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Consumer Durables

Midea Group Co. Ltd.

  • 0.00 CNY
  • 0.00
  • 0.00%
  • China
    Sep 21, 2018
  • Ticker
    SHE(000333)
  • Prev. close
    --
  • Market cap (CNY)
    267,065M
  • Market cap (USD)
    39,050.20M
  • Shares
    6,626.91M

Company Background

Chinese home appliance maker Midea Group offers products such as air conditioners, refrigerators, washing machines and microwave ovens. Its main competitor is China's top air conditioner maker, Gree Electric Appliances.

He Xiangjian set up the company with friends in 1968 in the town of Foshan, Guangdong Province, beginning with a small operation producing plastic parts. It built earnings with electric fans and the like, and listed on the Shenzhen Stock Exchange in 1993. In 2012, He stepped down, replaced by current Chairman Fang Hongbo.

At the end of 2014, smartphone maker Xiaomi invested in Midea, taking a 1.288% stake. They plan to deepen their business relationship by combining Midea's home-appliance technology with smartphones to jointly produce, for example, a system to easily operate home appliances using smartphones. Recently, Midea has been building partnerships with other companies, including online retailer Jingdong Group.

Business Summary

Midea Group Co., Ltd. manufactures and sells home and commercial electric appliances. Its business segments include large appliances, water, kitchen, large & small cooking, heating, ventilation, electrical and logistics appliances. Its products include air conditioner, fan, bakery machine, rice cooker, microwave, oven, induction cooker, micro-electric air pot, kettle, vacuum cleaner, humidifier, heater, washing machine, water appliances, floor care, and dehumidifier. The company was founded by He Xiang Jian in 1968 and is headquartered in Foshan, China.

Financial Highlights

Dec 2017 CNYUSD
Revenue240,502.46M35,586.64M
Gross Profit59,788.27M8,846.74M
Operating income18,044.96M2,670.07M
Income before tax21,544.75M3,187.93M
Net income17,283.68M2,557.43M
EBITDA24,740.83M3,660.85M
Diluted EPS2.630.38
Dividends Per Share1.200.17
Total Assets248,106.85M38,099.94M
Total liabilities165,179.18M25,365.35M
Total equity73,737.43M11,323.31M
Operating cash flow27,170.22M4,020.32M
Currency in CNYCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 120,655.24M 141,501.37M 138,435.79M 158,764.58M 240,502.46M
Gross Profit 27,632.14M 35,425.48M 35,209.21M 42,706.69M 59,788.27M
Operating income 8,381.28M 12,856.46M 12,964.30M 15,037.37M 18,044.96M
Income before tax 9,974.50M 13,895.94M 15,630.61M 18,748.69M 21,544.75M
Net income 5,317.45M 10,502.22M 12,706.72M 14,684.35M 17,283.68M
EBITDA 11,426.03M 16,176.87M 15,816.32M 18,615.37M 24,740.83M
Diluted EPS 1.15 1.66 1.99 2.28 2.63
Dividends Per Share 0.53 0.66 0.80 1 1.20
Total Assets 97,705.10M 120,292.08M 128,841.93M 170,600.71M 248,106.85M
Total liabilities 58,572.46M 73,366.57M 72,809.81M 101,621.61M 165,179.18M
Total equity 32,847.43M 39,470.49M 49,201.85M 61,126.92M 73,737.43M
Operating cash flow 11,067.13M 26,133.94M 28,853.15M 28,649.05M 27,170.22M
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 19,626.13M 22,964.66M 22,025.95M 23,897.52M 35,586.64M
Gross Profit 4,494.72M 5,749.30M 5,601.99M 6,428.28M 8,846.74M
Operating income 1,363.32M 2,086.51M 2,062.69M 2,263.45M 2,670.07M
Income before tax 1,622.48M 2,255.21M 2,486.92M 2,822.08M 3,187.93M
Net income 864.95M 1,704.43M 2,021.71M 2,210.31M 2,557.43M
EBITDA 1,858.59M 2,625.39M 2,516.47M 2,802.01M 3,660.85M
Diluted EPS 0.18 0.26 0.31 0.34 0.38
Dividends Per Share 0.08 0.10 0.12 0.15 0.17
Total Assets 16,139.20M 19,389.44M 19,841.37M 24,548.63M 38,099.94M
Total liabilities 9,675.16M 11,825.68M 11,212.54M 14,622.86M 25,365.35M
Total equity 5,425.83M 6,362.10M 7,576.97M 8,795.87M 11,323.31M
Operating cash flow 1,800.21M 4,241.35M 4,590.70M 4,312.30M 4,020.32M

