公司报告 | 季报点评 美的集团（000333） 证券研究报告 营收业绩大超预期，家电&To B 业务高增 事件：25Q1 公司实现营业收入 1278.4 亿元，同比+20.49%；归母净利润为 124.2 亿元，同比增长 38.02%；扣非归母净利润 127.5 亿元，同比+38.03%。 点评： 家电出口驱动增长，ToB 业务趋势向好。To B 业务方面，25Q1 新能源及工 业技术收入 111 亿元，同比+45%（24 年同比+21%）；智能建筑科技收入 99 亿元，同比+20%（24 年同比+10%）；机器人与自动化收入 73 亿元，同比 +9%（24 年同比-8%），从趋势上看今年以来各业务均向好发展，且全年维 度改善趋势有望兑现。结合 To B 业务收入及增速估算可得，公司 25Q1 家 电业务收入同比实现近 20%增长，我们预计主要为海外业务贡献。 汇兑收益增厚业绩，归母净利率持续改善。公司 25Q1 毛利率 25.4%，同比 -1.1pct，展望后续内部提效+AI 应用带动下盈利改善具备持续动能。费用端， 公司 25Q1 销售/管理/研发/财务费用率分别为 9.3%/2.8%/3.4%/-2. ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 30 日 [Table_Title] 盈利能力稳步提升，Q1 业绩表现亮眼 [Table_Title2] 美的集团(000333) [Table_Summary] 事件概述 根据公告： 24 全年：营收收入实现 4091 亿元（YOY+9.5%），归母净利润 实现 385 亿元（YOY+14%），扣非归母净利润实现 357 亿元 （YOY+8.4%） 25Q1：营业总收入 1284 亿元（YOY+21%），归母 124 亿元 （YOY+38%），扣非后 127 亿元（YOY+38%）。 分析判断: ► 收入分业务： 24 全年： 25 年 Q1 分业务： （ 1 ）智能家居及其他（经 营业收入 倒算） 995 亿 元 （YOY+19%），其中智能家居同比 17%；COLMO 和东芝双高端品 牌的整体零售额同比增长超 55%； （2）新能源及工业技术 111 亿元（YOY+45%）； （3）智能建筑科技 99 亿元（YOY+20%），25Q1 完成对欧洲 Arbonia 的气候部门业务、东芝电梯中国控股权的收购； （4）机器人与自动化 ...

Core Insights - Midea Group reported a strong performance in Q1 2025, achieving a revenue of 128.4 billion yuan, a year-on-year increase of 20.6%, and a net profit of 12.75 billion yuan, up 41.1% [1][4] - The company aims to focus on both growth and efficiency, setting a positive tone for the year ahead [4] Financial Performance - In Q1 2025, Midea Group's operating cash flow reached 14.32 billion yuan, a 2.81% increase year-on-year; the net profit attributable to shareholders was 12.4 billion yuan, with a net profit margin of 9.9%, up 1.4 percentage points [4][5] - Basic earnings per share rose significantly by 25.19% to 1.64 yuan per share [4] Shareholder Returns - Midea Group announced a share buyback plan of 50-100 billion yuan, followed by an additional 1.5-3 billion yuan buyback in April 2025 [5] - The cash dividend plan for 2024 is set at 35 yuan per 10 shares, totaling 26.7 billion yuan [5] Business Segments Growth - The smart home business grew by 17.4% year-on-year, with high-end brands COLMO and TOSHIBA seeing retail sales increase by over 55% [5] - The ToB segments, including New Energy and Industrial Technology, Smart Building Technology, and Robotics and Automation, reported revenues of 11.1 billion yuan, 9.9 billion yuan, and 7.3 billion yuan respectively, with growth rates of 45%, 20%, and 9% [5][8] International Expansion - Midea Group's overseas e-commerce sales surged by over 50% in Q1 2025, indicating strong international market performance despite global uncertainties [8][9] - The company is accelerating its global localization strategy, establishing new offices in Saudi Arabia and Thailand to enhance overseas market penetration [9][11] Technological Innovation - Midea's robotics division, KUKA, received over 10,000 orders in Q1 2025, marking a year-on-year growth of over 35% [8] - The company is also advancing its humanoid robot project, which is set to begin operations in May 2025 [8] Market Positioning - Midea Group is leveraging technological innovation to strengthen its market presence in Southeast Asia, with successful product launches in Japan and Vietnam [11] - The company is focused on creating a sustainable business model, akin to the "flywheel effect," to drive continuous growth [11]

