美团-W(03690.HK)：业绩超预期 看好长期竞争优势

Overall Performance - Meituan's Q1 2025 revenue reached 86.6 billion yuan, exceeding Bloomberg consensus by 1.3% [1] - EBIT for Q1 2025 was 10.6 billion yuan, surpassing Bloomberg consensus by 24.83% [1] - Adjusted net profit was approximately 10.9 billion yuan, exceeding Bloomberg consensus by 12.6% [1] - Core local business revenue was 64.3 billion yuan, exceeding Bloomberg consensus by 1.5% [1] - New business revenue was 22.2 billion yuan, exceeding Bloomberg consensus by 1.4% [1] Core Local Business - Q1 2025 revenue for core local business was 64.3 billion yuan, exceeding expectations by 1.5% [1] - Delivery service revenue was 25.7 billion yuan, commission revenue was 24.1 billion yuan, and online marketing revenue was 11.9 billion yuan [1] - Operating profit for Q1 2025 was 13.5 billion yuan, exceeding Bloomberg consensus by 9.5% [1] Food Delivery - The company is expanding its product line and optimizing its 30-minute delivery network [2] - "Pin Hao Fan" and "Shen Qiang Shou" are continuously updated to meet diverse consumer needs [2] - Over 480 brands have opened more than 3,000 high-quality satellite stores on Meituan [2] - The company plans to invest 100 billion yuan over the next three years to support the food service industry [2] In-store Business - Meituan's in-store business has seen a year-on-year increase of over 25% in active merchants [2] - The upgraded "Meituan Membership" system integrates various lifestyle services [2] Travel and Hospitality - The company is enhancing operational capabilities and service quality in the travel and hospitality sector [3] - The "Meituan Membership" plan encourages cross-selling and brand recognition in the travel industry [3] New Business - New business revenue grew by 19.2% year-on-year to 22.2 billion yuan, exceeding Bloomberg consensus by 1.4% [3] - Operating losses narrowed by 17.5% year-on-year to 2.3 billion yuan, with an improved loss rate of 10.2% [3] - The company's overseas business has made significant strides, particularly in Saudi Arabia [3] Investment Outlook - Short-term competition may impact profitability, but long-term core competitiveness remains strong [4] - Projected revenues for Meituan from 2025 to 2027 are 391.3 billion, 463.2 billion, and 542.6 billion yuan respectively [4] - Projected net profits (Non-IFRS) for the same period are 33.8 billion, 47 billion, and 64.4 billion yuan respectively [4]