2024 年 11 月 30 日 公司研究 3Q 业绩超预期，或将加大 Keeta 投入力度 ——美团-W（3690.HK）2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------|--------------------------------------------------------|---------------------------------------------------------------|----------------------------------------------|------------------------|-----------------------------|------------------------------------------------------------| ...

2024 年 11 月 30 日 来源：公司年报、国金证券研究所 买入（维持评级） 美团-W（03690.HK） 港股公司点评 证券研究报告 业绩超预期，业务协同效应增强 业绩简评 2024 年 11 月 29 日，公司披露 2024 第三季度业绩公告，2024Q3 公司实现营收 936 亿元，同比+22.4%，Non-IFRS 归母净利润 128 亿元，同比+124%。 经营分析 2024Q3 公司本地核心商业收入 694 亿元，同比增长 20.2%，经营 利润 146 亿元，同比增长 44.4%，经营利润率 21%，同比+3.5pct。 1）餐饮外卖及闪购：即时配送单量超预期增长，产品矩阵多样化。 2024Q3 即时配送交易笔数达到 70.77 亿，日均订单量 7693 万，同 比增长 14.5%。2024Q3 公司配送收入达到 278 亿元，同比增长 21%， 主要由于收入中补贴扣除减少及更多商家转向使用公司的配送服 务。外卖：多产品矩阵共振，核心仍为性价比，公司通过"拼好饭"、 "品牌卫星店"、"神抢手"等针对不同类型用户的产品满足消费者 需求，带动外卖业务增长。闪购：用户数及交易频次双位数增长， 产 ...

| --- | --- | |-------------------------------------------------------|------------------------------------------| | 美团 -W(03690) | 报告日期： 2024 年 12 月 01 日 | | 新业务减亏加速，利润大超预期 ——美团 24Q3 业绩点评 | | 投资要点 ❑ 收入略超预期，各板块均稳健增长，利润增厚大超预期。 24Q3 美团收入同增 22.4%至 935.77 亿元，高于彭博一致预期 1.73%。分业务看，24Q3 美团核心商 业/新业务收入分别为 693.73 亿元/242.04 亿元，分别同增 20.25%/28.91%。24Q3 美团经营利润同增 307.5%至 136.85 亿元，高于彭博一致预期 41.04%。美团经营 利润率同增 10.23pct 至 14.62%。经调整净利润同增 124.0%至 128.29 亿元，高于 彭博一致预期 10.07%。 ❑ 总体控费良好费率同比下降，用户激励相对加大但效率提升。24Q3 美团销售费 用同比+6.20%至 179 ...

Revenue Growth - Revenue increased by 22.4% YoY to RMB 93.577 billion in Q3 2024, compared to RMB 76.467 billion in Q3 2023[4] - Core local commerce segment revenue rose by 20.2% YoY to RMB 69.373 billion, with operating profit up 44.4% YoY to RMB 14.582 billion[10][12] - New business segment revenue grew 28.9% year-over-year to RMB 24.2 billion, with operating losses narrowing by 79.9% to RMB 1 billion and an improved operating loss margin of 4.2%[23] - Meituan's total revenue increased 22.4% year-over-year from RMB 76.5 billion in Q3 2023 to RMB 93.6 billion in Q3 2024, driven by growth in both core local commerce and new business segments[27] - Core local commerce revenue reached RMB 69.4 billion, with delivery services contributing RMB 27.8 billion and commission income at RMB 26.1 billion[28] - Core local commerce revenue increased by 20.2% from RMB 57.7 billion in Q3 2023 to RMB 69.4 billion in Q3 2024, driven by growth in delivery services, commission income, and online marketing services[31] - New business revenue grew by 28.9% from RMB 18.8 billion in Q3 2023 to RMB 24.2 billion in Q3 2024, primarily due to growth in the company's retail business[32] - Revenue increased by 13.8% from RMB 82.3 billion in Q2 2024 to RMB 93.6 billion in Q3 2024, with growth across both reporting segments[53] - Core local commerce revenue grew by 14.3% from RMB 60.7 billion in Q2 2024 to RMB 69.4 billion in Q3 2024, driven by increased transaction volume[56] - New business revenue increased by 12.2% from RMB 21.6 billion in Q2 2024 to RMB 24.2 billion in Q3 2024, primarily due to growth in the retail business[57] Profitability - Operating profit surged by 307.5% YoY to RMB 13.685 billion, with operating profit margin improving from 4.4% to 14.6%[4] - Adjusted EBITDA grew by 134.8% YoY to RMB 14.529 billion, and adjusted net profit increased by 124.0% YoY to RMB 12.829 billion[4] - New business segment narrowed its operating loss to RMB 1.026 billion from RMB 5.112 billion in Q3 2023[10] - Operating profit increased significantly from RMB 3.4 billion in Q3 2023 to RMB 13.7 billion in Q3 2024, with the operating profit margin rising from 4.4% to 14.6%[42] - Core local commerce operating profit grew from RMB 10.1 billion in Q3 2023 to RMB 14.6 billion in Q3 2024, with the operating profit margin increasing by 3.5 percentage points to 21.0%[45] - New business operating loss narrowed from RMB 5.1 billion in Q3 2023 to RMB 1.0 billion in Q3 2024, with the operating loss margin improving by 23.0 percentage points to 4.2%[46] - Net profit for Q3 2024 was RMB 12.9 billion, compared to RMB 3.6 billion in Q3 2023[49] - Adjusted EBITDA for Q3 2024 was RMB 14.5 billion, slightly lower than the RMB 