Group 1 - The core viewpoint of the report is that Meituan's revenue for Q1 2025 is in line with market expectations, while the operating profit margin for its takeaway business exceeds market predictions [1] - The competition in the takeaway market is expected to intensify in 2025, as competitors are aggressively offering high subsidies to capture market share [1] - The report suggests that this intense competition is unsustainable in the long term but will exert downward pressure on growth prospects and profit margins in the takeaway market in the short term [1] Group 2 - The forecast for Meituan's earnings per share for 2025 to 2027 has been revised down by 3% to 15% due to anticipated declines in takeaway profit margins and increased investments in Keeta [1] - Despite the adjustments, the report maintains a "buy" rating for Meituan, but lowers the target price from 235 HKD to 200 HKD [1]
大和降美团目标价至200港元 竞争加剧