Core Viewpoint - The report from Morgan Stanley expresses optimism about Midea's dual-engine strategy, which focuses on home appliances and the To-B segment, identifying the company as a defensive quality enterprise with growth potential [1] Group 1: Company Strategy - Midea's dual-engine strategy combines home appliances and the To-B market, which is viewed positively by analysts [1] - The company is recognized for its diversified global supply chain and strong bargaining power with customers, which helps mitigate risks associated with potential tariff increases from the U.S. [1] Group 2: Financial Outlook - Morgan Stanley initiates coverage of Midea's H-shares with a "Buy" rating and sets a target price of HKD 92 [1] - The firm forecasts a compound annual growth rate (CAGR) for revenue and profit of 7% and 10%, respectively, from 2024 to 2026, indicating strong earnings visibility despite global macro uncertainties [1]

Core Viewpoint - The report from Morgan Stanley expresses optimism about Midea's dual-engine strategy, which focuses on home appliances and the To-B segment, considering the company a defensive quality enterprise with growth potential and attractive valuation, initiating coverage of Midea's H-shares with an "Overweight" rating and a target price of HKD 92 [1] Group 1 - Midea's diversified global supply chain and strong customer bargaining power mitigate the downside risk of potential U.S. tariff increases [1] - Despite high global macro uncertainty, Midea's earnings visibility is considered high, with projected revenue and profit compound annual growth rates of 7% and 10% respectively from 2024 to 2026 [1]