15.0 billion in Q2 2024[51] - Operating profit for Q3 2024 was RMB 13.7 billion, with an operating margin of 14.6%, up from RMB 11.3 billion and 13.7% in Q2 2024[68] - Core local commerce operating profit decreased to RMB 14.6 billion in Q3 2024 from RMB 15.2 billion in Q2 2024, with the operating margin dropping from 25.1% to 21.0%[70] - New business operating loss narrowed to RMB 1.0 billion in Q3 2024 from RMB 1.3 billion in Q2 2024, with the operating loss margin improving from 6.1% to 4.2%[71] - Net profit for Q3 2024 was RMB 12.9 billion, compared to RMB 11.4 billion in Q2 2024[75] - Adjusted EBITDA for Q3 2024 was RMB 14.5 billion, compared to RMB 6.2 billion in Q3 2023 and RMB 15.0 billion in Q2 2024[80] - Adjusted net profit for Q3 2024 was RMB 12.8 billion, compared to RMB 5.7 billion in Q3 2023 and RMB 13.6 billion in Q2 2024[80] Cost and Expense Management - Sales costs increased by 14.8% from RMB 49.5 billion in Q3 2023 to RMB 56.8 billion in Q3 2024, but the percentage of revenue decreased by 4.0 percentage points to 60.7% due to improved cost efficiency[34] - Sales and marketing expenses rose by 6.2% from RMB 16.9 billion in Q3 2023 to RMB 18.0 billion in Q3 2024, with the percentage of revenue decreasing by 2.9 percentage points to 19.2% due to improved marketing efficiency[36] - R&D expenses remained stable at RMB 5.3 billion in Q3 2024, with the percentage of revenue decreasing by 1.3 percentage points to 5.7% due to improved operating leverage[37] - Cost of sales rose by 17.5% from RMB 48.4 billion in Q2 2024 to RMB 56.8 billion in Q3 2024, accounting for 60.7% of revenue, up 1.9 percentage points[59] - Sales and marketing expenses increased by 21.0% from RMB 14.8 billion in Q2 2024 to RMB 18.0 billion in Q3 2024, representing 19.2% of revenue[61] - R&D expenses remained stable at RMB 5.3 billion in Q3 2024, with the percentage of revenue decreasing from 6.5% to 5.7%[62] Cash Flow and Financial Position - Cash and cash equivalents stood at RMB 42.5 billion, with short-term financial investments totaling RMB 91.7 billion as of September 30, 2024[15] - Operating cash inflow reached RMB 15.2 billion in Q3 2024[15] - Cash and cash equivalents stood at RMB 42.5 billion as of September 30, 2024, with short-term financial investments at RMB 91.7 billion[82] - Net cash flow from operating activities for Q3 2024 was RMB 15.2 billion, primarily due to pre-tax profit and adjustments for non-cash items and working capital changes[84] - Net cash used in investing activities for Q3 2024 was RMB 11.9 billion, mainly due to purchases of financial investments and property, plant, and equipment[85] - Net cash used in financing activities for Q3 2024 was RMB 15.0 billion, primarily due to the repurchase of Class B shares[86] - Capital-to-debt ratio as of September 30, 2024, was approximately 22%, calculated as total borrowings and notes payable divided by total equity attributable to shareholders[87] - Total assets decreased to RMB 285.93 billion as of September 30, 2024, compared to RMB 293.03 billion as of December 31, 2023[92] - Property, plant, and equipment increased to RMB 30.39 billion as of September 30, 2024, up from RMB 25.98 billion as of December 31, 2023[92] - Cash and cash equivalents increased to RMB 42.47 billion as of September 30, 2024, compared to RMB 33.34 billion as of December 31, 2023[92] - Total liabilities decreased to RMB 125.66 billion as of September 30, 2024, down from RMB 141.07 billion as of December 31, 2023[94] - The company repurchased 120,063,700 Class B shares for a total consideration of HKD 14.21 billion during the three months ended September 30, 2024[96] - The company issued USD 1.2 billion of 4.500% senior notes due 2028 and USD 1.3 billion of 4.625% senior notes due 2029 in October 2024[105] - The company's equity attributable to owners increased to RMB 160.32 billion as of September 30, 2024, up from RMB 152.01 billion as of December 31, 2023[92] - Short-term financial investments decreased to RMB 91.69 billion as of September 30, 2024, compared to RMB 111.82 billion as of December 31, 2023[92] - Trade receivables increased to RMB 3.25 billion as of