美的集团 20260126 摘要 美的智能建筑科技业务增长迅速，2021 年至 2024 年收入复合增速达 13.1%，毛利率维持在 28%-30%，是美的 To B 业务的重要组成部分， 全球智能建筑科技市场空间巨大，美的份额提升空间广阔。 中国中央空调市场规模达千亿级，2020 年至 2024 年复合增速约 10%。内销市场受房地产影响小幅下滑，但外销市场表现强劲，2024 年增速达 23.4%，未来内外销协同将推动市场稳步发展。 国产品牌在中央空调市场份额持续提升，从 2020 年的 48%增至 2024 年的 53%，得益于核心零部件技术突破、自供自研、节能政策支持和本 土品牌营销策略，美的等头部企业有望进一步优化行业格局。 节能降碳政策推动磁悬浮离心机组市场快速增长，2024 年中国内销规 模达 25.7 亿元，同比增长 14.7%。美的自研自供磁悬浮压缩机打破外 资垄断，市场份额提升至 19.7%。 数据中心液冷需求激增，全球液冷热管理系统市场预计以年化 21.6%增 速增长，至 2030 年达 178 亿美元。美的已与阿里等合作，提供 CDU 等设备，把握数据中心制冷增量空间。 Q&A 美的集团 ...

Core Viewpoint - The transformation of traditional commercial buildings into smart, low-carbon buildings is a key trend driven by urbanization and digital technology advancements, exemplified by the case of Dinghao DH3 in Beijing [1][2]. Group 1: Transformation of Dinghao DH3 - Dinghao DH3, once a popular electronic product market, has undergone a significant transformation into a modern low-carbon smart building, starting its upgrade in 2019 [2]. - The renovation of Dinghao DH3 is divided into two phases, with the A block completed and in use since April 2022, and the B block set to be fully completed by early 2025 [2]. - The new Dinghao DH3 serves as a multifunctional technology business complex, focusing on artificial intelligence and other tech enterprises, thus becoming a green landmark in the Zhongguancun area [2][3]. Group 2: Operational Success and Industry Trends - The occupancy rate of the A block of Dinghao DH3 has exceeded 90%, demonstrating the effectiveness of the smart building transformation [3]. - The trend towards green and low-carbon solutions in the industry is highlighted by the involvement of Midea Building Technology, which implemented a comprehensive upgrade to enhance energy efficiency and reduce carbon emissions [4]. - Midea's upgrades have resulted in annual energy savings of approximately 1 million kWh and a reduction of about 800 tons of carbon emissions [5]. Group 3: Market Growth and Future Outlook - The smart building market in China is projected to exceed 1.6 trillion yuan by 2025, driven by technological advancements and policy support [5]. - By 2030, the market size is expected to surpass 3 trillion yuan, with a compound annual growth rate of around 14% [5]. - The future of urban development in China will focus on quality improvement and structural adjustments, emphasizing green, digital, and organic updates to create livable and sustainable cities [6].