Guoxin Securities·2024-12-02 04:03Investment Rating - The report maintains an "Outperform" rating for Meituan-W (03690.HK) [3][6][38]. Core Insights - Meituan achieved a revenue of 936 billion CNY, representing a year-on-year growth of 22%. The revenue breakdown shows that instant delivery services, transaction commissions, and marketing services grew by 21%, 25%, and 18% respectively [1][9]. - Adjusted net profit reached 128 billion CNY, a significant increase of 124% year-on-year, with an adjusted net profit margin of 14%, up by 7 percentage points [1][9]. - The company is focusing on the growth of its core local business and the development of its overseas operations [1][3]. Revenue and Profitability - The core local business generated 694 billion CNY in revenue, growing by 20% year-on-year, with operating profit increasing by 44% to 146 billion CNY, resulting in an operating profit margin of 21% [15][23]. - The new business segment saw a revenue increase of 29% to 242 billion CNY, with operating losses narrowing to 10 billion CNY, reflecting a 4% operating loss margin [27][28]. Business Segments Performance - Instant delivery total order volume grew by 15%, with restaurant delivery orders increasing by 12% and flash purchase orders rising by 36% [18][21]. - The "God Member" program has seen over 50% of merchants participating, contributing to a 26% growth in Gross Transaction Value (GTV) for the in-store travel and accommodation business [2][23]. Financial Forecasts - The report projects adjusted net profits for 2024-2026 to be 430 billion CNY, 523 billion CNY, and 587 billion CNY respectively, with a target price adjustment to 185-203 HKD, reflecting a potential upside of 40-48% [3][28].