Investment Rating - The investment rating for Midea Group is maintained as "Buy" [6][43]. Core Views - Midea Group achieved a revenue of 407.15 billion yuan in 2024, representing a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 38.54 billion yuan, up 14.3% [6][13]. - The company announced a dividend payout ratio of 69.3%, exceeding expectations, and plans to implement a share repurchase program of 5 to 10 billion yuan along with a 1.33 billion yuan employee stock ownership plan [6][13]. - The growth in C-end business and steady improvement in profitability led to upward revisions in profit forecasts for 2025-2026, with new projections for 2027 [6][43]. Summary by Sections Revenue and Profitability - In 2024, Midea Group's revenue reached 407.15 billion yuan, with a net profit of 38.54 billion yuan, and a non-recurring net profit of 35.74 billion yuan [6][13]. - For Q4 2024, the company reported revenue of 88.17 billion yuan and a net profit of 6.84 billion yuan [6][13]. Business Segments - The smart home segment generated revenue of 269.53 billion yuan, growing by 9.41%, while the commercial and industrial solutions segment brought in 104.50 billion yuan, up 6.87% [7][21]. - Revenue from new energy and industrial technology increased by 20.58%, while the robotics and automation segment saw a decline of 7.58% [7][21]. Geographic and Channel Performance - Domestic revenue was 238.1 billion yuan, up 7.7%, while overseas revenue reached 169 billion yuan, growing by 12.0% [7][23]. - Online sales accounted for 21.03% of total revenue, with a growth of 10.72%, while offline sales made up 78.97% [7][23]. Profitability Metrics - The gross margin for 2024 was 26.4%, with a Q4 gross margin of 25.2% [8][27]. - The net profit margin for 2024 was 9.5%, with a Q4 net profit margin of 7.5% [8][36]. Cash Flow and Efficiency - Operating cash flow for 2024 was 60.51 billion yuan, reflecting a 4.5% increase [37][42]. - Inventory turnover days increased to 71 days, while accounts receivable turnover days were 35.8 days [37][42]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is set at 42.93 billion, 46.98 billion, and 51.00 billion yuan respectively, with corresponding EPS of 5.60, 6.13, and 6.66 yuan [6][43].

Investment Rating - The investment rating for Midea Group is "Buy" (maintained) [6][43] Core Views - Midea Group achieved a revenue of 407.15 billion yuan in 2024, representing a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 38.54 billion yuan, up 14.3% [6][13] - The company announced a dividend payout ratio of 69.3%, exceeding expectations, and plans to implement a share repurchase program of 5 to 10 billion yuan along with a 1.33 billion yuan employee stock ownership plan [6][13] - The C-end business is experiencing rapid growth, and profitability is steadily improving, leading to an upward revision of profit forecasts for 2025-2026 and the addition of a forecast for 2027 [6][43] Summary by Sections Revenue and Profitability - In Q4 2024, Midea Group reported a revenue of 88.17 billion yuan, a 9.0% increase year-on-year, and a net profit of 6.84 billion yuan, up 13.9% [6][13] - The company’s revenue from the smart home business reached 269.53 billion yuan, growing by 9.41%, while the commercial and industrial solutions segment generated 104.50 billion yuan, up 6.87% [7][21] - The gross profit margin for 2024 was 26.4%, with a net profit margin of 9.5% [27][36] Business Segmentation - Domestic revenue was 238.1 billion yuan, increasing by 7.7%, while overseas revenue reached 169 billion yuan, up 12.0% [7][23] - The smart home segment showed significant growth, while the robotics and automation segment saw a decline in revenue by 7.58% [7][21] Financial Forecasts - The projected net profits for 2025-2027 are 42.93 billion yuan, 46.98 billion yuan, and 51.00 billion yuan respectively, with corresponding EPS of 5.60 yuan, 6.13 yuan, and 6.66 yuan [6][43] - The current stock price corresponds to a P/E ratio of 14.0 for 2025, 12.8 for 2026, and 11.8 for 2027 [6][43]

