Lyon: ShangMei Group (00300) raises target price to 99 Hong Kong dollars, first quarter net profit outperforms industry peers.

Wisdom Finance App learned that Lyon released a research report stating that Midea Group (00300, 000333.SZ) saw a 2.5% increase in first quarter revenue and 2% increase in net profit in 2026, outperforming its peers. The growth rate of its domestic sales was faster than its overseas sales. The bank predicts that as domestic demand weakens, domestic sales will slow down, while overseas sales will accelerate to high single-digit growth in the future due to a lower base. The bank views Midea's cooperation with Electrolux in North America as the beginning of Midea's brand officially entering the US market. The bank has raised its profit forecast for Midea and raised H shares/A shares target prices from 94 Hong Kong dollars/86 Chinese yuan to 99 Hong Kong dollars/90 Chinese yuan, mainly due to lower marketing expenses. It maintains an outperform rating.