September 30, 2024, up from RMB 2.74 billion as of December 31, 2023[92] - The company's deferred tax liabilities increased to RMB 1.30 billion as of September 30, 2024, compared to RMB 968.23 million as of December 31, 2023[94] Business Segment Performance - Core local commerce segment revenue rose by 20.2% YoY to RMB 69.373 billion, with operating profit up 44.4% YoY to RMB 14.582 billion[10][12] - New business segment narrowed its operating loss to RMB 1.026 billion from RMB 5.112 billion in Q3 2023[10] - Meituan's instant retail business saw double-digit year-over-year growth in both user numbers and transaction frequency, with non-food categories growing faster due to expanded supply and improved service quality[18] - Meituan's on-demand delivery network served over 1.6 million riders, improving efficiency and safety through initiatives like the "Rider-Friendly Community" and "Rider Home" features[19] - Meituan's in-store, hotel, and travel business achieved over 50% year-over-year growth in order volume, with record highs in annual transacting users and active merchants[20] - Domestic hotel room nights continued stable growth, with high-end hotels leveraging new marketing IPs and low-end hotels benefiting from increased demand for short trips and local travel[22] - Core local commerce revenue reached RMB 69.4 billion, with delivery services contributing RMB 27.8 billion and commission income at RMB 26.1 billion[28] - Core local commerce revenue increased by 20.2% from RMB 57.7 billion in Q3 2023 to RMB 69.4 billion in Q3 2024, driven by growth in delivery services, commission income, and online marketing services[31] - New business revenue grew by 28.9% from RMB 18.8 billion in Q3 2023 to RMB 24.2 billion in Q3 2024, primarily due to growth in the company's retail business[32] - Core local commerce revenue grew by 14.3% from RMB 60.7 billion in Q2 2024 to RMB 69.4 billion in Q3 2024, driven by increased transaction volume[56] - New business revenue increased by 12.2% from RMB 21.6 billion in Q2 2024 to RMB 24.2 billion in Q3 2024, primarily due to growth in the retail business[57] Operational Metrics - Instant delivery transactions increased by 14.5% YoY to 7.078 billion orders in Q3 2024[8] - Meituan's instant retail business saw double-digit year-over-year growth in both user numbers and transaction frequency, with non-food categories growing faster due to expanded supply and improved service quality[18] - Meituan's on-demand delivery network served over 1.6 million riders, improving efficiency and safety through initiatives like the "Rider-Friendly Community" and "Rider Home" features[19] - Meituan's in-store, hotel, and travel business achieved over 50% year-over-year growth in order volume, with record highs in annual transacting users and active merchants[20] - Domestic hotel room nights continued stable growth, with high-end hotels leveraging new marketing IPs and low-end hotels benefiting from increased demand for short trips and local travel[22] - The company's active merchants are defined as those who have completed at least one transaction, purchased online marketing services, processed offline payments, or generated orders through the ERP system within a specific period[114] - The company's transaction amount includes the value of paid products and services on the platform, excluding pure payment transactions such as QR code payments and POS transactions[115] - The company's instant delivery transaction count includes transactions from food delivery and Meituan Flash Purchase businesses[116] - The company's transaction users are defined as user accounts that have paid for products and services on the platform within a specific period, regardless of subsequent refunds[117] - The company's transaction count is based on payment frequency, with specific rules for different business segments such as in-store, hotel booking, and shared mobility services[118] Corporate Governance and Shareholder Information - The company's board of directors includes executive directors Wang Xing and Mu Rongjun, and independent non-executive directors including Ou Gaodun, Leng Xuesong, Shen Xiangyang, and Yang Minde[107] - The company's financial performance and business outlook are based on unaudited management accounts and involve significant risks and uncertainties[108] - The company's A-class shares carry ten votes per share on most resolutions, while B-class shares carry one vote per share[110] - The company repurchased 120,063,700 Class B shares for a total consideration of HKD 14.21 billion during the three months ended September 30, 2024[96] - The company issued USD 1.2 billion of 4.500% senior notes due 2028 and USD 1.3 billion of 4.625% senior notes due 2029 in October 2024[105]

