipments increased by 5.3% to 21.08 million units, but its domestic shipments fell by 4.1% [4] Strategic Developments - Midea Group's growth is attributed to its focus on expanding its ToB (business-to-business) and overseas operations, with ToB revenue increasing by 18% year-on-year [4] - The company reported significant growth in specific sectors, including new energy and industrial technology, with revenues of 30.6 billion yuan and 28.1 billion yuan respectively [4]

Group 1 - The article highlights the entrepreneurial journey of Grace, who transitioned from a television channel employee to a successful cross-border e-commerce seller on Amazon, achieving over 10 million in sales within four years with a small team and initial investment of 60,000 yuan [1][12][14] - Grace's main product focus shifted to industrial products, specifically steel wire ropes, which allowed for larger order quantities and better cost distribution compared to consumer goods [14][30] - The article emphasizes the importance of customer feedback in product development, showcasing how Grace adapted her offerings based on market demands and customer interactions [21][22][24] Group 2 - Grace's strategy included a "ToB" (business-to-business) approach, where she successfully transitioned from small orders to larger B2B transactions, starting with an initial order of 30 steel wire ropes [32][33] - The implementation of the BPQD (Business Pricing and Quantity Discounts) tool allowed Grace to set tiered pricing, enhancing her ability to attract both small and large orders, leading to a significant increase in B2B sales from under 10% to over 14% of total sales [33][34] - The article discusses the introduction of the IBA (Invoice Based Accounting) feature on Amazon, which simplifies invoicing for business buyers and has been shown to increase B2B sales by nearly 10% for sellers who adopt it [44][47]

Core Viewpoint - The chairman of Midea Group, Fang Hongbo, emphasized that the home appliance industry is highly competitive and likened the competition with Xiaomi to a "war of attrition," where regardless of the victor, it results in significant resource consumption [1][3]. Group 1: Competition with Xiaomi - Fang Hongbo stated that while he tactically respects Xiaomi, he does not fear its entry strategically, as the home appliance industry has low barriers to entry but is intensely competitive [2][3]. - Midea has conducted extensive research on Xiaomi, totaling over 100,000 words, indicating a proactive approach to understanding its competitor [2]. - The home appliance sector is characterized by fixed strategies, and efficiency improvements are limited, making it a challenging environment for new entrants [3]. Group 2: Business Growth and Strategy - Midea aims to slow down the lifecycle of its home appliance business while simultaneously growing its ToB (business-to-business) segment, hoping for a relay-like growth between the two [1][6]. - The company reported a 50% year-on-year increase in air conditioning installation in May, reflecting strong market performance [3]. - Midea's overseas market potential is significant, with the global home appliance market estimated at nearly 4 trillion RMB, while Midea's overseas revenue is currently under 200 billion RMB [4]. Group 3: Impact of Tariff Fluctuations - Despite recent fluctuations in tariffs, Midea's orders from the U.S. are expected to grow, with a 6% contribution to overall revenue from U.S. exports [5]. - The company has established a robust regional supply chain with 23 factories overseas, allowing it to adapt to changing policies and maintain competitiveness [5]. Group 4: Future Business Directions - Midea's ToB business is projected to exceed 100 billion RMB in revenue for the first time in 2024, indicating a strong growth trajectory [6]. - The company is also exploring opportunities in the medical equipment sector, reflecting a strategic diversification of its business portfolio [6]. - Fang Hongbo indicated that Midea plans to increase its dividend payouts in the future, signaling confidence in its financial health [6].

Core Insights - The home appliance industry is highly competitive, described as a "red ocean," with limited growth potential and efficiency improvements [3] - Midea Group is focusing on extending the lifecycle of its consumer appliance (To C) business while developing its business-to-business (To B) segment as a second growth curve [3] - Midea's chairman, Fang Hongbo, stated that the entry of new players like Xiaomi into the home appliance market is strategically flawed [3] Group 1: Market Competition and Strategy - Midea's chairman emphasized that the home appliance industry has low entry barriers and has undergone multiple rounds of competition, making it a challenging environment for new entrants [3] - Despite the competitive landscape, Midea aims to maintain its market share by transforming its direct-to-consumer model and expanding its overseas operations [3] - The company has not established a significant competitive moat, according to Fang Hongbo, but is working to enhance its business model [3] Group 2: Financial Performance and Market Trends - Midea's revenue from the U.S. market accounts for 6% of its total revenue for 2024, with plans to increase production outside of China to mitigate tariff impacts [4] - The company reported a significant increase in domestic air conditioning sales, with installation volumes growing over 50% year-on-year in May [4] - The introduction of entry-level products has contributed to Midea's market share growth, despite some declines in categories like dishwashers [4] Group 3: Business Development and Future Prospects - Midea is optimistic about the medical sector and has been exploring this field for over a decade, focusing on diagnostic equipment through its acquisition of Wandong Medical [5] - The company is also investing in robotics, having acquired KUKA Group, and is researching the potential for household robots [5] - Midea plans to enhance its dividend distribution in 2024, indicating a commitment to returning value to shareholders [6]