MEITUAN(03690) 国信证券·2024-09-02 04:03Investment Rating - The report maintains an "Outperform" rating for the company [12][25]. Core Insights - The company achieved a revenue growth of 21% in Q2 2024, with adjusted net profit increasing by 78%, surpassing Bloomberg's expectations [10][12]. - The adjusted EBITDA for Q2 2024 was 15 billion RMB, reflecting a 95.2% increase, driven by improved operating profit margins in core local business operations and significant reductions in losses from new businesses [10][12]. - The company reported a net cash inflow from operating activities of 19.1 billion RMB, a 75% increase, indicating strong operational resilience and effective management optimization [10][12]. Financial Summary - Revenue (in million RMB) is projected to grow from 276,745 in 2023 to 451,113 in 2026, with a CAGR of approximately 14.8% [8]. - Adjusted net profit is expected to rise from 23,253 in 2023 to 58,424 in 2026, reflecting a significant recovery from a -118.2% change in 2022 [8]. - The adjusted EPS is forecasted to increase from 3.74 in 2023 to 9.39 in 2026 [8]. Operational Performance - The core local business revenue reached 60.68 billion RMB in Q2 2024, up 18.5%, with a notable operating profit margin of 25.1%, an increase of 3.3 percentage points [12][14]. - The new business segment generated 21.57 billion RMB in revenue, marking a 28.7% increase, with a significant reduction in operating losses [24][12]. - The gross margin improved to 41.2% in Q2 2024, driven by lower delivery costs and reduced subsidies [24][12]. Strategic Developments - The company is focusing on organizational upgrades, traffic integration, and deepening its industry chain to support growth [17][12]. - A new buyback program of 1 billion USD has been introduced to boost market confidence [17][12]. - The company is enhancing its local business through vertical integration and improved operational efficiency [17][12].