MEITUAN(03690) 华安证券·2024-09-02 06:02Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [2] Core Views - The report highlights that Meituan's Q2 2024 earnings exceeded expectations, with total revenue reaching 82.251 billion yuan, representing a year-over-year increase of 21.0%, slightly above consensus expectations by 2.3% [2] - Adjusted EBITDA was 14.997 billion yuan, up 95% year-over-year, surpassing consensus expectations by 23.4% [2] - The report emphasizes the continuous improvement in operational efficiency and the strong performance of the food delivery and flash purchase businesses, which have enhanced user engagement and frequency [2] Summary by Sections Financial Performance - In Q2 2024, Meituan achieved total revenue of 82.251 billion yuan, with a year-over-year growth of 21.0% [2] - Adjusted net profit reached 13.606 billion yuan, a year-over-year increase of 78%, exceeding consensus expectations by 28.2% [2] - The core local commerce revenue for Q2 2024 was 60.682 billion yuan, growing 19% year-over-year, also above consensus expectations by 1.3% [2] Business Segments - The food delivery and flash purchase segments showed significant growth, with instant delivery transactions increasing by 14.2% year-over-year, reaching 6.167 billion orders [2] - The report notes that the "Pinhai Fan" initiative performed strongly, with daily order peaks exceeding 8 million, driven by improved supply and reduced user barriers [2] - The in-store travel business saw order volume grow over 60% year-over-year, with record highs in annual transaction users and active merchants [2] Future Projections - Revenue projections for Meituan are expected to reach 334.4 billion yuan, 388.9 billion yuan, and 442.1 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 20.9%, 16.3%, and 13.7% [5] - Adjusted net profit forecasts are 38.622 billion yuan, 52.239 billion yuan, and 69.769 billion yuan for the same years, indicating a strong long-term outlook for the company [5]