Financials Midea Group Co., Ltd.

Equities

000333

CNE100001QQ5

Appliances, Tools & Housewares

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-22 pm EDT			5-day change	1st Jan Change
65.74 ^CNY	+0.50%		-5.19%	+20.34%

May. 10	Midea Unveils Revolutionary EVOX G3 Heat Pump System	CI
May. 09	Midea Group Co., Ltd. Implements Cash Dividend for 2023, Payable on 15 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	403,167	687,063	506,827	355,169	377,351	450,776	-	-
Enterprise Value (EV) ¹	380,710	664,934	489,014	366,158	368,311	396,796	380,903	361,112
P/E ratio	16.3 x	25.2 x	17.8 x	12 x	11.1 x	12.2 x	11.1 x	10.1 x
Yield	2.75%	1.63%	2.3%	4.83%	5.49%	4.94%	5.28%	5.93%
Capitalization / Revenue	1.45 x	2.42 x	1.49 x	1.03 x	1.01 x	1.12 x	1.04 x	0.97 x
EV / Revenue	1.37 x	2.34 x	1.43 x	1.06 x	0.99 x	0.98 x	0.88 x	0.78 x
EV / EBITDA	10.9 x	18.2 x	14.2 x	9.83 x	8.46 x	8.68 x	7.59 x	6.69 x
EV / FCF	10.8 x	26.4 x	17.1 x	13.3 x	7.09 x	11.3 x	9.06 x	7.91 x
FCF Yield	9.26%	3.79%	5.85%	7.52%	14.1%	8.86%	11%	12.6%
Price to Book	3.99 x	5.89 x	4.13 x	2.54 x	2.36 x	2.55 x	2.32 x	2.11 x
Nbr of stocks (in thousands)	6,921,319	6,979,510	6,866,642	6,856,535	6,907,402	6,856,951	-	-
Reference price ²	58.25	98.44	73.81	51.80	54.63	65.74	65.74	65.74
Announcement Date	4/29/20	4/29/21	4/29/22	4/28/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	278,216	284,221	341,233	343,918	372,037	403,326	434,354	465,719
EBITDA ¹	34,851	36,514	34,369	37,264	43,523	45,713	50,212	54,007
EBIT ¹	29,683	31,493	33,281	34,763	40,317	42,022	45,767	50,125
Operating Margin	10.67%	11.08%	9.75%	10.11%	10.84%	10.42%	10.54%	10.76%
Earnings before Tax (EBT) ¹	29,929	31,664	33,718	34,956	40,277	44,530	48,913	53,428
Net income ¹	24,211	27,223	28,574	29,554	33,720	37,359	41,069	45,029
Net margin	8.7%	9.58%	8.37%	8.59%	9.06%	9.26%	9.46%	9.67%
EPS ²	3.580	3.900	4.140	4.330	4.920	5.381	5.919	6.498
Free Cash Flow ¹	35,264	25,174	28,603	27,545	51,980	35,175	42,021	45,649
FCF margin	12.68%	8.86%	8.38%	8.01%	13.97%	8.72%	9.67%	9.8%
FCF Conversion (EBITDA)	101.18%	68.94%	83.22%	73.92%	119.43%	76.95%	83.69%	84.52%
FCF Conversion (Net income)	145.65%	92.47%	100.1%	93.2%	154.15%	94.16%	102.32%	101.38%
Dividend per Share ²	1.600	1.600	1.700	2.500	3.000	3.247	3.474	3.900
Announcement Date	4/29/20	4/29/21	4/29/22	4/28/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	124,446	139,067	145,154	79,891	90,381	92,280	182,661	87,706	73,551	161,257	96,263	100,725	196,988	94,122	80,927	175,049	106,102	108,911	211,048	101,832	87,562	187,484	113,109	118,403
EBITDA	-	-	-	4,864	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,884	16,375	15,118	6,206	8,316	10,408	-	9,939	6,101	16,039	9,585	14,528	19,257	11,695	6,538	18,233	10,653	12,180	19,288	11,099	-	18,520	-	-
Operating Margin	8.75%	11.78%	10.42%	7.77%	9.2%	11.28%	-	11.33%	8.29%	9.95%	9.96%	14.42%	9.78%	12.43%	8.08%	10.42%	10.04%	11.18%	9.14%	10.9%	-	9.88%	-	-
Earnings before Tax (EBT)	11,040	16,396	15,267	6,375	-	10,470	-	10,051	6,072	16,123	-	12,495	22,107	11,675	6,495	18,170	-	-	19,761	-	-	18,993	-	-
Net income	9,024	13,928	13,295	5,118	7,178	8,818	15,995	8,474	5,084	13,558	8,042	10,190	18,232	9,485	6,002	15,488	9,000	-	-	-	-	-	-	-
Net margin	7.25%	10.02%	9.16%	6.41%	7.94%	9.56%	8.76%	9.66%	6.91%	8.41%	8.35%	10.12%	9.26%	10.08%	7.42%	8.85%	8.48%	-	-	-	-	-	-	-
EPS ²	-	-	-	0.7500	1.050	1.290	-	1.240	0.7500	-	1.180	1.480	2.660	1.390	0.8700	2.260	1.310	1.650	-	1.530	0.9400	-	-	-
Dividend per Share ²	-	-	-	1.700	-	-	-	-	2.500	-	-	-	-	-	3.000	-	-	-	-	-	2.249	-	-	-
Announcement Date	4/29/20	8/30/20	4/29/21	4/29/22	4/29/22	8/30/22	8/30/22	10/28/22	4/28/23	4/28/23	4/28/23	8/30/23	8/30/23	10/31/23	3/27/24	3/27/24	4/29/24	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	10,990	-	-	-	-
Net Cash position ¹	22,457	22,129	17,812	-	9,040	53,980	69,873	89,664
Leverage (Debt/EBITDA)	-	-	-	0.2949 x	-	-	-	-
Free Cash Flow ¹	35,264	25,174	28,603	27,545	51,980	35,175	42,021	45,649
ROE (net income / shareholders' equity)	26.4%	25%	24.1%	22.2%	22.2%	21.2%	20.9%	20.9%
ROA (Net income/ Total Assets)	8.56%	8.22%	7.64%	-	7.42%	7.44%	7.72%	8%
Assets ¹	282,841	331,180	374,162	-	454,300	502,341	531,916	562,785
Book Value Per Share ²	14.60	16.70	17.90	20.40	23.20	25.80	28.30	31.20
Cash Flow per Share ²	5.540	4.200	5.020	4.950	8.240	9.810	7.890	7.340
Capex ¹	3,326	4,383	6,489	7,113	5,923	6,187	6,621	6,239
Capex / Sales	1.2%	1.54%	1.9%	2.07%	1.59%	1.53%	1.52%	1.34%
Announcement Date	4/29/20	4/29/21	4/29/22	4/28/23	3/27/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Midea Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

65.74 CNY

Average target price

79.98 CNY

Spread / Average Target

+21.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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