美团外卖出海空间测算、无人配送情况汇报及重申推荐观 点 20250324 摘要 Q&A 美团在中东外卖市场的现状和前景如何？ 美团在中东外卖市场的现状和前景可以从多个方面进行分析。首先，中东地区， 特别是海湾六国（沙特阿拉伯、阿联酋等），人口接近 6,000 万，其中沙特阿 拉伯和阿联酋占据了三分之二以上的人口。这两个国家经济相对发达，居民消 费能力较强。美团选择沙特阿拉伯的首都利雅得作为切入点，是基于地理环境 以沙特排名第二的一家外卖企业为例，其单位订单价值（AVEX）约为 16 至 17 美元，相当于人民币 120 元左右，与香港市场相当。这解释了为什么美团选择 中东作为继香港之后的重要扩展区域。中东与香港有许多相似之处，包括较高 的客单价和良好的付费习惯。此外，中东地区整体 take rate 水平远高于国内， 通常超过 30%，最高曾达到 37%。其中配送费占 20%左右，佣金部分占 10%至 15%，其余部分约 2%。 中东地区与国内相比，take rate 水平有何不同？ • 美团积极拓展中东外卖市场，首站选择沙特利雅得，受益于该地区 40%的 外卖渗透率和较高的人均订单量（约 570 美元/年） ...

March 23, 2025 10:00 PM GMT Meituan | Asia Pacific Core OP Intact, but Wider New Initiatives Loss and Increased AI Investment We continue to estimate 2025 CLC OP at Rmb61bn, but expect the new initiatives loss to widen to Rmb9.5bn on a slower loss reduction pace for Select. Impact from the social security scheme should kick in from 2Q, but limited effect on 2025 food delivery OP and UE. OW. 4Q24 beat on CLC OP: Total revenue and adjusted EBITDA were largely in line with consensus, while core local commerce ...

摘要 美团 20250321 • 美团 2024 年积极拓展业务，包括扩展美团购物产品选择、推出优惠团购 产品，并在沙特阿拉伯推出 Aquila 外卖服务。同时，在即时配送领域进行 创新，自动驾驶车辆和无人机累计完成数百万商业订单。 • 美团通过技术创新推动零售行业发展，自营配送业务日订单量超 9,280 万 单。优化消费者价值管理，探索供应链创新，并利用自动驾驶车辆、无人 机等技术提升配送效率，致力于将人工智能融入消费者日常生活。 • 美团推出 10 亿元商家支持计划，提供现金支持和平台补贴，帮助商家提 高服务质量和运营效率。同时，为知名品牌提供数字化工具和运营服务， 延长新入驻中小商家的流量支持时长，提高权益保障。 • 美团加快低线城市实体业务渗透，为当地中小商家开发易操作工具包，降 低在线运营成本，提高销售利润率。在酒店及旅行领域，加强与行业合作 伙伴合作，提高产品多样性及价格竞争力。 • 2025 年第一季度，美团总收入同比增长 20.1%至 802.85 亿元人民币， 收入成本率同比下降 3.9 个百分点至 62.2%。总分部营业利润增长到 107 亿元人民币，总分部营业利润率从 4.3%提升到 1 ...

Meituan (03690) Q4 2024 Earnings Call March 21, 2025 03:52 PM ET Company Participants Scarlett Xu - Vice President and Head of Capital MarketsWang Xing - Founder, Executive Director, CEO & ChairmanShaohui Chen - CFO & Senior VPKenneth Fong - Managing DirectorThomas Chong - Managing Director Conference Call Participants Ronald Keung - AnalystGary Yu - AnalystYa Jiang - AnalystCharlene Liu - Analyst Operator Thank you for standing by, and welcome to the Netwon Fourth Quarter and Full Year twenty twenty four E ...

