丨证券研究报告丨 公司研究丨点评报告丨美的集团（000333.SZ） [Table_Title] 收入较优增长，盈利能力提升 报告要点 [Table_Summary] 2025H1 公司实现营业收入 2511.24 亿元，同比增长 15.58%，实现归母净利润 260.14 亿元， 同比增长 25.04%，实现扣非归母净利润 262.35 亿元，同比增长 30.00%；其中，2025Q2 公 司实现营业收入 1232.85 亿元，同比增长 10.90%，实现归母净利润 135.91 亿元，同比增长 15.14%，实现扣非归母净利润 134.86 亿元，同比增长 23.22%。同时，公司发布 2025 年中期 利润分配方案，拟向全体股东每 10 股派发现金 5 元（含税），外加 6 月实施完成了回购股份注 销，2025H1 合计现金分红总额为 44.01 亿元，占归母净利润比例为 16.92%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 美的集团（ ...

Core Viewpoint - Midea Group reported a robust performance in the first half of 2025, achieving a revenue of 251.12 billion yuan, a year-on-year increase of 15.58%, despite the challenging environment of price competition in the home appliance industry [1][2]. Financial Performance - Revenue reached 251.12 billion yuan, up 15.58% from 217.27 billion yuan in the same period last year [2]. - Net profit attributable to shareholders was 26.01 billion yuan, reflecting a growth of 25.04% compared to 20.80 billion yuan [2]. - The net profit excluding non-recurring items was 26.24 billion yuan, marking a 30.00% increase from 20.18 billion yuan [2]. - Operating cash flow was 37.28 billion yuan, an increase of 11.33% from 33.49 billion yuan [2]. - Basic earnings per share rose to 3.41 yuan, a 12.91% increase from 3.02 yuan [2]. Business Segments - The smart home business generated revenue of 167.20 billion yuan, accounting for 66.58% of total revenue, with a year-on-year increase of 13.31% [3][8]. - The ToB (business-to-business) segment, focusing on commercial and industrial solutions, achieved revenue of 64.54 billion yuan, representing 25.70% of total revenue, with a growth of 20.79% [7][8]. - The new energy and industrial technology sectors saw revenue growth rates of 28.61% and 24.18%, respectively [7][9]. International Expansion - Midea's overseas revenue reached 107.19 billion yuan, a 17.70% increase from 91.08 billion yuan, constituting 42.69% of total revenue [2][8]. - The company expanded its manufacturing capabilities in Thailand and Indonesia, with a total of 63 manufacturing bases globally, 41 of which are located overseas [4]. - Midea's overseas e-commerce sales increased by 30%, with some regions exceeding 50% growth [6]. Strategic Initiatives - Midea is focusing on direct-to-consumer (DTC) strategies, enhancing inventory turnover rates by 10% and achieving a stock fulfillment rate of over 93% [3]. - The company has integrated over 20,000 stores with platforms like Meituan and Douyin, contributing to over 200,000 orders in the first half of the year [3]. - Midea's acquisition of the European kitchen appliance brand TEKA is part of its strategy to deepen its market presence in Europe [4]. Future Outlook - The company aims to continue its transformation towards commercial and industrial solutions, which are currently experiencing rapid growth [12]. - Midea's management emphasizes efficiency improvements and value chain enhancements as key strategies to navigate the competitive landscape of the home appliance market [11].