Core Viewpoint - Midea Group reported strong Q1 2025 results with revenue of 127.84 billion yuan, a year-on-year increase of 20.49%, and a net profit of 12.42 billion yuan, up 38.02% year-on-year. The company plans to spin off its subsidiary, Ande Intelligent, for a listing on the Hong Kong Stock Exchange while maintaining control over it [1][4]. Group 1: Revenue and Profit Performance - In Q1 2025, Midea Group's overall revenue increased by 20% year-on-year, significantly up from 9% in Q4 2024, indicating a strong acceleration [2]. - The company achieved a record net profit of 12.42 billion yuan in Q1 2025, exceeding market expectations [3]. - The net profit margin improved by 1.2 percentage points to 9.7%, while the gross profit margin decreased by 1.1 percentage points [3]. Group 2: Segment Performance - C-end sales showed high growth, with smart home revenue increasing by 17.4% year-on-year, and high-end brands COLMO and Toshiba seeing retail sales growth of over 55% [2]. - B-end revenue from new energy and industrial technology reached 11.1 billion yuan, up 45% year-on-year, while smart building technology revenue was 9.9 billion yuan, up 20% [2]. - The robotics and automation segment reported revenue of 7.3 billion yuan, a 9% year-on-year increase, indicating a strong recovery [2]. Group 3: Financial Health and Shareholder Returns - The company reported operating net cash flow of 14.3 billion yuan, which was better than profit, indicating strong operational support [3]. - Midea Group's dividend payout ratio was 69% in 2024, with additional share buybacks announced, highlighting a commitment to shareholder returns [4]. - The company expects net profits of 44 billion yuan and 48.5 billion yuan for 2025 and 2026, respectively, with corresponding PE ratios of 12.9 and 11.7 times [4].

Core Viewpoint - Midea Group has demonstrated strong growth momentum despite global economic uncertainties, with significant increases in revenue and net profit in Q1 2025, surpassing market expectations [1][5]. Financial Performance - The company achieved a revenue of 127.839 billion yuan in Q1 2025, representing a year-on-year growth of 20.49% [1][5]. - Net profit attributable to shareholders reached 12.422 billion yuan, marking a substantial increase of 38.02% year-on-year [1][5]. - Basic earnings per share were 1.64 yuan, up 25.19% compared to the previous year [2][5]. - The weighted average return on equity was 5.56%, an increase of 0.19 percentage points from the same period last year [2][5]. Emerging Business Segments - New business segments showed remarkable performance, with revenue from new energy and industrial technology reaching 11.1 billion yuan, a year-on-year increase of 45% [1][5]. - Revenue from smart building technology was 9.9 billion yuan, growing by 20% year-on-year [1][5]. - Revenue from robotics and automation was 7.3 billion yuan, reflecting a 9% year-on-year growth [1][5]. Cash Flow and Financial Stability - Operating cash flow remained robust, with a net cash flow from operating activities of 14.321 billion yuan, up 2.81% year-on-year [3][5]. - Total assets as of March 31, 2025, reached 634.785 billion yuan, a 5.04% increase from the beginning of the year [3][5]. - Shareholder equity attributable to the parent company was 229.824 billion yuan, up 6.03% from the start of the year [3][5]. - However, cash flow from investment activities showed a net outflow of 23.217 billion yuan, a decrease of 289.88% year-on-year [3][5]. Corporate Actions - Midea Group announced plans to spin off its subsidiary, Ande Intelligent Logistics, for a listing on the Hong Kong Stock Exchange, which is expected to enhance business management and unlock valuation potential [4][6].