美团-W：利润超预期，运营效率持续提升

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [21][17] Core Views - The company's Q2 2024 performance exceeded expectations, with revenue reaching RMB 82.3 billion, a 21% YoY increase, and Non-IFRS net profit of RMB 13.6 billion, up 77.6% YoY [12] - Local core commerce revenue grew 18.5% YoY to RMB 60.7 billion, with operating profit increasing 36.8% YoY to RMB 15.2 billion, and operating margin improving by 3.3 percentage points to 25.1% [12] - New business revenue increased 28.7% YoY to RMB 21.6 billion, with operating losses narrowing by 74.7% to RMB 1.3 billion, and the loss ratio improving by 24.9 percentage points YoY [13] Business Segments Food Delivery and Instant Retail - Food delivery and instant retail saw a 14.2% YoY increase in daily orders, reaching 67.77 million, with total transaction volume hitting 6.167 billion in Q2 2024 [12] - The "Pinhao Fan" service achieved a record daily order peak of 8 million, driven by affordable offerings that lowered the threshold for user orders and improved retention [12] - Flash delivery expanded its coverage, with the self-operated alcohol retail brand "Waima Songjiu" continuing to grow, and online medical insurance payments for non-prescription drugs driving growth in the healthcare category [12] In-Store and Hotel & Travel - In-store and hotel & travel business saw order volume grow over 60% YoY, with record-high annual transacting users and active merchants [12] - Leisure and entertainment categories experienced over 60% YoY growth in GTV and order volume, while beauty and medical aesthetics categories saw GTV growth exceeding 50% [12] - The "Shen Membership" system was upgraded and extended to the in-store and hotel & travel categories, enhancing the company's brand as a value-for-money platform [12] New Businesses - Meituan Select improved product quality and pricing through enhanced supply chain management, driving overall operational efficiency [13] - Xiaoxiang Supermarket led industry growth with continuous efficiency improvements, while B2B food supply chain services, restaurant management systems, and shared mobility services also achieved healthy growth [13] Financial Projections - Revenue is projected to reach RMB 3.357 trillion, RMB 3.874 trillion, and RMB 4.410 trillion in 2024, 2025, and 2026, respectively [13] - Non-IFRS net profit is expected to be RMB 40.5 billion, RMB 50.0 billion, and RMB 65.8 billion for 2024, 2025, and 2026, respectively [13] - The P/E ratio is forecasted at 14.47x, 11.72x, and 8.90x for 2024, 2025, and 2026, respectively [13] Valuation Metrics - The company's ROE (Return on Equity) is expected to improve significantly, from 9.11% in 2023 to 20.11% in 2026 [23] - The P/B (Price-to-Book) ratio is projected to decline from 4.21 in 2023 to 2.28 in 2026, indicating improving valuation metrics [23]