智通财经网·2025-12-01 02:42Core Viewpoint - Meituan-W (03690) has exceeded expectations in new business operating profit for Q3 this year, indicating a positive outlook for profitability recovery by 2026 as competition becomes more rationalized [1] Group 1: Financial Performance - The target price for Meituan is maintained at HKD 139 with a "Buy" rating [1] - The fourth quarter is expected to see strong growth in flash sales, with a double-digit growth forecast for in-store and travel services [1] - New business growth is projected to accelerate in Q4, with a year-on-year increase of 19% [1] Group 2: Future Projections - For 2026, core local business revenue is expected to grow by 12% year-on-year, with operating profit reaching RMB 18 billion [1] - New business revenue is anticipated to increase by 18% year-on-year in 2026 [1]