MIDD Latest Report

Performance of the Current Report

On December 28, 2024, The Middleby's total operating revenue was US$1.014 billion. Compared with US$2.861 billion in 2023, the overall operating revenue showed a downward trend, reflecting the challenges faced by the company in terms of sales capacity in the market.

Key Data in the Financial Report

1. The Middleby's operating revenue in 2023 was US$2.861 billion, a year-on-year decrease of 5.51%.

2. The operating revenue in the first quarter of 2024 was US$927 million, lower than US$981 million in the same period of 2023.

3. The total operating revenue in 2024 was US$1.014 billion, indicating a continuous decline in overall revenue.

4. The overall market in the industry is positive, with the Chinese commercial kitchen equipment market expected to exceed RMB150 billion in 2024, up 19.5% year-on-year.

Peer Comparison

1. Industry Overview: The kitchen equipment industry in 2024 shows strong market demand, especially in the Chinese market, where the demand for commercial kitchen equipment is mainly driven by the expansion of the catering industry and the upgrading of consumption. The industry concentration is gradually improving, with technological innovation and mergers and acquisitions as the main driving forces.

2. Peer Evaluation Analysis: The downward trend in The Middleby's operating revenue is particularly obvious compared to its peers. If the operating revenue of its main competitors remains on the rise, it indicates that the competition is intensifying, and The Middleby may need to re-examine its market strategy and product competitiveness.

Summary

The Middleby's total operating revenue in 2024 shows a downward trend, reflecting the challenges faced by the company in terms of sales capacity and market demand. Although the overall industry performance is positive, the company's competitiveness and market strategy need to be improved to cope with the revenue decline.

Opportunities

1. The Middleby has the opportunity to attract more customers by launching new products and technological innovations, thereby boosting its operating revenue.

2. The rapid development of the catering industry provides the company with opportunities to expand its market, especially in terms of efficient, safe, and energy-saving equipment.

3. The Middleby can invest in IoT and AI technologies to upgrade its products and enhance market competitiveness in line with the trend of intelligent upgrading.

Risks

1. Intensified competition may lead to further loss of market share, affecting the company's profitability.

2. If the revenue decline cannot be effectively curbed, it may lead to a decrease in investor confidence and affect stock price performance.

3. The company's poor performance in the overall positive industry may make it difficult to secure financing and market expansion.