MEITUAN(HK:03690) GF SECURITIES·2024-12-02 12:46Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported Q3 2024 revenue of RMB 93.577 billion, a year-over-year increase of 22.38%. The GAAP net profit was RMB 12.865 billion, with a NON-GAAP net profit of RMB 12.829 billion, resulting in a NON-GAAP net profit margin of 13.71% [3][11]. - The core local business showed resilience with revenue of RMB 69.373 billion, up 20.25% year-over-year, and operating profit of RMB 14.582 billion, up 44.44% year-over-year. New business revenue reached RMB 24.204 billion, a 28.91% increase year-over-year, although it incurred an operating loss of RMB 1.026 billion [3][11][18]. - The company is optimistic about its overseas expansion, particularly with the launch of Keeta in Riyadh, Saudi Arabia, which is expected to drive growth in new business segments [3][23]. Summary by Sections Q3 2024 Performance - Revenue for Q3 2024 was RMB 93.577 billion, a 22.38% increase year-over-year. The core local business generated RMB 69.373 billion in revenue, with an operating profit of RMB 14.582 billion [3][11][18]. - The company reported a total of 7.078 billion instant delivery transactions, reflecting a 14.54% year-over-year growth [3][11]. Business Segments - The core local business maintained strong growth, with a year-over-year revenue increase of 20.25% and an operating profit margin improvement of 3.52 percentage points to 21.02% [3][11][18]. - New business revenue grew by 28.91% year-over-year, with significant improvements in loss reduction across various segments, excluding Meituan Preferred [3][23]. Profitability Forecast and Investment Recommendations - The company expects revenues of RMB 336.5 billion and RMB 396.6 billion for 2024 and 2025, respectively, with adjusted net profits of RMB 45.9 billion and RMB 57.1 billion [3][24][25]. - The report raises the company's fair value estimate to HKD 189.36 per share, reflecting confidence in the core business's strong barriers and profitability [3][24][25].