2024 年 10 月 24 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn 证券分析师： 罗婉琦 S0350524050002 luowq@ghzq.com.cn [Table_Title] 利润持续释放，关注协同力及新供给的长期驱动 ——美团-W（3690.HK）2024Q3 业绩前瞻 最近一年走势 主要财务指标前瞻：我们预计美团 2024Q3 实现总营收 921 亿元 （ YoY+20.5% ， QoQ+12% ） ； 核 心 本 地 商 业 营 收 687 亿 元 （YoY+19%，QoQ+13%），其中餐饮外卖业务预计营收 459 亿元 （YoY+15%，QoQ+13%），经营利润率 17.8%（YoY+2.9pct）； 闪购业务预计营收 67 亿元（YoY+42%），经营利润率 0.3% （YoY+2.4pct）；到店酒旅业务预计营收 154 亿元（YoY+25%， QoQ+11%），经营利润率 35%（QoQ+1pc ...

Investment Rating - The report maintains a **Buy** rating for Meituan (3690 HK) with a target price of HKD 228, implying a potential upside of 24.2% from the current price of HKD 183.60 [1][2] Core Views - Meituan's profit growth trend is expected to remain sustainable, leading to an upward revision of 2025 profit forecasts and target price [1] - The company is expected to report a 21% YoY increase in total revenue for Q3 2024, slightly above Bloomberg/Visible Alpha (VA) consensus of 20% [1] - Net profit is projected to surge 98% YoY to RMB 11.4 billion in Q3 2024, with a net margin of 12.3%, outperforming Bloomberg/VA expectations of 106%/109% growth [1] - Local commerce (CLC) is expected to grow 20% YoY, with delivery order volume up 14%, revenue up 18%, and profit up 36% [1] - In-store, hotel, and travel (IHT) business is forecasted to grow 20% in revenue and 32% in profit, with a margin of 35% [1] - New businesses are expected to grow 25% YoY, with quarterly losses narrowing to RMB 1.86 billion [1] Financial Projections - Local commerce revenue is projected to grow 21% in 2024 and 18% in 2025, with adjusted operating profit increasing 30% and 27%, respectively [2] - IHT revenue is expected to accelerate, growing 23% in 2024 and 30% in 2025, with adjusted operating profit increasing 20% and 33%, respectively [2] - New business losses are expected to narrow further in 2025, following a trend of reduced losses in H2 2024 [2] - Adjusted net profit growth is forecasted at 78% in 2024 and 25% in 2025, with a 2025 PEG ratio of 1x and a P/E of 25x [2] Industry Position - Meituan maintains a leading position in China's instant retail and delivery industry [2] - The company's food delivery business, despite high online penetration, continues to meet diverse user needs through products like "Pinhao Fan" [2] - Flash delivery faces competition but has significant market potential, with scale effects and category diversification being key to monetization [2] - Local life services market competition is largely under control, with emerging industry investments still in early stages [2] Financial Data Highlights - Revenue is projected to grow from RMB 276.7 billion in 2023 to RMB 420.2 billion in 2026, with a CAGR of 8.7% from 2024 to 2026 [3] - Net profit is expected to increase from RMB 23.3 billion in 2023 to RMB 59.8 billion in 2026, with a CAGR of 15.5% from 2024 to 2026 [3] - EPS is forecasted to grow from RMB 3.71 in 2023 to RMB 9.59 in 2026 [3] - P/E ratio is expected to decline from 45.1x in 2023 to 17.5x in 2026, reflecting improving profitability [3]

证券研究报告 资料来源：S&P 美团-W (3690 HK) 3Q24 前瞻：市场回暖更显利润弹性 华泰研究 更新报告 2024 年 10 月 11 日│中国香港 互联网 3Q24 前瞻：政策利好提振信心，消费回暖助力长期前景 近期多项会议释放政策利好，提振市场信心，亦有望引导消费逐步回暖，美 团作为本地生活服务龙头或展现更强的成长弹性；短期内到店竞争改善叠加 公司自身运营效率提升助力业绩弹性释放。我们预计公司 3Q24 收入 921 亿元，yoy+21%，非 IFRS 净利润 112 亿元，yoy+96%；预计公司 24-26 年收入 3273/3822/4421 亿元，非 IFRS 净利润为 402/588/752 亿元，按照 10 月 10 日收盘价对应 24-26 年 PE 分别为 26.4/18.1/14.1x，汇率假设（人 民币对港币）至 1.09，基于 SOTP 模型的目标价 235.6 港元（前值：169.0 港元），维持"买入"评级。 风险提示：本地生活市场竞争加剧，市场增长不及预期，公司盈利不及预期。 到家业务：供给侧仍在深化，经营杠杆释放利润弹性 3Q24 美团外卖在供给侧持续深化，根据 ...