Investment Rating - The investment rating for Midea Group is "Outperform the Market" [5][26]. Core Views - Midea Group achieved a revenue of 409.08 billion (+9.5%) and a net profit attributable to shareholders of 38.54 billion (+14.3%) in 2024, with a significant cash dividend plan and share buyback announcement [1][3]. - The company is experiencing strong growth in overseas markets, with a notable increase in the OBM (Original Brand Manufacturer) revenue share, which reached 43% of overseas home appliance revenue [2][3]. - Midea Group's gross margin improved by 0.7 percentage points to 26.8%, with a focus on increasing overseas expenditures to support growth [3][4]. Summary by Sections Financial Performance - In 2024, Midea Group's revenue was 409.08 billion, with a year-on-year growth of 9.5%. The net profit attributable to shareholders was 38.54 billion, reflecting a 14.3% increase. The fourth quarter revenue was 88.73 billion (+9.1%), and net profit was 6.84 billion (+13.9%) [1][4]. - The company plans to distribute a cash dividend of 35 yuan per 10 shares, resulting in a cash dividend rate of 69.3%, equating to a dividend yield of 4.6% based on the closing price on March 28 [1]. Business Segments - The smart home segment generated 269.53 billion in revenue (+9.4%), while B2B revenue reached 104.5 billion (+6.9%). Notably, the new energy and industrial technology segment saw a revenue increase of 20.6% [2]. - Domestic revenue was 238.12 billion (+7.7%), while overseas revenue was 169.03 billion (+12.0%), indicating robust international growth [2]. Profitability and Margins - The gross margin for 2024 improved to 26.8%, with the home appliance segment's gross margin increasing by 1.3 percentage points. The company also reported a net profit margin increase of 0.4 percentage points to 9.4% [3][4]. - The company is increasing its investment in sales and marketing, with the sales expense ratio rising by 0.9 percentage points to 9.5% [3]. Future Outlook - Midea Group's profit forecast for 2025-2027 has been raised, with expected net profits of 43.1 billion, 47.0 billion, and 50.8 billion, representing year-on-year growth rates of 12%, 9%, and 8% respectively [3][4].

Investment Rating - The investment rating for Haier Smart Home (600690.SH) is "Outperform the Market" [6] Core Views - The report highlights accelerated revenue growth in both domestic and international markets in the second half of the year, with Q4 showing a revenue increase of 9.9% year-on-year [1] - The company reported a total revenue of 285.98 billion with a year-on-year growth of 4.3%, and a net profit attributable to shareholders of 18.74 billion, reflecting a 12.9% increase [1][5] - The report notes that the company's profitability was slightly affected by foreign exchange losses, acquisition costs, and increased interest expenses [1] Revenue Breakdown - Domestic revenue reached 142.2 billion, growing by 3.2%, while overseas revenue increased by 5.4% to 143.8 billion [2] - Emerging markets showed strong performance, with South Asia revenue growing by 21.1% and Middle East and Africa revenue increasing by 38.2% [2] - The company’s air conditioning segment performed well, with revenue of 49.1 billion, up 7.4%, while kitchen appliances saw a decline of 1.2% [2] Profitability and Cost Management - The gross margin improved by 0.3 percentage points to 27.8%, driven by digital transformation and product upgrades domestically, and a high-end strategy overseas [3] - Operating profit for the year was 20.23 billion, a 15.8% increase year-on-year, with a net profit margin of 6.6% [3] - The report indicates a significant increase in contract liabilities, suggesting effective results from the trade-in policy [3] Financial Forecasts - The profit forecasts for 2025-2027 have been adjusted to 21.2 billion, 23.4 billion, and 25.7 billion respectively, with expected growth rates of 13%, 10%, and 10% [4] - The earnings per share (EPS) are projected to be 2.26, 2.49, and 2.74 yuan for the years 2025, 2026, and 2027 respectively [4][5] - The report maintains a price-to-earnings (PE) ratio forecast of 12, 11, and 10 for the same years [4]

