Investment Rating - The report maintains a "Buy" rating for Meituan-W (03690) with a 6-month target price [1] Core Views - Meituan's Q3 2024 revenue and profits exceeded Bloomberg consensus estimates [1] - Revenue: 93.6 billion RMB, 1.7% above consensus [1] - EBIT: 13.7 billion RMB, 41.0% above consensus [1] - Adjusted net profit: 12.8 billion RMB, 10.1% above consensus [1] Business Segment Performance Core Local Commerce - Revenue: 69.4 billion RMB, 1.5% above consensus [1] - Delivery service: 27.8 billion RMB [1] - Commission income: 26.1 billion RMB [1] - Online marketing: 13.4 billion RMB [1] - Operating profit: 14.6 billion RMB, 13.7% above consensus [1] Food Delivery - On-demand delivery orders grew 14.5% YoY [1] - Improved operational efficiency and user experience for Pinhaofan [1] - Expanded brand satellite stores with comprehensive online support [1] Meituan Instant Retail - User base and purchase frequency achieved double-digit YoY growth [1] - Increased night orders and faster growth in lower-tier markets [1] - Expanded Meituan Instant Retail warehouses to more lower-tier markets [1] In-store, Hotel & Travel - Order volume grew over 50% YoY [1] - Record high annual transacting users and active merchants [1] - Domestic hotel room nights showed steady growth [1] - "Shen Membership" program expanded nationwide [1] New Initiatives - Revenue: 24.2 billion RMB, 3.9% above consensus [1] - Operating loss: 1.03 billion RMB, 44.0% better than consensus [1] - Meituan Select continued to narrow losses quarter-over-quarter [1] - Other new initiatives achieved collective profitability in Q3 [1] Financial Projections - Revenue forecasts for 2024-2026: 3,363/3,880/4,336 billion RMB [1] - Non-IFRS net profit forecasts for 2024-2026: 417/516/611 billion RMB [1] Competitive Advantages - Strong merchant base and decades of accumulated user reviews [1] - Solid barriers in food delivery business [1] - Clear external competitive landscape [1] - Continuous improvement in core local commerce profitability [1] - Successful reduction of losses in new initiatives [1]

Investment Rating - The report does not explicitly mention the investment rating for Meituan-W (3690 HK) [2][3] Core Views - Meituan reported 3Q24 revenue of RMB 93 6 billion, a YoY increase of 22 4% [3] - The company's core local commerce segment saw operating profit grow by 44 4% to RMB 14 6 billion, with an operating margin of 21 0%, up 3 5 percentage points YoY [4] - Meituan's new business segment achieved revenue of RMB 24 2 billion, a YoY increase of 28 9%, with operating losses narrowing by 79 9% to RMB 1 0 billion [4] - The company's cash and cash equivalents stood at RMB 42 5 billion as of September 30, 2024 [3] Operational Highlights - Meituan's instant delivery transaction volume reached 7 08 billion orders in 3Q24, a YoY increase of 14 5% [3] - Meituan Flash Delivery expanded to more lower-tier markets, with major retailers accelerating their presence [4] - The domestic hotel room nights continued to grow steadily, with the company collaborating with suppliers to offer more diverse options [4] - Meituan Youxuan's losses continued to narrow sequentially, while other new businesses achieved profitability as a whole in 3Q24 [4] - Keeta was officially launched in Riyadh, Saudi Arabia in October [4] Financial Performance - Meituan's total expenses in 3Q24 were RMB 26 0 billion, with an expense ratio of 27 83%, down 4 55 percentage points YoY [4] - Sales and marketing expenses increased by 6 2% to RMB 18 0 billion, but the expense ratio decreased by 2 9 percentage points to 19 2% [4] - R&D investment remained stable at RMB 5 3 billion, with the expense ratio decreasing by 1 3 percentage points to 5 7% [4] - Administrative expenses increased by 10 2% to RMB 2 8 billion, with the expense ratio remaining stable at 3 0% [4] - The company's net cash flow from operating activities was RMB 15 2 billion in 3Q24 [4] Financial Projections - Meituan's revenue is expected to grow from RMB 276 7 billion in 2023 to RMB 450 2 billion in 2026, with a CAGR of 14 43% [5] - Net profit is projected to increase from RMB 13 9 billion in 2023 to RMB 56 7 billion in 2026, with a CAGR of 23 20% [5] - The company's gross margin is forecasted to remain stable around 38 23% to 38 97% from 2024 to 2026 [5] - Return on equity is expected to be around 22 42% to 22 75% from 2024 to 2026 [5]

