CITIC International: Midea Group's third-quarter performance exceeded expectations with strong growth in overseas and ToB businesses

Jianyin International released a research report stating that Midea Group's third-quarter performance exceeded expectations, with strong growth in overseas and ToB businesses. It is expected that the revenue growth rate will slow in the fourth quarter, but a moderate promotional strategy and effective cost control will ensure profitability. Based on a 14 times price-to-earnings ratio for 2026, the target price for A-shares has been raised by 4% to 88.7 yuan, maintaining an "outperform the market" rating. The penetration of proprietary brands is driving an increase in growth visibility, with the growth rate of ToB business expected to be higher than that of ToC business