建银国际：美的集团第三季业绩优于预期 海外及 ToB 业务强劲增长
Jianyin International released a research report stating that Midea Group's third-quarter performance exceeded expectations, with strong growth in overseas and ToB businesses. It is expected that the revenue growth rate will slow in the fourth quarter, but a moderate promotional strategy and effective cost control will ensure profitability. Based on a 14 times price-to-earnings ratio for 2026, the target price for A-shares has been raised by 4% to 88.7 yuan, maintaining an "outperform the market" rating. The penetration of proprietary brands is driving an increase in growth visibility, with the growth rate of ToB business expected to be higher than that of ToC business
According to the Zhitong Finance APP, Jianyin International released a research report stating that Midea Group (00300) performed better than expected in the third quarter of this year, with strong growth in overseas and ToB businesses. Driven by the completion of two acquisitions (China Toshiba Elevator, Arbonia Climate), it continues to be a growth engine for the group. Based on a price-to-earnings ratio of 14 times for 2026, the target price for the group's A-shares has been raised by 4%, from RMB 85.6 to RMB 88.7. The rating is maintained at "Outperform the Market." The bank expects that in the fourth quarter, as the impact of the old-for-new policy fades, Midea Group's revenue growth will slow down, but a restrained promotional strategy and effective cost control will still ensure its profitability in the fourth quarter.
Looking ahead to 2026, the penetration of own brands (OBM) continues to enhance growth visibility. The bank has raised Midea Group's earnings forecast for the next two years by 3%/2%, respectively, to reflect better revenue growth and profit margin performance. Given Midea Group's first-mover advantage in the ToB business and strong growth potential in overseas markets, a positive outlook is maintained. In the first three quarters of 2025, OBM revenue increased by 20% year-on-year, accounting for 45% of overseas business revenue, and it is expected that this business will grow by about 15% in 2026. In terms of business lines, driven by the expansion of AI-supported energy and robotics solutions and increased attention to high-growth industries such as advanced manufacturing and data centers, the growth rate of the ToB business is expected to exceed that of the ToC business
