论坛 专家追踪访谈：中国外卖行业——美团vs抖音 2024年第二季度展望 2024年7月2日 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 核心洞察 | | > | 美团第一季度的闪购业务大超预期：闪电仓在下沉市 场扩张速度较快（第一季度净增 800-1,000 家，加盟 门槛放宽、商户加盟现有品牌的意愿高），且仓均订 单量无明显下降， 构成了主要拉动因素。 | | > | 闪电仓商户的盈利比例从去年下半年的 70% 下降至 50-60% （新店亏损率更高、下沉市场客单价较低、 UE 较差）。一般闪购、闪电仓订单的客单价为 50-60 元、 40 元左右，3P模式下闪购单均毛利约0.3元。 | | > | 专家预计美团外卖第二季度 ...

大家好欢迎参加鬼星互联网美团深度系列一及时零售成为到家第二增长曲线会议目前所有项目者正处于静音状态下面开始播报名字声明声明播播完毕后主讲人可直接开始发言谢谢 本次会议为国信证券白名单会议仅面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据最新情况自主作出投资决策并自行承担投资风险本次会议禁止录音录像未经国信证券事先 不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 各位线上投资人大家下午好我是国新互联网的负责人张伦可然后今天我同事王颖洁也在线跟大家一会儿深度的分享一下我们近期发的这个闪购的一个专题其实美团今年以来我们是明确的其实观察到了几块业务的整个增长趋势跟竞争格局的一个好转 分别是一季度我们一季报之后其实看到了像外卖这块业务到家这个业务它其实单君的一个盈利能力其实那个去年整个是每个季度每个季度都在放缓下降的一个趋势当中但在今年的一季度其实我们看到了优异的一个回升然后预计这个趋势在接下来每个季度还会持续然后那道电跟这个抖音的这块竞争我们在今年 尤其是近期其实我们也做了一系列的线下的这样子的访谈,然 ...

Financial Performance - The company's Q1 2024 revenue grew by +25% YoY to RMB73,276 million, surpassing the consensus estimate of RMB69,622 million by +5% [4] - Normalized net income for Q1 2024 was RMB7,488 million, beating the consensus forecast of RMB6,052 million by +24% and representing a +36% YoY increase [11] - Gross margin expanded by +130 basis points YoY to 35.1% in Q1 2024, driven by improved operating efficiency in goods retail businesses [11] - Operating loss for the New Initiatives segment narrowed from -RMB5,029 million in Q1 2023 to -RMB2,757 million in Q1 2024, due to profitability enhancement measures in Meituan Select [11] Operational Highlights - On-demand delivery order volume increased by +28% YoY to 5,465 million in Q1 2024, attributed to a refined marketing strategy and increased transaction frequency of high-frequency users [4] - The company expects order volume growth rate in Q2 2024 to trend down to a normal level, reflecting the current consumption environment [12] - The company will no longer benefit from a low order base of last year starting in Q2 2024, with on-demand delivery order volume growth rates of +15%, +32%, +23%, and +25% for the four quarters of 2023, respectively [12] Market and Valuation - The company's Hong Kong-listed shares rose by +39% year-to-date in 2024, but corrected by -2% on June 7, 2024, following the Q1 results announcement [8][12] - The company's OTC shares with the MPNGF ticker symbol corrected by -9% on June 7, 2024 [12] - The company's consensus next twelve months' normalized P/E multiple is 16.6 times, higher than peers such as Tencent (16.1 times), PDD (11.8 times), Alibaba (9.5 times), and JD.com (8.7 times) [8][13] - The company's relatively more expensive valuations compared to peers might limit its capital appreciation potential, despite its above-expectations Q1 results [13] Outlook - The company's YoY top line expansion is expected to moderate from +25% in Q1 2024 to +18%, +17%, and +16% for Q2 2024, Q3 2024, and Q4 2024, respectively, consistent with order volume guidance [12] - Expectations of slower revenue growth ahead make it unrealistic to anticipate meaningful valuation multiple expansion for the company [13]

Thank you for standing by and welcome to the Meituan First Quarter 2024 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Scarlet Xu, VP and Head of Capital Markets. Please go ahead. Thank you, Operator. Good evening and good morning, everyone. Welcome ...