Investment Rating - Buy rating maintained for Meituan-W (03690) [2] Core Views - Meituan's 3Q24 revenue reached 935.77 billion yuan (YoY +22%), slightly exceeding Bloomberg consensus by 1.7% [2] - Adjusted EBITDA was 145.29 billion yuan (YoY +135%), 9.0% above Bloomberg consensus [2] - Adjusted net profit stood at 128.29 billion yuan (YoY +124%), 10.1% above Bloomberg consensus [2] - Operating profit surged to 136.85 billion yuan (YoY +308%), 41% above Bloomberg consensus [2] Segment Performance Core Local Commerce - Revenue: 693.73 billion yuan (YoY +20%), 1.5% above Bloomberg consensus [2] - Operating profit: 145.82 billion yuan (YoY +44%), 13.7% above Bloomberg consensus [2] - Operating margin improved by 3.5 percentage points to 21.0% [2] - Instant delivery orders grew 14.5% YoY to 7.1 billion, with daily orders reaching 77.17 million [2] New Initiatives - Revenue: 242.04 billion yuan (YoY +29%), 3.9% above Bloomberg consensus [2] - Operating loss narrowed to 10.26 billion yuan (YoY +80%), 42.4% above Bloomberg consensus [2] - Meituan Flash Shopping daily orders exceeded 10 million, with peak orders reaching 16 million during Qixi Festival [2] - Flash warehouses surpassed 30,000, covering multiple consumer categories [2] In-store, Hotel & Travel - Order volume grew over 50% YoY [2] - Annual transacting users and active merchants reached record highs [2] - "Hotel + X" cross-selling strategy enhanced supply diversification [2] Financial Projections - 2024-2026 revenue forecast: 3,367/3,857/4,352 billion yuan (previous: 3,344/3,889/4,421 billion yuan) [4] - 2024-2026 adjusted net profit forecast: 423/521/707 billion yuan (previous: 386/522/698 billion yuan) [4] - Revenue growth rates: 22%, 15%, 13% for 2024-2026 respectively [4] - Adjusted net profit growth rates: 82%, 23%, 36% for 2024-2026 respectively [4] Key Financial Metrics - 2024E revenue: 3,366.99 billion yuan (YoY +22%) [6] - 2024E adjusted net profit: 423.05 billion yuan (YoY +82%) [6] - 2024E EPS: 5.71 yuan [6] - 2024E P/E ratio: 19x [6] Strategic Initiatives - Diversified supply through initiatives like Pinhaofan, Shenqiangshou, and brand satellite stores [2] - Merchant support measures including 6-12 month commission rebates and 1 billion yuan subsidies [2] - AI-powered location services for restaurant merchants [2] - Expansion of flash warehouses to 100,000 by 2027, targeting 200 billion yuan market size [2]

