Gelonghui, November 13 | Qunyi Securities (Hong Kong) Research Report indicates that Midea Group (000333.SZ)'s net profit for the first three quarters was 31.7 billion yuan, YOY +14.4%, Q3 net profit to mother was 10.89 billion yuan, and YOY +14.9%. The company's performance was in line with expectations. Domestic sales in the smart home appliance sector are estimated to be still under pressure. The stimulus of the home appliance subsidy policy has not been reflected. Overseas growth continues to be relatively rapid. Sales of new energy and industrial technology are growing faster along with electric vehicle sales growth, while the robotics business continues to weaken under investment pressure from industrial enterprises. Looking ahead to Q4, the country's promotion of the home appliance trade-in policy will help home appliance consumption grow steadily, the company will continue to benefit, and overseas market development will also help increase overseas revenue. Furthermore, the 2024 employee stock ownership plan will bind the team to help improve profit quality. The current valuation is reasonable, and the dividend rate is estimated at 4% or more, maintaining the “buy in” investment proposal.