Investment Rating - The investment rating for Haier Smart Home is maintained as "Buy" [5] Core Views - The company reported a revenue of 285.98 billion RMB for 2024, representing a year-on-year increase of 4.29%, and a net profit attributable to shareholders of 18.74 billion RMB, up 12.92% year-on-year [1] - The dividend payout ratio has increased to 48%, with a total dividend distribution of approximately 9 billion RMB, reflecting confidence in the company's operational capabilities [3] - The company is expected to benefit from a potential easing of interest expenses due to anticipated interest rate cuts by the Federal Reserve, alongside ongoing digital transformation efforts that are enhancing operational efficiency [3] Financial Summary - Revenue and profit forecasts for 2025 to 2027 are as follows: - Revenue: 304.32 billion RMB (2025), 322.91 billion RMB (2026), 342.38 billion RMB (2027) with growth rates of 6.41%, 6.11%, and 6.03% respectively - Net profit: 20.98 billion RMB (2025), 23.22 billion RMB (2026), 25.62 billion RMB (2027) with growth rates of 11.94%, 10.67%, and 10.37% respectively [4][10] - The company achieved a gross margin of 27.80% in 2024, with a net profit margin of 6.55% [9] Regional Performance - Domestic revenue reached 141.68 billion RMB, a year-on-year increase of 3.12%, while overseas revenue was 142.90 billion RMB, up 5.32% year-on-year, indicating resilience in operations despite a slowdown in demand in some markets [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26]. Core Views - The company achieved a revenue of 409.08 billion (+9.5%) and a net profit attributable to shareholders of 38.54 billion (+14.3%) in 2024, with a significant cash dividend plan and share buyback announcement [1][3]. - The company's home appliance business showed steady growth, with B-end business performing well in Q4, and overseas growth momentum remains strong [2][3]. - The gross margin improved, and the company increased its investment in expenses, leading to steady profit improvement [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4090.8 billion, a 9.5% increase year-on-year, and a net profit of 385.4 billion, reflecting a 14.3% growth. The Q4 revenue was 887.3 billion (+9.1%), with a net profit of 68.4 billion (+13.9%) [1][4]. - The company plans to distribute a cash dividend of 35 yuan per 10 shares, resulting in a cash dividend rate of 69.3% and a dividend yield of 4.6% based on the closing price on March 28 [1][3]. Business Segments - The smart home segment generated 2695.3 billion in revenue (+9.4%), while B-end revenue reached 1045.0 billion (+6.9%). Notably, the revenue from new energy and industrial technology increased by 20.6% [2][3]. - The company’s domestic revenue was 2381.2 billion (+7.7%), while overseas revenue grew by 12.0% to 1690.3 billion, with OBM revenue accounting for 43% of overseas appliance revenue [2][3]. Profitability and Margins - The gross margin for 2024 increased by 0.7 percentage points to 26.8%, with the appliance segment's gross margin rising by 1.3 percentage points [3][4]. - The company’s net profit margin improved by 0.4 percentage points to 9.4%, supported by a 25.1 billion increase in investment income and fair value changes [3][4]. Future Outlook - The company has raised its profit forecast, expecting net profits of 43.1 billion, 47.0 billion, and 50.8 billion for 2025-2027, representing growth rates of 12%, 9%, and 8% respectively [3][4]. - The company aims to implement cash dividends twice a year, with a minimum of 30% of the average distributable profit allocated to cash dividends [1][3].