美团 24Q3 点评：业绩超预期，关注核心 本地协同效应释放 核心观点 ⚫ 整体：业绩超预期。收入端，24Q3 营收 936 亿元（yoy+22.4%）彭博一致预期为 920 亿元。利润端，24Q3 调整后营业利润 136 亿元（彭博一致预期为 112 亿 元），营业利润率为 14.5%（23Q3 为 6.5%，24Q2 为 16.9%）。调整后净利润 128 亿元（彭博一致预期为 118 亿元），净利润率为 13.7%（23Q3 为 7.5%，24Q2 为 16.5%）。 ⚫ 核心本地商业：收入利润均超预期。24Q3 营收 694 亿元(yoy+20.2%)，彭博一致预 期为 683 亿元；调整后经营利润 146 亿元，彭博一致预期为 129 亿元；经营利润率 21.0%，yoy+3.5pp，qoq-4.1pp。分具体业务看： 1）外卖：单量稳健增长，单均 OP 同比继续提升。运营端，24Q3 外卖及闪购业务 总订单 70.78 亿笔(yoy+14.5%)，我们测算外卖订单同增接近 12%。需求侧，消费 频率和消费 ARPU 趋势向好。供给侧，公司不断优化产品模式，提供以拼好饭、神 抢手、品牌卫星店等为代表 ...

2024 年 12 月 4 日 零售: 超配 授权转发报告/ 业绩点评报告 美团 (3690 HK, 买入, 目标价: HK$240.00) 买入 搏有 苹果 3Q24 回顾：平稳且可持续的利润增长 | --- | --- | |---------------------------------------------------|----------------------| | 目标价 : HK$240.00 | 当前股价 : HK$172.20 | | 股价上行 / 下行空间 | +39% | | 52 周最高/最低价 (HK$) | 217.00/61.10 | | 市值 (US$mn) | 137,976 | | 当前发行数量(百万股 ) | 6,237 | | 三个月平均日交易額 (US$mn) | 968 | | | 57 | | 流通盘占比 (%) (%) | | | 主要股东 | 18 | | 腾讯控股 | 7 | | 红杉资本 Qihui Holdings Ltd. | 3 | | 按 2024 年 11 月 28 日收市数据 资料来源: FactSet | | Nov-23 Feb-24 ...

外 证券研究报告 ＃industryId＃ TMT ＃ 03690.HK ＃美dy团Company＃ -W 港股 业绩持续超预 ＃期 tit， le＃海外投入加大 ＃createTime1＃ 2024 年 12 月 1 日 ＃investSuggestion＃ 买入 ( ＃ 维持 ） | --- | --- | --- | |---------------------------------------|-------|------------| | ＃市 m 场 a 数 rk 据 etData ＃ \n日期 | | 2024-11-29 | | 收盘价（港元） | | 168.70 | | 总股本（亿股） | | 60.85 | | 流通股本（亿股） | | 55.02 | | 归母净资产（亿元） | | 1603.24 | | 总资产（亿元） | | 2859.27 | | 归母每股净资产（元） | | 26.35 | hongjiajun@xyzq.com.cn SFC：BPL829 SAC：S0190519080002 求培培 qiupeipei@xyzq.com.cn SAC：S0190521090 ...

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交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 167.40 港元 226.00↓ +35.0% 互联网 2024 年 12 月 2 日 美团 (3690 HK) 3 季度业绩亮眼；维持 2025 年利润增长预期不变 2024 年 3 季度业绩：收入 936 亿元（人民币，下同），同比增 22%，高于 我们/彭博一致预期 1%/2%，其中核心商业/新业务增 20%/29%。调整后净 利润同比增 124%，净利率 14%，较去年同期提升 6.2 个百分点。核心商业 调整后运营利润率21%，略好于我们预期的20%，同比提升3.5个百分点， 得益于竞争缓和下用户补贴和配送成本下降及广告变现提升；新业务运营 亏损 10 亿元，亏损率 4.2%，同环比收窄，好于我们预期的 19 亿元亏损， 因优选运营效率改善及其余新业务整体实现盈利。 业绩要点：1）外卖同比增速：利润>收入>单量，因广告变现提升、用户 补贴收敛及远距离/夜间/大件订单占比上升对配送收入的结构性改善。我 们估算 UE 1.3-1.4 元/单，同比提升但环比因季节性因素下降。2）闪购单 量同比增近 35%，用户数和交易频次双位数增长，规模效应下继续 ...