China A-share · SZSE · 000333
Midea Group (000333) stock analysis: valuation and financials
电气机械和器材制造业
¥83.70 +1.1% Price as of Oct 14, 2026
Midea: CNY458.5B revenue, ROIC 21.9%, net cash CNY19.35B, 14.4x P/E; growth slowing to 5.4% TTM, dilution 3.8%; reverse DCF implies only 1.3% FCF growth — cheap, execution-dependent.
- Market cap
- ¥638.6B
- P/E
- 14.4x
- EV/Sales
- 1.3x
- FCF yield
- 6.7%
- 52-week range
- ¥68.68 – ¥88.95
Research as of Oct 14, 2026
Business quality scorecard
- Growth43
- Profitability39
- Cash flow68
- Balance sheet76
- Capital allocation61
- Innovation29
- Valuation90
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Midea sells smart-home appliances and HVAC to consumers plus building-tech, robotics and industrial products to commercial buyers; manufacturing (89.7% of FY2025 revenue of CNY458.5B) is the profit engine, with an 11.6% group operating margin.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥343.4B | ¥345.7B | ¥373.7B | ¥409.1B | ¥458.5B |
| Revenue growth | +20.2% | +0.7% | +8.1% | +9.5% | +12.1% |
| Gross margin | 23.0% | 24.6% | 26.0% | 26.8% | 26.7% |
| Operating margin | 9.7% | 10.1% | 10.8% | 11.3% | 11.6% |
| Net income | ¥28.6B | ¥29.6B | ¥33.7B | ¥38.5B | ¥43.9B |
| Free cash flow | ¥28.3B | ¥27.3B | ¥51.6B | ¥52.7B | ¥42.2B |
| FCF margin | 8.2% | 7.9% | 13.8% | 12.9% | 9.2% |
Amounts in CNY · What is free cash flow?
Margins FY2025 gross margin 26.72% vs 26.77% FY2024 (-5bp); operating margin 11.55% vs 11.34% (+21bp) as SG&A rose 10.7% versus revenue +12.1%. TTM gross margin 26.47%; Q2 FY2026 25.24% vs 26.17% a year earlier signals recent cost/mix pressure.
- Cash flow WatchOCF FY2025 53.35B vs net income 43.95B (cash conversion 1.48x); TTM OCF 53.62B vs net income 44.38B. No earnings-quality shortfall.
- Debt LowNet cash 19.35B; net debt/EBITDA -0.31x; total debt 65.58B FY2025 (74.45B TTM) against cash 85.25B (90.64B TTM).
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥93.8B
- Total debt
- ¥74.5B
- Net cash
- ¥19.3B
- Interest coverage
- 27.3x
- Current ratio
- 1.1x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management StrongExecution: revenue grew 9.9% CAGR over five years to 458.5B CNY in FY2025, with net margin of 9.58%, ROE 19.98% and ROIC 21.9%, the latter up 2.2pp over three years.
Valuation range
Implied value per share · Price when researched: ¥83.70
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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