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 30 年 月 日 美的集团（000333.SZ） 公司增长稳健，股东回报超预期 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 4090.84 亿 元，同比增长 9.47%；实现归母净利润 385.37 亿元，同比增长 14.29%。 其中，2024Q4 单季营业总收入为 887.34 亿元，同比增长 9.10%；归母净 利润为 68.38 亿元，同比增长 13.92%。 分红超预期，发布未来三年股东回报规划。2024 年现金分红预案为每 10 股派发现金 35 元（含税），分红比例 69.3%，同比大幅提升 7.67pct。 2025-2027 年每年实施两次现金分红，分红比例最低应达到 60%。 拟回购 A 股股份及将此前已回购股份注销，提升每股收益水平。拟回购 A 股股份，回购金额 50-100 亿元，回购价格不超过 100 元/股，回购数量占 公司总股本的 0.65%- 1.31%，将用于注销及实施股权激励，其中 70%及 以上将用于注销。此外，拟将剩余回购股份中的 1109 万股 A 股股份用途 变更为"用 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 30 年 月 日 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 4090.84 亿 元，同比增长 9.47%；实现归母净利润 385.37 亿元，同比增长 14.29%。 其中，2024Q4 单季营业总收入为 887.34 亿元，同比增长 9.10%；归母净 利润为 68.38 亿元，同比增长 13.92%。 分红超预期，发布未来三年股东回报规划。2024 年现金分红预案为每 10 股派发现金 35 元（含税），分红比例 69.3%，同比大幅提升 7.67pct。 2025-2027 年每年实施两次现金分红，分红比例最低应达到 60%。 拟回购 A 股股份及将此前已回购股份注销，提升每股收益水平。拟回购 A 股股份，回购金额 50-100 亿元，回购价格不超过 100 元/股，回购数量占 公司总股本的 0.65%- 1.31%，将用于注销及实施股权激励，其中 70%及 以上将用于注销。此外，拟将剩余回购股份中的 1109 万股 A 股股份用途 变更为"用于注销并减少公司注册资本"，占注销前总股本的 0.14%。 智 ...

Investment Rating - The investment rating for Midea Group is "Buy-A" with a 6-month target price of 90.40 CNY, compared to the current stock price of 76.87 CNY [6]. Core Views - Midea Group reported a revenue of 409.08 billion CNY for 2024, representing a year-over-year increase of 9.5%, and a net profit attributable to shareholders of 38.54 billion CNY, up 14.3% year-over-year [2]. - The company maintains a high-quality balance sheet, which positions it well to navigate external challenges in 2025 while continuing to achieve steady growth [2]. - Midea's overseas sales grew at a robust pace, with a year-over-year increase of 10.8% in the second half of 2024, while domestic sales benefited from national subsidies, showing a growth of 6.9% [3]. - The company is expected to enhance its overseas OBM business investments, leading to sustained growth in international revenue [3]. - Midea's Q4 2024 net profit margin increased by 0.3 percentage points year-over-year, driven by significant investment-related income [4]. - The company reported a net cash flow from operating activities of 60.51 billion CNY for 2024, which is 1.6 times its net profit attributable to shareholders [5]. Financial Summary - Midea's 2024 revenue is projected to reach 409.08 billion CNY, with net profit expected to be 38.54 billion CNY, and earnings per share (EPS) forecasted at 5.03 CNY [12]. - The company anticipates a revenue growth rate of 8.7% for 2025, with net profit growth of 11.5% [17]. - The net profit margin is expected to improve gradually, reaching 10.2% by 2027 [12]. - Midea's total assets are projected to be 577.25 billion CNY in 2025, with a debt-to-equity ratio of 134.8% [17]. - The company plans to distribute a cash dividend of 35 CNY per 10 shares for 2024, which represents 69.3% of its net profit [5].

事件：公司发布 2024 年年报。公司 2024 年实现收入 2859.8 亿 元，YoY+4.3%，实现归母净利润 187.4 亿元，YoY+12.9%；经折算， 公司 2024Q4 单季度实现收入 732.4 亿元（因口径调整，同比增长 数据暂无法计算），实现归母净利润 35.9 亿元，YoY+4.0%。公司 持续推进内生增长与外延并购，收入、利润再创历史新高，对股 东的回馈力度持续加大。在风险机遇并存的市场环境下，公司积 极应对关税风险，加速面向未来的 AI 领域布局，我们看好海尔智 家在全球家电市场实现穿越周期的增长。 Q4 国内高端业务在国补刺激下实现高速增长：在内生增长与外 延并购共同驱动下，公司收入再创新高。2024 年海尔智家国内收 入 YoY+3.2%（家电主业收入 YoY+4.9%），海外收入 YoY+5.4%。我 们估算公司 Q4 国内家电主业收入 YoY+10%+，海外业务收入 YoY+10%+（CCR 及 Kwikot Q4 贡献海外收入约 21 亿元人民币，贡 献 Q4 海外收入增速约 6pct）。国内高端业务在国补刺激下明显提 速，卡萨帝 Q4 收入增速超过 30%。分地区来看， ...