CITIC Securities: Midea Group's performance is expected to grow rapidly, maintaining a "buy" rating.

CITIC Securities research report pointed out that Midea Group's performance in the first quarter of 2025 is impressive. The company achieved a total operating income of 128.4 billion yuan, a year-on-year increase of 20.6%. It is expected that the domestic sales growth rate will exceed double digits; the overseas sales performance is outstanding, with a year-on-year growth expected to reach a high double-digit percentage. The company's dividend payout ratio has increased to nearly 70%, and the large-scale repurchase is mainly used for cancellation, further enhancing shareholder returns. Looking ahead, the global home appliance market is vast. As a leading white goods company with comprehensive competitive capabilities, Midea's market share is expected to continue to rise, driving further growth in business performance. With long-term accumulation in the domestic home appliance market, Midea leads in market share in various categories. With continuous global resource allocation and industry investment, combined with leading manufacturing capabilities, Midea's global market share continues to increase. In the post-pandemic era, as consumer spending stabilizes and recovers, the company's performance is expected to grow rapidly. The "buy" rating is maintained.