According to the Galaxy Securities Research Report, Midea Group's 2025Q1 revenue was 127.8 billion yuan, +20.5% year on year; net profit to mother was 12.4 billion yuan, +38.0% year over year, exceeding market expectations at the time. The overall revenue growth rate of the home appliance industry is expected to slow month-on-month in 2025Q2 due to the negative impact of the US tariff policy on exports. The company will also be affected by this, but overall it will maintain a good growth rate. The company's 2025Q2 revenue growth rate is expected to be +7-9%, and net profit to mother will grow +10-15%. Considering the company's competitiveness in the home appliance business and growth in the industrial business, it is expected that the company will be able to maintain steady growth even if the boom in the home appliance industry declines in the next few quarters. Considering that the company's dividend rate in 2024 has increased to 69%, and even if it remains stable, the 2025 dividend yield corresponding to the current valuation is as high as 5.5%, maintaining the company's profit forecast. The net profit growth rate for 25/26/27 is expected to be 14.6%/11.5%/11.0%, respectively, corresponding to PE 12.5x/11.2x/10.1x. It is believed that as risk-free interest rates decline, the company's high dividend rate will drive up the company's valuation and maintain the “recommended” rating.

According to the Galaxy Securities Research Report, Midea Group's 2025Q1 revenue was 127.8 billion yuan, +20.5% year on year; net profit to mother was 12.4 billion yuan, +38.0% year over year, exceeding market expectations at the time. The overall revenue growth rate of the home appliance industry is expected to slow month-on-month in 2025Q2 due to the negative impact of the US tariff policy on exports. The company will also be affected by this, but overall it will maintain a good growth rate. The company's 2025Q2 revenue growth rate is expected to be +7-9%, and net profit to mother will grow +10-15%. Considering the company's competitiveness in the home appliance business and growth in the industrial business, it is expected that the company will be able to maintain steady growth even if the boom in the home appliance industry declines in the next few quarters. Considering that the company's dividend rate in 2024 has increased to 69%, and even if it remains stable, the 2025 dividend yield corresponding to the current valuation is as high as 5.5%, maintaining the company's profit forecast. The net profit growth rate for 25/26/27 is expected to be 14.6%/11.5%/11.0%, respectively, corresponding to PE 12.5x/11.2x/10.1x. It is believed that as risk-free interest rates decline, the company's high dividend rate will drive up the company's valuation and maintain the “recommended” rating.