Midea Group (000333 CH/300 HK) A/H: Buy/Buy: Annual Global Investor Day takeaways

研报英文原文证据摘录

Midea Group (000333 CH/300 HK) A/H: Buy/Buy: Annual Global Investor Day takeaways

Efficiency improvement in consumer business and global expansion. As Midea’s Free float (A / H) 67%/67%

core consumer business is facing slowing market growth and pressure from rising raw 3m ADTV (USDm) (A / H) 302/45

material prices, it will focus on ‘overseas development’ and ‘efficiency enhancement’.

FINANCIALS AND RATIOS (CNY)Through previous overseas M&As, Midea managed to cover all price ranges through its

Year to 12/2025 12/2026e 12/2027e 12/2028e

brands, including Midea, Toshiba, TEKA and Kuppersbusch. It targets to achieve a 15% HSBC QH EPS 5.43 5.55 6.27 6.71

revenue CAGR for self-owned brands over the next three years, with revenue mix HSBC QH EPS prev 5.43 5.55 6.27 6.71

skewing towards OBM over OEM and overseas over domestic by 2028. In addition, it Change (%) 0.0 0.0 0.0 0.0

Consensus EPS 5.81 6.14 6.70 7.25

aims to cut further sales expense ratio and improve profitability with better efficiency

(such as streamlining SKU and merging warehouse and distribution capabilities).

Li Quan* (Reg. No. S1700520030002)

Stepping up in various businesses. Building technology: It aims to strengthen its Analyst, A-Share Consumer Sector

leading position in domestic multi-split system and centrifuge markets. Meanwhile, HSBC Qianhai Securities Limited

businesses such as heat pumps in Europe and data centre liquid cooling are li.quan@hsbcqh.com.cn

+86 755 8898 3471

expected to be key growth drivers. For APAC’s 15 key markets and European

regions, Midea set 2030 revenue targets of RMB7bn and RMB20bn, respectively (vs Kathy Song* (Reg. No. S1700517120001)

Head of A-share Consumer Research

2025 revenue RMB1bn and RMB10bn). Robots: Business acceleration in China, HSBC Qianhai Securities Limited