2025-05-13-Bernstein-美的集团（000333）_美的投资者日要点总结宏观逆风与竞争加剧下的谨慎乐观_17页_432kb

Midea Group Co Ltd (stock codes 000333.CH and 300.HK) maintains a Market-Perform rating with a target price of CNY 72 and HKD 74, reflecting cautious optimism amid macroeconomic challenges and intensifying competition. Key takeaways from the Investor Day include stable revenue growth guidance of "high-single to low-double-digit" for FY2025 with steady margins, driven by global OBM expansion and domestic premiumization. The company's strategic segments are: Home Appliances as the core growth engine, Energy Solutions and Industrial Tech tracking industry growth, Intelligent Building Technology for strong double-digit organic growth, and Robotics & Automation showing potential for improvement. Tariff impacts have lessened through global manufacturing shifts, with OBM gaining market share in overseas markets. Competition from Xiaomi poses a sentiment risk in China, but Midea's strong execution in premium brands like COLMO and Toshiba, along with efficient supply chains and governance, underpin stability. International expansion focuses on Latin America and Southeast Asia, supported by cost optimization and digital capabilities. Risks include macro uncertainty, US tariffs, and competitive pressures, while upside potential remains from OBM growth and robotics investments. The report emphasizes a balanced approach to innovation and shareholder returns, with no major changes anticipated in the near term.