Valuation Measures

Dec 2017
PER20.83
ROA8.25%
ROE25.63%
Operating margin7.50%
Profit margin7.18%

Key executives

  • Chairman & President: Hong Bo Fang
  • Chairman-Supervisory Board: Min Lu
  • Chief Financial Officer: Ming Guang Xiao
  • Vice President & Head-Domestic Marketing: Jin Liang Wang
  • Director & Vice President: Fei De Li

Shareholders

  • HE XIANG JIAN (34.1%)
  • China Securities Finance Corp. Ltd. (3.0%)
  • Hillhouse Capital Management Ltd. (China) (1.7%)
  • HUANG JIAN /MIDEA/ (1.3%)
  • Xiaomi Corp. (1.2%)
  • China Investment Corp. (Investment Management) (1.2%)
  • YUAN LI QUN (1.1%)
  • Capital Research & Management Co. (Global Investors) (1.0%)
  • FU XUAN (1.0%)
  • LI JIAN WEI /MIDEA/ (0.9%)

Contact Details

  • Website:http://www.midea.com.cn
  • Address: Midea Headquartere Building, No. 6 Midea Avenue, Foshan, 528311, China
  • Phone: +86.757.2633.8888

Related Companies

  • Midea Group Partner Program Phase 3
  • Electrolux Home Care Products, Inc. /Eureka Brand/
  • Midea America Corp.
  • Foshan Shunde Midea Electrical Heating Appliances Manufacturin
  • Jiangsu Midea Cleaning Appliances Co. Ltd.
  • Wuhu Midea Washing Appliances Manufacturing Co. Ltd.
  • Midea Investment Development Co. Ltd.
  • Toshiba Lifestyle Products & Services Corp.
  • Guangdong Midea Lighting Electric Manufacturing Co. Ltd.
  • Midea Electric Trading (Singapore) Co. Pte Ltd.
  • Midea Electric (Hong Kong) Ltd.
  • Midea-Gorizont OOO
  • Midea Living Appliances Group
  • Main Power Electrical Factory Ltd.
  • Midea Electric Investment (BVI) Ltd.
  • Midea Investment Holding (BVI) Ltd.
  • Wuhu Annto Logistics Co. Ltd.
  • Hunan Sanxiang Passenger Carriage Co. Ltd.
  • Shunde Welling Electric Motor Manufacturing Co. Ltd.
  • Foshan City Midea Electric Appliance Co. Ltd.
  • Midea International Holding Co. Ltd.
  • Midea International Corp. Co. Ltd.
  • Servotronix Motion Control Ltd.
  • Wuxi Little Swan Co. Ltd.
  • KUKA Aktiengesellschaft

Competitors

  • Electrolux AB Class B
  • Whirlpool Corporation
  • Panasonic Corporation
  • Samsung Electronics Co., Ltd.
  • Gree Electric Appliances, Inc. of Zhuhai Class A
  • LG Electronics Inc.
  • Haier Electronics Group Co., Ltd.
  • Sichuan Changhong Electric Co., Ltd. Class A
  • De'Longhi S.p.A.
  • Chigo Holding Limited
  • Shanghai Highly (Group) Co., Ltd. Class B
  • SEB SA
  • Concepcion Industrial Corp.
  • Rechi Precision Co. Ltd.
  • Aumann GmbH
  • Hyundai Heavy Industries Holdings Co., Ltd.
  • A. O. Smith Corporation
  • Unitronics (1989) (RG) Ltd.
  • BEST, Inc. Sponsored ADR Class A
  • Brimag Digital Age Ltd
Last Updated on 21 Sep, 2018

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