Financial Data and Key Metrics Changes - For the full year of 2024, total revenue increased by 22% year-over-year to RMB 337.6 billion, with adjusted net profit reaching RMB 9.8 billion in Q4 2024 [6][34][36] - In Q4 2024, total revenue grew by 20.1% year-over-year to RMB 88.5 billion, with a decrease in cost of revenue ratio by 3.9 percentage points to 62.2% [34][36] - Total segment operating profit grew to RMB 10.7 billion, with operating margin increasing from 4.3% to 12.1% [35] Business Line Data and Key Metrics Changes - Core local commerce segment revenue grew by 18.9% year-over-year to RMB 65.6 billion, with operating profit improving to RMB 12.9 billion and operating margin at 19.7% [40][42] - The in-store business saw order volume increase by over 65% year-over-year, with significant growth in lower-tier markets [23][27] - The new initiative segment revenue increased by 23.5% year-over-year to RMB 22.9 billion, driven by grocery retail and overseas businesses [43] Market Data and Key Metrics Changes - Annual transacting users exceeded 77 million, and annual active merchants increased to 14.5 million [6] - The number of transitions for in-store services increased by high 40s year-over-year in Q4 2024, indicating strong growth in lower-tier markets [39] - The Shen Hui Yuan program accounted for over 40% of total core local commerce order volume, enhancing user engagement [112] Company Strategy and Development Direction - The company aims to facilitate industry digital transformation and improve operational efficiency while investing in AI and autonomous delivery technologies [31][68] - Expansion into overseas markets, particularly with the launch of Keeta in Saudi Arabia, is a key focus, with plans to grow the food delivery business [30][76] - The company is committed to enhancing the ecosystem for merchants and couriers, including a RMB 1 billion merchant support program [19][100] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects of the business, emphasizing the importance of adapting to changing consumption trends [31][45] - The company plans to maintain a focus on high-quality growth and operational efficiency, with expectations for steady profit growth in the on-demand delivery business [103] - Management highlighted the potential of AI to enhance productivity and customer experience, with ongoing investments in AI infrastructure [52][62] Other Important Information - The company has implemented various measures to support couriers, including occupational injury insurance and anti-fatigue features [20][21] - The organizational restructuring has led to improved efficiency and integration across different business lines, enhancing user engagement [120] Q&A Session Summary Question: AI strategy and investment plans - Management emphasized an offensive strategy towards AI, integrating it into daily operations and developing in-house large language models to enhance productivity and service offerings [48][52] Question: Expansion plans for Keeta in the Middle East - Management confirmed successful operations in Saudi Arabia and plans for cautious expansion into other markets, focusing on food delivery as a foundation for growth [76][80] Question: Balancing investment in new initiatives and shareholder returns - Management stated that capital allocation strategies are regularly reviewed, with a focus on improving operational efficiency while committing to share buybacks as a primary method for shareholder returns [90][91] Question: Focus areas for food delivery and Meituan Instashopping - Management highlighted ongoing user acquisition efforts, particularly among younger demographics, and the importance of supply-side innovations to drive growth in both food delivery and Meituan Instashopping [95][97] Question: Competitive landscape and GTV growth expectations for in-store business - Management expressed confidence in maintaining strong GTV growth, leveraging digitalization trends and enhancing marketing strategies to solidify market leadership [108][110]

17 March 2025 | 2:55AM HKT Navigating China Internet What to expect & key investor focuses into mega-caps Tencent, Meituan & PDD prints With Tencent, Meituan and PDD reporting this week, we expect solid 4Q24 results on the back of healthy goods/services consumption trends in the quarter (GSe: Tencent/Meituan/PDD top line growth of +8%/+19%/+24% yoy and adj. group EBIT growth of +22%/+405%/+11% yoy, respectively), while management commentaries on 2025 outlook/direction of 2025E EPS revisions will be key, giv ...

