According to the Tianfeng Securities Research Report, Midea Group (000333.SZ) has a clear leading advantage in the white electronics business, and the development logic of each business line is clear: 1) the home appliance business, optimizing profits for both high-end COLMO+ Toshiba brands, maintaining OEM advantages overseas and vigorously building its own brand sales outlets; 2) the T0B business starts a second engine, and each business gradually breaks through and strengthens horizontal collaboration across product divisions. It is expected to be accompanied by scale expansion and gradual optimization of profitability. The company continues to refine its core competitiveness in the TOC+toB field and strive for long-term development. The estimated net profit for 24-26 is 374/411/45 billion yuan, corresponding to PE12.0x/11.0x/10.0x, maintaining a “buy” rating.
研报掘金丨天风证券：美的集团T0B业务启动第二引擎，维持“买入”评级
Research Report Nuggets丨Tianfeng Securities: Midea Group's T0B Business Launches Second Engine to Maintain “Buy” Rating
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