JPMorgan Sees Upside in Midea’s Industrial Shift

JPMorgan has started coverage of Midea, a Hong Konglisted Chinese home appliance company, and said the stock could benefit if its push into industrial technology succeeds. The bank outlined two possible paths for the company: evolve into a global industrial group similar to Siemens, or continue as a more traditional appliance maker with slower gains. JPMorgan said the first route could support a much higher valuation by 2030, while the second would likely deliver more modest returns. Analysts pointed to Midea’s expansion in commercial HVAC, factory automation through its Kuka subsidiary, and new business lines such as data center cooling, energy storage, and medical imaging. They also noted that more than 40% of Midea’s revenue now comes from outside China, and that commercial and industrial solutions made up a larger share of revenue in 2025. JPMorgan assigned the Shenzhenlisted shares an overweight rating and set a price target of 105 yuan.