BEIJING - China's home appliances maker Midea Group expects to report a fast growth of net profit for last year, it said in a statement Tuesday.

The net profit for 2018 is expected to stand at between 19.8 billion yuan ($2.9 billion) and 20.8 billion yuan, up by 15 percent to 20 percent year-on-year.

Midea Group attributed the growth to an upgrade in product structure. "The company followed the consumption upgrade trend of the industry and increased the proportion of medium-high end products, which contributed to improving profitability," it said in the unaudited statement.

Founded in 1968, the technologies group plays a leading role in areas including consumer appliances, robotics and industrial automation systems.

The company's shares, listed on the Shenzhen Stock Exchange, opened at 39.5 yuan Tuesday, up 0.13 percent.