Core Insights - Midea Group's smart home user base ranks among the top three in the industry, with over 126 million connected devices and more than 115 million registered users [1] - The monthly active users exceed 23.12 million, and the number of users with bound devices reaches 56.62 million [1] - Midea sells over 400 million home appliances globally each year, with more than 100 million of these products featuring connectivity and smart capabilities [1] - The company offers over 100 product categories equipped with advanced smart functionalities [1]

新浪科技讯 10月31日下午消息，今日举办的美的集团第30届科技月暨第3届远见者大会上，美的集团全 屋智能总经理尚喆在与新浪科技等沟通中透露，目前美的美居智能用户规模已达行业前三，总设备连接 数已经超过1.259亿，总注册用户数超1.159亿，月活用户超2312万，绑定设备用户数达5662万。 责任编辑：刘万里 SF014 据尚喆透露，截至目前，美的每年销往全球的家电产品已经超过4亿台，其中超过1亿台具备联网和智能 化功能，超100个品类具备丰富的智能能力。（文猛） ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 90.72 RMB [7]. Core Insights - The company reported a total revenue of 364.716 billion RMB for the first nine months of 2025, representing a year-on-year increase of 13.85%, and a net profit attributable to shareholders of 37.883 billion RMB, up 19.51% year-on-year [1][5]. - The strategic upgrade focuses on "technology leadership, direct user access, digital intelligence, and global expansion," enhancing its competitive position in traditional home appliance sectors while expanding into new markets [1][5]. - The company is expected to benefit from improved tariff conditions and is positioned as a long-term quality investment target [1]. Revenue Performance - In Q3 2025, total revenue increased by 9.94% year-on-year, while net profit rose by 8.95% [1][21]. - The company’s air conditioning sales showed a decline in both domestic and international markets, with domestic sales down 9.3% and international sales down 14.4% [2]. - The company is actively enhancing its overseas production capacity to mitigate tax impacts from tariffs [2]. Business Segment Growth - The ToB business segment has shown strong growth momentum, with revenues from new energy and industrial technology reaching 30.6 billion RMB, up 21% year-on-year [3]. - Smart building technology revenue was 28.1 billion RMB, reflecting a 25% increase year-on-year, supported by contributions from ARBONIA climate and Toshiba elevators [3]. - Robotics and automation revenue reached 22.6 billion RMB, with a year-on-year growth of 9% [3]. Profitability Metrics - The gross margin for the first nine months of 2025 was 26.21%, a slight decrease of 0.15 percentage points year-on-year, but Q3 2025 saw a gross margin increase of 1.11 percentage points [4]. - The overall expense ratio decreased by 1.17 percentage points year-on-year, with management and financial expense ratios also showing improvements [4]. Future Earnings Forecast - The company is projected to achieve net profits of 44.87 billion RMB, 49.80 billion RMB, and 55.07 billion RMB for the years 2025 to 2027, respectively, with corresponding EPS of 5.84, 6.48, and 7.17 RMB [5][31]. - The expected average PE ratio for the industry in 2026 is 14x, indicating a favorable valuation compared to the company's projected performance [5][32]. Revenue Growth Projections - Total revenue is expected to reach 453.0 billion RMB in 2025, with a year-on-year growth of 10.7%, and further growth projected at 8.1% and 7.3% for 2026 and 2027, respectively [26]. - The smart home business is anticipated to remain a core profit contributor, with revenue growth driven by domestic demand and international market penetration [20][26].