美团-W：业绩超预期，业务协同效应增强

Investment Rating - Buy (Maintained Rating) for Meituan-W (03690 HK) [3] Core Views - Meituan-W reported better-than-expected Q3 2024 results with revenue of RMB 93 6 billion (+22 4% YoY) and Non-IFRS net profit of RMB 12 8 billion (+124% YoY) [4] - Local core commerce revenue grew 20 2% YoY to RMB 69 4 billion with an operating profit margin of 21% (+3 5pct YoY) [4] - New business revenue increased 28 9% YoY to RMB 24 2 billion with a narrowed operating loss of RMB 1 billion (-79 9% YoY) [4] - The company is expected to achieve revenue of RMB 3 376/3 941/4 461 billion in 2024/2025/2026 with Non-IFRS net profit of RMB 43 8/57 0/73 3 billion respectively [4] Business Segment Analysis Food Delivery and Instant Retail - Food delivery and instant retail transaction volume reached 7 077 billion in Q3 2024 with daily orders of 76 93 million (+14 5% YoY) [4] - Delivery revenue grew 21% YoY to RMB 27 8 billion driven by reduced subsidies and increased merchant adoption of delivery services [4] - Flash purchase business saw double-digit growth in user numbers and transaction frequency with faster growth in non-food categories [4] In-Store Hotel and Travel - In-store hotel and travel order volume increased over 50% YoY in Q3 2024 with record high annual transacting users and active merchants [4] - The business achieved rapid growth in lower-tier markets with increased user frequency and new user acquisition [4] - Hotel business maintained stable room night growth with the Shen Membership program becoming a new growth driver [4] New Businesses - New businesses excluding Meituan Select achieved overall profitability in Q3 2024 [4] - Meituan Select continued to narrow losses despite increased cold chain investments [4] - Overseas expansion began with the launch of Keeta in Riyadh in October 2024 [4] Financial Projections - Revenue is projected to grow at a CAGR of 15 1% from 2024 to 2026 reaching RMB 4 461 billion in 2026 [8] - Non-IFRS net profit margin is expected to improve from 13 0% in 2024 to 16 4% in 2026 [8] - ROE is forecasted to increase from 16 61% in 2024 to 20 45% in 2026 [8] - P E ratio is expected to decline from 21 64x in 2024 to 12 94x in 2026 reflecting earnings growth [4]