Revenue Growth - Revenue for Q2 2024 increased by 21.0% to RMB 82,251 million compared to Q2 2023[5] - Total revenue for the first half of 2024 rose by 22.9% to RMB 155,527 million[5] - Core local commerce revenue increased by 18.5% YoY to RMB 60.7 billion in Q2 2024[11] - Total revenue for the first half of 2024 reached RMB 155.53 billion, a 22.9% increase YoY[8][9] - The company's total revenue increased 21.0% year-over-year from RMB 68.0 billion in Q2 2023 to RMB 82.3 billion in Q2 2024[17] - Revenue grew by 12.2% from RMB 73.3 billion in Q1 2024 to RMB 82.3 billion in Q2 2024[31] - Revenue for the first half of 2024 reached RMB 155,526,961 thousand, a 22.9% increase compared to RMB 126,582,096 thousand in the same period of 2023[122] - The Core Local Commerce segment generated total revenue of RMB 115,307,565 thousand for the six months ended June 30, 2024, up from RMB 94,085,282 thousand for the same period in 2023[154][155] - The New Initiatives segment reported a total revenue of RMB 40,219,396 thousand for the six months ended June 30, 2024, compared to RMB 32,496,814 thousand for the same period in 2023[154][155] - Revenue from delivery services increased to RMB 44,086,329 thousand in 2024 from RMB 37,280,261 thousand in 2023, representing an 18.3% growth[158] - Commission income rose to RMB 43,482,551 thousand in 2024 from RMB 35,155,530 thousand in 2023, a 23.7% increase[158] - Online marketing services and other sales (including interest income) grew to RMB 45,207,335 thousand in 2024 from RMB 36,056,311 thousand in 2023, a 25.4% rise[158] - Total revenue for the six months ended June 30, 2024, reached RMB 155,526,961 thousand, up from RMB 126,582,096 thousand in 2023, a 22.9% increase[158] - Total revenue for the six months ended June 30, 2024, was RMB 5,606,663 thousand, compared to RMB 5,598,132 thousand for the same period in 2023[199] - Online marketing services and other revenue for the six months ended June 30, 2024, was RMB 3,843,000 thousand, up from RMB 3,362,473 thousand in 2023[200] - Revenue from shared bike and shared e-bike services for the six months ended June 30, 2024, was RMB 59,708 thousand, an increase from RMB 40,182 thousand in 2023[200] Profitability - Operating profit for Q2 2024 surged by 138.8% to RMB 11,256 million[5] - Adjusted EBITDA for Q2 2024 grew by 95.2% to RMB 14,997 million[5] - Operating profit for the first half of 2024 increased by 98.4% to RMB 16,466 million[5] - Adjusted net profit for Q2 2024 grew by 77.6% to RMB 13,606 million[5] - Operating profit for core local commerce grew by 36.8% YoY to RMB 15.2 billion in Q2 2024[11] - Operating profit for the first half of 2024 surged by 98.4% YoY to RMB 16.47 billion[8][9] - The company's operating profit increased from RMB 4.7 billion in Q2 2023 to RMB 11.3 billion in Q2 2024[16] - The company's adjusted EBITDA rose from RMB 7.7 billion in Q2 2023 to RMB 15.0 billion in Q2 2024[16] - Operating profit for core local business rose to RMB 15.2 billion in Q2 2024, with operating profit margin increasing from 21.8% to 25.1%[27] - New business operating loss narrowed to RMB 1.3 billion in Q2 2024, with operating loss margin improving from 31.0% to 6.1%[27] - Total operating profit increased to RMB 11.3 billion in Q2 2024, with operating profit margin rising from 6.9% to 13.7%[26] - Net profit for Q2 2024 was RMB 11.4 billion, compared to RMB 4.7 billion in Q2 2023[29] - Adjusted EBITDA for Q2 2024 was RMB 15.0 billion, up from RMB 8.1 billion in Q1 2024[30] - Operating profit surged from RMB 5.2 billion in Q1 2024 to RMB 11.3 billion in Q2 2024, with the operating profit