Bank of China International: Midea Group (00300) third quarter performance exceeds expectations, strong growth in overseas and ToB business.

According to the Wisdom Financial APP, Industrial Bank International released a research report stating that Midea Group (00300) performed better than expected in the third quarter of this year, with strong growth in overseas and ToB businesses. With the completion of two mergers (China Toshiba Elevator, Arbonia Climate), Midea continues to be the growth engine of the group. Based on a PE ratio of 14 times in 2026, the target price of the group's A shares has been raised by 4%, from 85.6 yuan to 88.7 yuan. The rating of "outperforming the market" is maintained. The bank predicts that in the fourth quarter, as the impact of the old-for-new policy diminishes, Midea Group's revenue growth rate will slow down, but restrained promotional strategies and effective cost control will still ensure its profitability in the fourth quarter.