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Consumer Durables

Midea Group Co. Ltd.

  • 52.15 CNY
  • -0.10
  • -0.19%
  • China
    Aug 23, 2019
  • Ticker
    SHE(000333)
  • Prev. close
    52.25
  • Market cap (CNY)
    362,558M
  • Market cap (USD)
    51,190.60M
  • Shares
    6,938.90M

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 2018 CNYUSD
Revenue260,202.06M39,323.20M
Gross Profit71,844.80M10,857.59M
Operating income22,373.76M3,381.24M
Income before tax25,423.73M3,842.17M
Net income20,207.24M3,053.83M
EBITDA27,191.22M4,109.29M
Diluted EPS3.050.46
Dividends Per Share1.300.19
Total Assets263,701.14M38,408.48M
Total liabilities170,599.04M24,848.02M
Total equity83,072.11M12,099.58M
Operating cash flow29,959.02M4,527.57M
Currency in CNYCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 141,501.37M 138,435.79M 158,764.58M 240,502.46M 260,202.06M
Gross Profit 35,425.48M 35,209.21M 42,706.69M 59,788.27M 71,844.80M
Operating income 12,856.46M 12,964.30M 15,037.37M 18,044.96M 22,373.76M
Income before tax 13,895.94M 15,630.61M 18,748.69M 21,544.75M 25,423.73M
Net income 10,502.22M 12,706.72M 14,684.35M 17,283.68M 20,207.24M
EBITDA 16,176.87M 15,816.32M 18,615.37M 24,740.83M 27,191.22M
Diluted EPS 1.66 1.99 2.28 2.63 3.05
Dividends Per Share 0.66 0.80 1 1.20 1.30
Total Assets 120,292.08M 128,841.93M 170,600.71M 248,106.85M 263,701.14M
Total liabilities 73,366.57M 72,809.81M 101,621.61M 165,179.18M 170,599.04M
Total equity 39,470.49M 49,201.85M 61,126.92M 73,737.43M 83,072.11M
Operating cash flow 26,133.94M 28,853.15M 28,649.05M 27,170.22M 29,959.02M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 22,964.66M 22,025.95M 23,897.52M 35,586.64M 39,323.20M
Gross Profit 5,749.30M 5,601.99M 6,428.28M 8,846.74M 10,857.59M
Operating income 2,086.51M 2,062.69M 2,263.45M 2,670.07M 3,381.24M
Income before tax 2,255.21M 2,486.92M 2,822.08M 3,187.93M 3,842.17M
Net income 1,704.43M 2,021.71M 2,210.31M 2,557.43M 3,053.83M
EBITDA 2,625.39M 2,516.47M 2,802.01M 3,660.85M 4,109.29M
Diluted EPS 0.26 0.31 0.34 0.38 0.46
Dividends Per Share 0.10 0.12 0.15 0.17 0.19
Total Assets 19,389.44M 19,841.37M 24,548.63M 38,099.94M 38,408.48M
Total liabilities 11,825.68M 11,212.54M 14,622.86M 25,365.35M 24,848.02M
Total equity 6,362.10M 7,576.97M 8,795.87M 11,323.31M 12,099.58M
Operating cash flow 4,241.35M 4,590.70M 4,312.30M 4,020.32M 4,527.57M

Valuation Measures

Dec 2018
PER11.96
ROA7.89%
ROE25.77%
Operating margin8.59%
Profit margin7.76%

Key executives

  • Chairman, President & General Manager: 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 (32.5%)
  • China Securities Finance Corp. Ltd. (2.9%)
  • Hillhouse (Beijing) Advisory Ltd. (1.5%)
  • HUANG JIAN /MIDEA/ (1.2%)
  • Xiaomi Corp. (1.2%)
  • China Investment Corp. (Investment Management) (1.1%)
  • Canada Pension Plan Investment Board (1.0%)
  • E Fund Management Co., Ltd. (0.8%)
  • LI JIAN WEI /MIDEA/ (0.7%)
  • First State Investments (Hong Kong) Ltd. (0.7%)

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 Innovation Investment Co. Ltd.
  • Midea Electrics Netherlands II BV
  • Guangzhou Hualing Refrigeration Equipment Co., Ltd.
  • Midea Electrics Netherlands I BV
  • 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 Group Finance Co., Ltd.
  • Midea Electric (Hong Kong) Ltd.
  • Midea-Gorizont OOO
  • Midea Living Appliances Group
  • Clivet SpA
  • 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.
  • KUKA Aktiengesellschaft

Competitors

  • Haier Electronics Group Co., Ltd.
  • Whirlpool Corporation
  • Panasonic Corporation
  • Gree Electric Appliances, Inc. of Zhuhai Class A
  • Electrolux AB Class B
  • LG Electronics Inc.
  • Samsung Electronics Co., Ltd.
  • Chigo Holding Limited
  • Tadiran Holdings Ltd.
  • SEB SA
  • Sichuan Changhong Electric Co., Ltd. Class A
  • Concepcion Industrial Corp.
  • Rechi Precision Co. Ltd.
  • Elec-tech International Co., Ltd. Class A
  • A. O. Smith Corporation
  • BEST, Inc. Sponsored ADR Class A
  • Brimag Digital Age Ltd
  • Zhejiang Yankon Group Co., Ltd. Class A
Last Updated on 23 Aug, 2019

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