margin rising from 7.1% to 13.7%[42] - Core local commerce operating profit increased from RMB 9.7 billion in Q1 2024 to RMB 15.2 billion in Q2 2024, with the operating profit margin rising from 17.8% to 25.1%[44] - New business operating loss narrowed from RMB 2.8 billion in Q1 2024 to RMB 1.3 billion in Q2 2024, with the operating loss margin decreasing from 14.8% to 6.1%[44] - Net profit for the period rose from RMB 5.4 billion in Q1 2024 to RMB 11.4 billion in Q2 2024[46] - Adjusted EBITDA for Q2 2024 was RMB 14,997.3 million, compared to RMB 7,682.4 million in Q2 2023[49] - Adjusted net profit for Q2 2024 was RMB 13,606.3 million, up from RMB 7,659.9 million in Q2 2023[49] - Adjusted EBITDA for the first half of 2024 was RMB 23,067.6 million, compared to RMB 13,944.4 million in the first half of 2023[51] - Adjusted net profit for the first half of 2024 was RMB 21,094.7 million, up from RMB 13,151.3 million in the first half of 2023[51] - Gross profit for the first half of 2024 was RMB 59,586,584 thousand, up 31.7% from RMB 45,215,430 thousand in the first half of 2023[122] - Operating profit for the first half of 2024 stood at RMB 16,466,281 thousand, a 98.4% increase from RMB 8,298,720 thousand in the same period of 2023[122] - Net profit attributable to equity holders of the company for the first half of 2024 was RMB 16,720,459 thousand, a 107.8% increase from RMB 8,046,103 thousand in the first half of 2023[122] - Basic earnings per share for the first half of 2024 were RMB 2.70, up 107.7% from RMB 1.30 in the same period of 2023[122] - The Core Local Commerce segment achieved an operating profit of RMB 24,932,432 thousand for the six months ended June 30, 2024, up from RMB 20,583,591 thousand for the same period in 2023[154][155] - The New Initiatives segment recorded an operating loss of RMB 4,071,258 thousand for the six months ended June 30, 2024, an improvement from the operating loss of RMB 10,221,816 thousand for the same period in 2023[154][155] - The company's basic earnings per share (EPS) for the first half of 2024 increased to RMB 2.70, up from RMB 1.30 in the same period of 2023[169] - The company's diluted earnings per share (EPS) for the first half of 2024 was RMB 2.58, compared to RMB 1.21 in the first half of 2023[171] - The company's net profit attributable to equity holders for the first half of 2024 was RMB 16,720,459 thousand, a significant increase from RMB 8,046,103 thousand in the same period of 2023[169] Business Segments - Revenue from local commerce segment reached RMB 60,682 million in Q2 2024[7] - New business segment reported a loss of RMB 1,314 million in Q2 2024[7] - Core local commerce revenue increased by 18.5% YoY to RMB 60.7 billion in Q2 2024[11] - Operating profit for core local commerce grew by 36.8% YoY to RMB 15.2 billion in Q2 2024[11] - The company's core local commerce segment revenue was RMB 60.7 billion in Q2 2024, with delivery services contributing RMB 23.0 billion[18] - The company's new business segment revenue was RMB 21.6 billion in Q2 2024, with other services and sales (including interest income) contributing RMB 20.8 billion[18] - Core local business revenue increased by 18.5% from RMB 51.2 billion in Q2 2023 to RMB 60.7 billion in Q2 2024, driven by growth in transaction volume and active online marketing merchants[20] - New business revenue grew by 28.7% from RMB 16.8 billion in Q2 2023 to RMB 21.6 billion in Q2 2024, primarily due to growth in merchandise retail business[20] - Core local commerce revenue increased by 11.1% from RMB 54.6 billion in Q1 2024 to RMB 60.7 billion in Q2 2024[33] - New business