技术转型引领估值拐点

Quick TakeWhite Goods Huatai Research 000333 CHRatingBUY(Maintain)Target priceRMB 105.74HKD120.32 11 June 2026│China (Mainland/Hong Kong) Midea’srecent AGM sharpened the company’s strategic direction.Amidheightenedmacro volatility, management has demonstrated disciplined executionand strategic prudence. Midea's operating focus has shifted more clearly from“external expansion” to “core growth + operating efficiency + shareholder returns”.Managementshared that the company will not conduct large-scale M&A orlarge-scale capex over the next three years. In principle, net profit generated in the FAN JunhaoAnalystSAC No. S0570524050001SFC No. BDO986fanjunhao@htsc.com+(852) 3658 6000 WANG SenquanAnalystSAC No. S0570518120001SFC No. BPX070wangsenquan@htsc.com+(86) 755 2398 7489 ZHOU YanfengAnalystSAC No.S0570521100002SFC No. BXA731zhouyanfeng@htsc.com+(86) 21 2897 2228 Solidifyingcorefoundation, refining new businessefficiency Midea’s 2026 operating agenda is clearly centered on core growth, according to its annual report. The core businesses are white goods and HVAC. In 2025, thecompany completed the acquisitions of Europe's Teka Group and BDR ThermeaGroup's China business in white goods. It also acquired ArboniaClimateand acontrolling stake in Toshiba Elevator China in HVAC. Overseas, self-operatedbranches now cover 50 countries/regions. OBM revenue accounts for over 45% ofoverseas ToC revenue. In Europe, revenue achieved double-digit growth after theTeka acquisition. Meanwhile, the second curve is still in a build-up phase. The Treasury shareretirement sustainsper-share value accretion On March 30, 2026, the company approved a plan to repurchase RMB6.5-13.0bnof A shares through centralized bidding. The original use was equity incentivesand/or an employee stock ownership plan. On April 29, the boardapproved therevised planand, on June 5, the shareholders also approved the plan. Thecompany changed the use of the repurchased shares to cancellation oftreasuryshares and registered capital reduction. As of May 31, 2026, the company hadrepurchased c.43.0mn A shares cumulatively.The highest transaction price wasRMB83.30/share and the lowest was RMB75.58/share. The total amount paid wasc.RMB3.4bn. The shift from an incentive pool to cancellation means managementchose to return the repurchase benefits directly to all shareholders. This reinforces Source:S&P Financials ESOP aligning core team interest with shareholder value The 2026 A-share ownership plan covers 472 core management and technicalstaff. This includes 12 senior managersand 460 subsidiary presidents, coremanagement staff, and technical backbones. The company will manage thisownership plan itself. The management committee will exercise shareholder rights Globalization and diversification to support full-year growth We maintain our 2026-2028E EPS forecasts at RMB6.21/6.83/7.45, with minoradjustments due to changes in share capital. As of June 10, 2026, the Windcomparable sector traded at an average 16.6x 2026E PE. Given the company'sstable operations and active diversification, we apply a multiple of 17x 2026E PEand raise our A-share target price to RMB105.74 (previously RMB99.52, on 16x2026E PE). Based on the 1% A/H premium over the past year and the 10-day Risks:Global macroeconomic downturn,pro-growth policy much weaker than weexpected,slow progress in emerging ToB businesses. Source:S&P, Huatai Research Source:S&P,Huatai Research Full financials Disclaimers Analyst Certification I/We, FAN Junhao, WANG Senquan, ZHOU Yanfeng, hereby certify that the views expressed in this report accurately reflect thepersonal views of the analyst(s) about the subject securities or issuers; and no part of thecompensation of the analyst(s) was, is, General Disclaimers and Disclosures This research report has been prepared by Huatai Securities Co., Ltd. or its associated company(ies), Huatai Securities Co., Ltd.and its associated company(ies) are referred to as“Huatai Securities”(Huatai Securities Co., Ltd. is qualified to conductsecurities advisory business as approved by the China SecuritiesRegulatory Commission). The information herein is strictly This report is based on information deemed reliable and publicly available by Huatai Securities, but Huatai Securities makesno The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. HuataiSecurities may issue research reports that contain inconsistent views, assessments and projections with those set out hereinatdifferent times. The prices, values and investment returns of the securities or investment instruments referred to herein may Huatai Securities(excluding Huatai Securities（USA）Inc.) is not a U.S. Financial Industry Regulatory Authority (“FINRA”)member firm, and Huatai Securities research analysts are not registered/qualified as research analysts with FINRA. While every effort has been made by Huatai Securities to ensure the content c