美团(3690)纪要 20240606 2Q on demand outlook a. 单量： i. On demand 4-5 月比 3 月略差，2Q 单量+14-15% YoY ii. 闪购 vs 外卖增速比 2x 好一些 b. 收入： i. On demand 收入增速比单量增速+1 ppt，mid teens ii. 外卖单均收入： 1. 1Q AOV down >5% YoY，但外卖单均收入只下降 Rmb0.05，1）广告货 币化率提升，2）优 化用户、商户补贴，很大程度对冲 AOV 下降的影响 2. 2Q AOV 下降幅度小于 1Q，<5% YoY，同时也会延续 1Q 的广告货币化率 提升、优化补 贴，可以抵消 AOV 下降 3. 2Q 单均收入 YoY up 4. 3Q、4Q AOV 还会降，但是幅度会比 2Q 小 c. 外卖 UE： i. 2Q 临时补贴 base normalize ii. 宏观、充裕骑手 supply，单均配送成本可以下降大几分钱 iii. 2Q UE up Rmb0.1 YoY d. 闪购： i. 1Q：turnaround，因为 high margin category ...

Meituan (OTCPK:MPNGF) Q1 2024 Earnings Conference Call June 6, 2024 7:00 AM ET Company Participants Sijia Xu - VP and Head-Capital Markets Xing Wang - Chairman and CEO Shaohui Chen - SVP and CFO Conference Call Participants Ronald Keung - Goldman Sachs Thomas Chong - Jefferies Kenneth Fong - UBS Alex Yao - JPMorgan Ya Jiang - CITIC Securities Alicia Yap - Citigroup Operator Thank you for standing by and welcome to the Meituan First Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now l ...

via our on-demand retail channel. 3GB grown categories such as liquid and average holiday gifts and daily necessities experienced remarkable growth, bringing higher revenue to offline retailers, especially for many AA merchants. We worked with high-quality brands and merchants during our consumer stay marketing campaign Those were flowers, beauty products, and mom and child products were particularly high. We also collaborated... I've been living in Shanghai for 7 years. I've been living in Shanghai for 7 y ...

Robert Way Meituan (OTCPK:MPNGY), having started out as China's premier on-demand food delivery platform, has branched out into adjacent service offerings like in-store hotel & travel, as well as various other new business initiatives. While this has allowed Meituan to build one of the richest app ecosystems in the country, it has also come at a heavy P&L cost (a key concern I outlined in my prior coverage) and prolonged equity underperformance. No surprise, then, that investors are a lot more optimistic fo ...

证券研究所提示您一本次电话会议仅面向浙商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议 2、嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考3、依照监管要求和保密原则,未经合法授权,严禁录音、记录、转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对这张证券的理解和配合谢谢各位投资人大家晚上好啊我是这张社服的首席凌富杰今天也非常高兴啊就是分享一下我们关于美团的观点因为最近的整个从 呃高点啊其实这个应该说是也就回调了有个15%左右就很多投资人也来就是关注啊就是关注我们的观点的一些变化以及在位置上面调整的一个核心的原因啊因为整个对于就是电商或者说是整体的中概股这边啊就是应该说是在一级的报陆陆续续都已经发布了所以整个的一级的报的板块的预期来讲的话已经进入了一个 正常的预期状态当然美团来讲的话他是下周四6月6号发财报他这一块还没有去就是一一的报来讲的话还 ...

Meituan (OTCPK:MPNGF) Q4 2023 Results Conference Call March 22, 2024 7:00 AM ET Company Participants Sijia Xu - VP 7 Head-Capital Markets Xing Wang - Chairman, CEO Shaohui Chen - SVP, CFO Conference Call Participants Ronald Keung - Goldman Sachs Thomas Chong - Jefferies Kenneth Fong - UBS Ya Jiang - CITIC Securities Alicia Yap - Citi Charlene Liu - HSBC Operator Thank you for standing by, and welcome to the Meituan Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions]. I would ...