Midea Group (000333) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached ¥101.7 billion, up 8.05% year-over-year; net profit attributable to shareholders was ¥10.89 billion, up 14.86% year-over-year.

• Year-to-date revenue totaled ¥318.97 billion, up 9.57% year-over-year; net profit attributable to shareholders was ¥31.70 billion, up 14.37% year-over-year.

• Cash flow from operating activities for the first nine months was ¥60.26 billion, up 34.56% year-over-year.

Financial highlights

• Basic EPS for Q3 was ¥1.56, up 12.23% year-over-year; year-to-date basic EPS was ¥4.58, up 12.81%.

• Total assets at quarter-end were ¥567.15 billion, up 16.69% from the previous year-end.

• Shareholders’ equity attributable to listed company shareholders was ¥208.89 billion, up 28.25% from year-end.

• Gross margin and operating profit improved, with operating profit for the first nine months at ¥38.17 billion, up from ¥33.78 billion year-over-year.

Outlook and guidance

• Segment revenues for smart home, new energy & industrial technology, smart building technology, and robotics & automation showed mixed performance: smart home up 10%, new energy & industrial technology up 19%, smart building technology up 6%, robotics & automation down 9% year-over-year.