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43/100 88Buffett 보유 Midea Group Initiation: Proven Appliance Compounder, Unearned Industrial Re-Rating Midea is the broadest of China's appliance majors, with Smart Home at CNY299.9bn of 2025 revenue and a 29.9% gross margin against Commercial & Industrial's CNY122.8bn at 20.8%. Revenue compounded about 12.7% and attributable profit about 13.2% over 2015 to 2025 with five-year aggregate operating cash flow at 1.39 times earnings, but Q1 2026 adjusted profit fell 14.0% on a roughly CNY4.19bn finance-line reversal rather than a margin break. Rating Hold: the quality case is far better proven than the industrial re-rating, and at CNY84.29 the price sits above the CNY72 to CNY79 conservative value range with no margin of safety. Midea Group Co., Ltd.000333 · 선전Home Appliances2026년 8월 12일