revenue grew by 15.7% from RMB 18.7 billion in Q1 2024 to RMB 21.6 billion in Q2 2024[33] - The Core Local Commerce segment generated total revenue of RMB 115,307,565 thousand for the six months ended June 30, 2024, up from RMB 94,085,282 thousand for the same period in 2023[154][155] - The New Initiatives segment reported a total revenue of RMB 40,219,396 thousand for the six months ended June 30, 2024, compared to RMB 32,496,814 thousand for the same period in 2023[154][155] - The Core Local Commerce segment achieved an operating profit of RMB 24,932,432 thousand for the six months ended June 30, 2024, up from RMB 20,583,591 thousand for the same period in 2023[154][155] - The New Initiatives segment recorded an operating loss of RMB 4,071,258 thousand for the six months ended June 30, 2024, an improvement from the operating loss of RMB 10,221,816 thousand for the same period in 2023[154][155] Costs and Expenses - Sales cost increased by 13.6% from RMB 42.6 billion in Q2 2023 to RMB 48.4 billion in Q2 2024, but decreased as a percentage of revenue from 62.6% to 58.8%[22] - Sales cost rose by 1.6% from RMB 47.6 billion in Q1 2024 to RMB 48.4 billion in Q2 2024, with the percentage of revenue decreasing from 64.9% to 58.8%[35] - Sales and marketing expenses increased by 6.8% from RMB 13.9 billion in Q1 2024 to RMB 14.8 billion in Q2 2024, with the percentage of revenue dropping from 19.0% to 18.0%[36] - R&D expenses grew by 6.8% from RMB 5.0 billion in Q1 2024 to RMB 5.3 billion in Q2 2024, maintaining a stable percentage of revenue at 6.5%[37] - General and administrative expenses increased by 17.3% from RMB 2.3 billion in Q1 2024 to RMB 2.7 billion in Q2 2024, with the percentage of revenue remaining stable at 3.3%[38] - Delivery-related costs increased to RMB 48,034,761 thousand in 2024 from RMB 40,305,534 thousand in 2023, a 19.2% rise[159] - Employee compensation expenses grew to RMB 22,361,745 thousand in 2024 from RMB 20,724,480 thousand in 2023, a 7.9% increase[159] - Depreciation expenses for the first half of 2024 totaled RMB 3,891,360 thousand, with the majority allocated to cost of sales[174] - Depreciation expenses for right-of-use assets in the first half of 2024 amounted to RMB 1,509,567 thousand, up from RMB 1,362,572 thousand in the same period of 2023[176] - Amortization expenses for the six months ended June 30, 2024, amounted to RMB 118,774 thousand, a decrease from RMB 191,480 thousand in the same period last year[179] - R&D expenses for the six months ended June 30, 2024, increased to RMB 16,899 thousand from RMB 13,741 thousand in the same period last year[179] - General and administrative expenses for the six months ended June 30, 2024, slightly decreased to RMB 86,373 thousand from RMB 88,023 thousand in the same period last year[179] Cash Flow and Financial Position - Cash and cash equivalents as of June 30, 2024, were RMB 54,704.2 million[53] - Net cash flow from operating activities for Q2 2024 was RMB 19,056.6 million[53] - Net cash flow from investing activities for Q2 2024 was RMB 5,236.9 million[53] - Net cash flow used in financing activities for Q2 2024 was RMB (20,543.2) million[53] - Adjusted EBITDA for the first half of 2024 was RMB 23,067.6 million, compared to RMB 13,944.4 million in the first half of 2023[51] - Adjusted net profit for the first half of 2024 was RMB 21,094.7 million, up from RMB 13,151.3 million in the first half of 2023[51] - Net cash flow from operating activities for the first half of 2024 was RMB 25,038.3 million[53] - Net cash flow from investing activities for the first half of 2024 was RMB 28,571.9 