CICC Leon: Midea Group Co., Ltd (00300) H share target price of 99 Hong Kong dollars and "Outperform" rating.
The growth rate of Midea's own branded products exceeds that of OEM products. There are clear synergies between the home appliance business and the company's industrial and construction business, while the new energy and medical imaging businesses are aimed at diversification.
Citic Lyon released a research report stating that it maintains a target price of HK$99 for Midea Group Co., Ltd. H shares (00300) and an outperform rating. The bank cited Midea's strategy presentation at a London conference, which indicated that the strength of the trade-in promotion has weakened and the rise in commodity prices has led to a moderation in domestic price competition. The growth rate of Midea's own brand products exceeds that of OEM products, and there are evident synergies between the home appliance business and the company's industrial and construction businesses. The new energy and medical imaging businesses aim at diversification. The AI data center and humanoid Siasun Robot & Automation businesses have potential, but visibility is limited at the moment.
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