Organizational Restructuring - Meituan has established a new "Core Local Commerce" division, merging the Meituan Platform, In-store Business Group, Home Delivery Business Group, and Basic R&D Platform [1] - The In-store Business Group and Home Delivery Business Group will no longer exist as separate entities, with their departments now directly under the Core Local Commerce division [1] - Wang Puzhong has been appointed as the CEO of Core Local Commerce, overseeing the integrated local commerce businesses [1] Strategic Rationale - The restructuring aims to improve efficiency and adapt to changes by consolidating businesses with overlapping merchants, users, and demands [1] - The integration is expected to provide a more comprehensive local consumption experience [1] - The move reflects Meituan's diverse business model, which includes both platform and self-operated models at different development stages [1] Leadership Vision - CEO Wang Xing emphasized the mission of "helping people eat better and live better" for the Core Local Commerce division [1] - The division is expected to strengthen management systems, upgrade organizational capabilities, and leverage technological opportunities to create more value for customers [1]

港股公司报告 | 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------- ...

证券研究报告 | 公司动态点评 2024 年 04 月 08 日 能力彰显龙头韧性》2023-09-05 美团-W（03690.HK） 美团年报点评：策略迭代优化，新业务大幅减亏，释放盈利潜力 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|------------|------------|------------|--------------------------------|------------|-------------------------------------------|------------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 219,954.95 | 276,744.95 | 336,376.85 | 393,855.92 | 453,489.64 | 股票信息 | | | 增长率 yo ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 162.72 HKD, indicating a potential upside from the current price of 99.4 HKD [2][41]. Core Insights - The company's overall performance in Q4 2023 exceeded expectations, with revenue of 73.7 billion CNY, a year-on-year increase of 22.6%. Adjusted operating profit reached 3.2 billion CNY, with an operating margin of 4.3%, significantly improved from 1.4% in Q4 2022. The adjusted net profit was 4.4 billion CNY, with a net profit margin of 5.9% [29][41]. - The core local business showed strong user engagement, with Q4 revenue of 55.1 billion CNY, a year-on-year increase of 26.8%. The adjusted operating profit was 8 billion CNY, with a profit margin of 14.5% [29][41]. - The new business segment aims to significantly reduce losses in 2024, with Q4 new business revenue of 18.6 billion CNY, a year-on-year increase of 11.5%, and an operating loss of 4.8 billion CNY [29][41]. Financial Summary - The company’s projected financials for 2023E to 2025E show a steady increase in revenue, with 2023E revenue at 276.7 billion CNY, expected to grow to 379.1 billion CNY by 2025E. The operating profit is projected to turn positive in 2023E at 13.4 billion CNY, reaching 47.4 billion CNY by 2025E [5][41]. - The gross margin is expected to improve from 35.1% in 2023E to 41.3% in 2025E, while the net margin is projected to increase from 5.0% to 10.6% over the same period [5][41]. Segment Valuation - The report provides a breakdown of segment valuations for 2024E, estimating the takeaway business at 1,652 billion CNY in revenue, with a market cap of 6,680 million HKD and a target price of 107.1 HKD per share. The in-store and hotel business is projected to generate a tax-adjusted operating profit of 155 billion CNY, with a market cap of 2,776 million HKD and a target price of 44.5 HKD per share [37][41].

证券研究报告 ＃industryId＃ TMT ＃investSuggestion＃ 买入 ( ＃ 维持 ） | --- | --- | |------------------------------|------------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-03-28 | | 收盘价（港元） | 96.80 | | 总股本（亿股） | 62.35 | | 流通股本（亿股） | 56.34 | | 净资产（亿元） | 1519.56 | | 总资产（亿元） | 2930.30 | | 每股净资产（元） | | | | 24.34 | 投资要点 ＃summary＃ Q4 业绩超预期。23Q4，公司营收为 737 亿元（YoY+22.6%），超过彭博一致预期的 727 亿元。其中，核心本地商业收入为 551 亿元（YoY+26.8%），新业务收入为 186 亿元（YoY+11.5%）。本季度由于外卖与闪购单均配送相关成本下降等，毛利率改善 至 33.9%（YoY+5.8pcts）。由于交易用户激励、推广与广告开支增加，推升销售费用 率至 22.7%（YoY+4. ...

证券分析师：高博文 证书编号：S1160521080001 证券分析师：陈子怡 证书编号：S1160522070002 联系人：刘雪莹 电话：021-23586475 开始显现》 资料来源：Choice，东方财富证券研究所 盈利预测 行业竞争加剧； 政策监管风险。 东方财富证券股份有限公司（以下简称"本公司"）具有中国证监会核准的证券投资咨询业务资格 分析师申明： 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来 自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和 公正，结论不受任何第三方的授意或影响，特此声明。 投资建议的评级标准： 报告中投资建议所涉及的评级分为股票评级和行业评级（另有说明的除外）。评级标准为报告发布日后3到12 个月内的相对市场表现，也即：以报告发布日后的3到12个月内的公司股价（或行业指数）相对同期相关证 券市场代表性指数的涨跌幅作为基准。其中：A股市场以沪深300指数为基准；新三板市场以三板成指（针对 协议转让标的）或三板做市指数（针对做市转让标的）为基准；香港市场以恒生指数为基准；美国市场以标 ...