million[53] - Net cash used in financing activities for Q2 2024 was RMB 20.5 billion, primarily due to repayment of borrowings and interest, and repurchase of Class B shares[56] - Capital-to-debt ratio as of June 30, 2024, was approximately 23%, calculated as total borrowings and notes payable divided by total equity attributable to equity holders[56] - Total borrowings and notes payable as of June 30, 2024, amounted to RMB 37.5 billion[57] - The company's operating cash flow increased to RMB 25,292,946 thousand in the first half of 2024, up from RMB 19,060,031 thousand in the same period of 2023[129] - Net cash flow from investing activities was RMB 28,571,875 thousand in the first half of 2024, compared to a negative RMB 10,548,255 thousand in the same period of 2023[129] - The company's net cash flow from financing activities was negative RMB 32,413,691 thousand in the first half of 2024, compared to negative RMB 1,697,222 thousand in the same period of 2023[130] - The company's cash and cash equivalents increased by RMB 21,196,521 thousand in the first half of 2024, reaching RMB 54,704,168 thousand at the end of the period[130] Investments and Assets - The company holds a significant investment in Li Auto with a book value of RMB 15.1 billion, representing 5.3% of total assets, and owns 258,171,601 Class A ordinary shares, equivalent to 12.94% equity[62] - Profit generated from the investment in Li Auto for the six months ended June 30, 2024, was approximately RMB 500 million[62] - Total assets as of June 30, 2024, were RMB 285,558,370 thousand, a decrease of 2.5% from RMB 293,029,632 thousand as of December 31, 2023[124] - Property, plant, and equipment as of June 30, 2024, were RMB 29,493,278 thousand, a 13.5% increase from RMB 25,977,845 thousand as of December 31, 2023[124] - Intangible assets as of June 30, 2024, were RMB 30,311,940 thousand, a slight decrease of 0.3% from RMB 30,397,947 thousand as of December 31, 2023[124] - Total equity attributable to equity holders of the company as of June 30, 2024, was RMB 160,555,342 thousand, a 5.6% increase from RMB 152,013,207 thousand as of December 31, 2023[124] - Total liabilities decreased to RMB 125,059,010 thousand from RMB 141,073,265 thousand compared to the end of 2023[125] - Non-current liabilities decreased to RMB 30,803,061 thousand from RMB 40,199,170 thousand[125] - Current liabilities decreased to RMB 94,255,949 thousand from RMB 100,874,095 thousand[125] - Trade payables increased slightly to RMB 23,021,223 thousand from RMB 22,980,506 thousand[125] - Merchant payables increased to RMB

美团-W(03690) 公司研究/公司点评 证 券 研 究 报 告 公 司 研 究 公 司 点 评 Q2 业绩高增长，组织架构调整推动公司 业务发展 ◼ 事件描述 美团发布 2024 年第二季度及半年报业绩报告。今年二季度，美团实现 营收 823 亿元，同比增长 21%；经营溢利 113 亿元，同比增长 139%； 经调整溢利净额 136 亿元，同比增长 78%。 ◼ 核心观点 组织架构改革持续推动公司核心本地商业业务发展：根据中国经营网 转引公司财报电话会议上管理层的表述，"组织架构调整释放了各业务 的增长潜力。"今年上半年，美团针对核心本地商业业务进行了一系列 组织架构改革。2024 年第二季度美团核心本地商业部分实现收入约 607 亿元，约占到总营收的 73.8%。2024 年第二季度，"拼好饭"表现 尤为强劲，单日订单量峰值突破 800 万单。 新业务继续减亏，组织改革推动新业务经营效率：美团第二季度来自 新业务的收入为 215.7 亿元，同比增长 28.7%；新业务的经营亏损为 13.1 亿元，相比一季度的亏损 27.6 亿元改善显著。根据财联社，公 司在财报中称，今年二季度通过提升产品质量和加强供 ...

2024 年 9 月 2 日 美团 (3690 HK, 买入, 目标价: HK$193.00) 搏有 | --- | --- | |--------------------------------------------------|----------------------| | 目标价 : HK$193.00 | 当前股价 : HK$102.80 | | 股价上行/下行空间 | +88% | | 52 周最高/最低价 (HK$) | 140.00/61.10 | | 市值 (US$mn) | 83,997 | | 当前发行数量(百万股 ) | 6,373 | | 三个月平均日交易額 (US$mn) | 430 | | 流通盘占比 (%) | 57 | | 主要股东 (%) | 18 | | 腾讯控股 | 7 | | 红杉资本 Qihui Holdings Ltd. | 3 | | 按 2024 年 8 月 28 日收市数据 资料来源: FactSet | | | --- | --- | --- | --- | |-----------------|--------|--------|-------| | ...