MEITUAN(03690) 浙商证券·2024-12-01 05:23Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [5] Core Insights - Meituan's revenue for Q3 2024 increased by 22.4% year-on-year to 93.577 billion yuan, exceeding Bloomberg consensus expectations by 1.73%. The core business and new business revenues were 69.373 billion yuan and 24.204 billion yuan, respectively, with year-on-year growth of 20.25% and 28.91%. Operating profit surged by 307.5% to 13.685 billion yuan, also surpassing expectations by 41.04%. Adjusted net profit rose by 124.0% to 12.829 billion yuan, exceeding expectations by 10.07% [1][2][10]. Summary by Sections Financial Performance - Q3 2024 sales expenses increased by 6.20% year-on-year to 17.953 billion yuan, driven by higher advertising, user incentives, and employee compensation. The sales expense ratio decreased by 2.92 percentage points to 19.19% due to improved marketing efficiency. R&D expenses decreased by 0.52% to 5.293 billion yuan, with a R&D expense ratio of 5.66%, down 1.3 percentage points. Management expenses rose by 10.24% to 2.798 billion yuan, primarily due to increased compensation and taxes related to business growth, with a management expense ratio of 2.99%, down 0.33 percentage points [2]. Core Local Business - The core local business revenue grew by 20.2% to 69.373 billion yuan, exceeding Bloomberg expectations by 1.52%. Operating profit increased by 44.44% to 14.582 billion yuan, surpassing expectations by 13.69%, with an operating profit margin of 21.02%, up 3.52 percentage points. The order volume for the delivery business increased by 14.5% to 7.078 billion orders [2][3]. New Business Development - New business revenue grew by 28.91% to 24.204 billion yuan, exceeding expectations by 3.90%. Operating loss narrowed by 79.93% to -1.026 billion yuan, better than expectations by 42.41%, with an operating profit margin of -4.24%, up 22.99 percentage points. The Meituan Preferred business saw a reduction in losses due to efficiency improvements and healthy growth [4][10]. Future Projections - Meituan is expected to achieve revenues of 336.898 billion yuan, 389.849 billion yuan, and 446.912 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.74%, 15.72%, and 14.64%. Adjusted net profits are projected to be 41.737 billion yuan, 53.882 billion yuan, and 67.344 billion yuan, with growth rates of 79.49%, 29.10%, and 24.98%, respectively [10][12].