March 12, 2025 02:49 AM GMT 美团 把握300亿美元的中东机遇 在中国宏观经济不温不火的情况下，在海合会市场的扩张成 为美团新的增长动力。我们预测美团将包揽60亿美元/20％份 额的外卖GMV，在2028年产生15亿美元的增量收入，得益于 高效的成本结构，预计整体新业务2028年实现收支平衡。 要点 出海的重要性：我们认为，在政策转向之后，中国的"3D"之路（债务、人口、 通缩）仍不平坦。我们的经济学家预计，随着政府的刺激措施更加注重投资，消 费复苏可能维持渐进式。因此，我们认为，对于美团来说⸺在中国几乎 100％ 的核心业务集中在商业，而在外卖配送领域占据 70-80％ 的成熟市场份额⸺海外 扩张以寻找新的增长动力非常重要。我们认为中东是一个有吸引力的市场：（1） 市场增长强劲，2024-28年复合年增长率估计为+15％（相比之下，英国约+5％， 中国约+8％，美国约+8％）； （2） 线上食品渗透率不断上升（2028年估计 约31％）； （3）高盈利能力（高AOV、高抽成率、低派送成本）； （4） 市场较 为分散，存在整合空间； （5）有利的人口特征（高度城市化、不断增加的年轻人 ...

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Summary of Key Points from the Conference Call Industry and Company Overview - **Industry Focus**: Greater China Technology Semiconductors, China Internet and Other Services, and Specialty FPGA - **Key Companies Mentioned**: Shanghai Fudan Microelectronics, Unigroup Guoxin, TSMC, Meituan Core Insights and Arguments - **Market Outlook**: The overall industry view for Greater China Technology Semiconductors is rated as In-Line, while the China Internet and Other Services sector is considered Attractive [2][25] - **LEO Satellite Launches**: An expectation of approximately 1,500 Low Earth Orbit (LEO) satellites to be launched annually over the next decade, indicating significant growth potential in the satellite communications sector [8] - **Revenue Projections**: Shanghai Fudan is projected to have a revenue opportunity of RMB 670 million over the next three years, with varying scenarios of Base, Bull, and Bear cases [9] - **Earnings Trends**: Shanghai Fudan's gross margin for specialty FPGA rebounded in Q4 2024, contrasting with Unigroup Guoxin's continued revenue decline [13][14] - **Capacity Expansion**: TSMC is set to double its CoWoS and SoIC capacity by 2025, which is expected to lead to a substantial increase in Nvidia GPU shipments [20][21] Additional Important Insights - **Market Dynamics in the Middle East**: Meituan is exploring expansion opportunities in the Middle East, with a focus on food delivery market dynamics across various countries, including Saudi Arabia and the UAE [26][27] - **Competitive Landscape**: The food delivery market is characterized by varying levels of competition and profitability across different Middle Eastern countries, with Saudi Arabia and the UAE showing the most potential [27] - **Risks and Opportunities**: Potential upside risks include stronger-than-expected demand for specialty FPGA and faster-than-expected LEO satellite launches. Conversely, downside risks involve slower project developments and increased competition in the FPGA market [38][39] Financial Metrics and Projections - **TSMC's Demand Forecast**: Total demand for CoWoS is projected to rise from 60k wafers in 2022 to 699k wafers by 2025, indicating a significant growth trajectory [21] - **Earnings Estimates**: Unigroup Guoxin's earnings estimate revisions peaked in mid-2024, suggesting a potential recovery phase for the company [11] This summary encapsulates the critical insights and projections discussed during the conference call, highlighting the growth potential in the semiconductor and internet service sectors, as well as the strategic moves by key players in the market.

Core Viewpoint - Deliveroo exits the Hong Kong market, selling its assets to Foodpanda, leading to a duopoly in the Hong Kong food delivery market between Foodpanda and Meituan [1] Market Dynamics - Deliveroo's market share is expected to be divided between Keeta and Foodpanda, with Keeta likely gaining a larger share, resulting in a 50/50 market split [1] - Citigroup believes that Keeta's recent promotional packages will enhance order frequency and customer loyalty [1] Strategic Implications - Keeta's experience in Hong Kong can be replicated in the Middle East market, indicating potential for expansion [1] - Citigroup maintains a "Buy" rating on Meituan with a target price of 200 HKD [1]