证 券 研 究 报 告 美团-W（03690.HK）2023 年报点评 推荐（维持） 23Q4 业绩超预期，预计 24 年基本盘稳步复 苏，新业务加速减亏 事项： 23Q4 收入/利润均超预期。公司 Q4 实现收入 737 亿元，YOY+23%，调整后净 利润 44 亿元，YOY+428%，经营利润 17.6 亿。其中，核心本地商业分部收入 为 551.3 亿，YOY+26.8%，经营利润为 80.2 亿，YOY+11.1%；新业务收入 185.7 亿，YOY +11.5%，经营亏损 48.3 亿。经营利润率为-26.0%，同比收窄 12.8pct， 减亏超预期。 评论： 核心本地稳健增长，闪购维持高增。Q4 核心本地商业收入 551.3 亿， YOY+26.8%，经营利润为 80.2 亿，YOY+11.1%，均略超此前彭博一致预期。 Q4 即时配送交易笔数（外卖+闪送）yoy+25%至 60 亿单，好于一致预期，表 现较好增长态势。具体来看，1）外卖：基本符合预期。收入、单量官方未披 露，我们估计 23Q4 收入 yoy+18%至 384 亿元，交易笔数 yoy+25%至 53 亿单， 受去年同期高基数下外 ...

[Table_ReportInfo] 《美团2Q2023季报点评：核心本地商业OPM 21.8% 超市场预期，凸显竞争优势》 2023.09.10 《美团 1Q2023 季报点评：核心本地商业复苏 强劲，重视估值性价比》2023.06.14 《美团 4Q2022 季报点评：锚定下限，未来 可期》2023.03.28 经营概况：（1）业绩：4Q23 实现收入 737 亿元，同比增 22.6%；毛利率 35.3%， 环比增加 1.4pct；公司 4Q23 经营利润 18 亿元，经营利润率为 2.4%。经调整 EBITDA 为 37 亿元，同比增长 26.5%；经调整净利润为 44 亿元，同比增长 427.6%。 （2）运营数据：4Q23 即时配送交易笔数 60.5 亿单，同比增 25.2%。其中，①美 团闪购：2023 年订单量同比增长超 40%，年度活跃商家同比增长近 30%，美团闪 电仓已覆盖 200 多个城市。②到店、酒店及旅游：2023 年到店、酒店及旅游交易 金额同比增长超过 100%，年度交易用户及年度活跃商家数同比增长分别超过 30% 和 60%。③新业务：前置仓业务美团买菜升级为全新品牌小象超市， ...

Investment Rating - The report maintains a "Buy" rating with a slight adjustment of the SOTP target price from HKD 180.00 to HKD 175.00 [6][27]. Core Insights - The company is expected to experience revenue growth of 20% in Q1 2024, 17% in Q2 2024, and 17% for the full year 2024, despite macroeconomic challenges and strategic adjustments in new business areas [4][20]. - The adjusted diluted earnings per share (EPS) for 2024 has been raised by 19% following the updated forecasts [4][22]. - The report introduces forecasts for 2026, indicating a continued positive outlook for the company's financial performance [4]. Financial Summary - Adjusted EBITDA for Q1 2024 is projected at RMB 5,447 million, with a margin of 8.2%, and is expected to increase to RMB 8,788 million in Q2 2024 with a margin of 10.8% [3][4]. - The core local business is anticipated to generate revenues of RMB 8,601 million in Q1 2024, increasing to RMB 11,874 million in Q2 2024 [3]. - New business segments are projected to incur losses of RMB 3,153 million in Q1 2024, with losses expected to narrow over time [3][4]. Valuation Metrics - The valuation for the restaurant delivery business is set at USD 53 billion based on a 15x P/E multiple for 2024, reflecting a 60% discount compared to global peers [24]. - The community e-commerce and local retail business is valued at USD 51 billion using a 0.8x P/GMV multiple, which is a 20% discount relative to comparable companies [25]. - The total market capitalization of the company is approximately USD 71.08 billion [29]. Earnings Forecast - The company is expected to achieve adjusted net income of RMB 32,016 million in 2024, with a net income margin of 9.9% [22]. - The adjusted EPS for 2024 is projected to be RMB 5.03, reflecting a 19% increase from previous estimates [22][24].

合理价值 176.38 港元 [公司评级 Table_Invest] 买入 当前价格 88.25 港元 前次评级 买入 报告日期 2024-03-24 [Table_ 相关研究： DocReport] 【广发传媒&海外】美团-W 2023-11-29 （03690.HK）:核心主业稳健 增长，优化新业务运营 【广发传媒&海外】美团-W 2023-08-26 （03690.HK）:到店业务市占 维稳到店稳住市占竞争格局 改善，持续夯实外卖盈利壁 垒供给驱动闪购高速增长 【广发传媒&海外】美团-W 2023-07-23 多维度强化用户心智，业绩 维持稳健增长 [Table_Contacts] 证券研究报告[Table_PageText] 美团-W|公告点评 证券研究报告 [Table_Title] 【 广 发 传 媒 & 海 外 】 美 团 -W （03690.HK） 核心主业稳健，组织结构调整，社团有望显著减亏 [Table_Summary] 核心观点： ⚫ 23Q4 及全年业绩：公司披露 23Q4 业绩，根据四季报，23Q4 公司实 现营收 736.96 亿元，同增 22.60%；NON-GAAP 净利润为 ...