（原标题：大比拼！A股家电三巨头，美的领衔、海尔居中、格力掉队） 【导读】A股家电三巨头业绩分化明显，美的领衔、海尔居中、格力掉队 中国基金报记者 邱德坤 8月29日晚间，美的集团交出的"成绩单"显示，2025年上半年营业收入同比增长15.58%至2511.24亿元，归母净利润同比增长25.04%至260.14亿 元。 至此，A股家电三巨头的最新业绩均已公布。2025年上半年，海尔智家的业绩也实现同比两位数增长，但格力电器在此次业绩比拼中掉队。 2025年上半年，格力电器的营业收入同比下降2.46%至973.25亿元，归母净利润同比增长1.95%至144.12亿元。 同时，格力电器作为此前的"分红大户"，宣布"公司计划不派发现金红利，不送红股，不以公积金转增股本"。 仅以国内空调行业为例，2025年上半年消费需求得以释放，市场呈现量额齐升的积极态势。 据奥维云网数据，2025年上半年，国内空调市场零售额同比增长12.4%至1263亿元，主要得益于"政策红利、价格激战、高温助力"等三重因素刺 激。 三巨头对决家电主业 格力明显掉队 在A股家电三巨头中，美的集团、格力电器持续开拓业务边界，但家电业务仍是其营业收入 ...

Core Viewpoint - Midea Group demonstrates robust performance with a strong focus on both B-end and C-end business growth, leading to a "buy" rating from Guojin Securities [1][6] Financial Performance - For Q2 2025, Midea Group reported revenue of 123.9 billion, a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 13.59 billion, up 15.1% year-on-year [2] C-end Business Analysis - The C-end segment shows accelerated growth with a focus on high-end domestic sales and an increase in overseas OBM (Original Brand Manufacturer) share, achieving a revenue of 167.2 billion in the smart home business for H1 2025, a 13.31% increase year-on-year [3] - The retail sales of Colmo and Toshiba brands surged over 60% year-on-year, with nearly 1,700 Colmo stores established across more than 280 cities by June 2025 [3] B-end Business Analysis - The B-end segment continues to deepen its layout with a revenue of 64.54 billion in H1 2025, reflecting a 20.8% year-on-year growth, and accounting for 25.7% of total revenue, an increase of over 1 percentage point [4] - Key areas such as new energy and industrial technology saw a revenue increase of 28.6%, maintaining a leading position in air conditioning compressor global market share [4] - The smart building technology segment grew by 24.2%, significantly outperforming the industry average, while robotics and automation revenue increased by 8.3% [4] Profitability and Cash Flow - Midea Group's Q2 2025 gross margin was 26.2%, slightly down by 0.4% year-on-year, influenced by business structure and domestic pricing strategies [4] - Operating cash flow for Q2 2025 was 22.96 billion, a 17% increase year-on-year, indicating strong liquidity with contract liabilities at 38.65 billion [5] Profit Forecast and Valuation - The company is expected to achieve net profits of 43.0 billion, 47.86 billion, and 52.73 billion for the years 2025 to 2027, representing year-on-year growth rates of 11.6%, 11.3%, and 10.2% respectively [6] - The current stock price corresponds to a PE valuation of 13.2, 11.8, and 10.7 times for the years 2025, 2026, and 2027 [6]

近日，赵磊接任王建国担任美的智能家居事业群总裁。 在价格端，厂商价格战激烈，行业均价明显下探，中高端需求承压，其中线上市场的 2200元以下的价 格段销售份额提升至35.2%，而2200-3000元的中端价格段份额则快速收窄。 或受此影响，美的上半年虽然营收增长，但其智能家居业务毛利率为28.52%，同比下滑0.84个百分点。 商业及工业解决方案业务毛利率为21.25%，同比下滑0.81个百分点。 分地区来看，上半年其国内业务营收1439.31亿元，同比增长14.05%；海外业务营收1071.93亿元，同比 增长17.7%。 与此同时，美的发布聘任执行总裁的公告。由总裁提名，聘任王建国为美的执行总裁，不再担任副总 裁。 29日夜间，美的集团（000333）发布最新的2025半年报，营收、归母净利双增。 上半年，其营业收入2511.24亿元，同比增长15.58%；归母净利润260.14亿元，同比增长25.04%。 分业务来看，上半年美的智能家居业务营收1672.01亿元，同比增长13.31%；商业及工业解决方案业务 营收645.39亿元，同比增长20.79%。 奥维云网推总数据显示，上半年，国内空调市场零售额1 ...