MEITUAN(03690) 申万宏源·2024-12-03 02:51Investment Rating - The report maintains a "Buy" rating for Meituan [5][14]. Core Insights - Meituan reported a significant acceleration in revenue and profit growth for Q3 2024, with revenue reaching RMB 93.6 billion, a year-on-year increase of 22.4%, and operating profit soaring by 307.5% to RMB 13.69 billion [5][9]. - The company is focusing on enhancing merchant support through initiatives like the "Fan Sheng Plan," which includes a RMB 1 billion investment to aid merchant innovation [10]. - New business segments are showing improved efficiency, with revenue from new businesses rising 28.9% year-on-year to RMB 24.2 billion, and operating losses significantly reduced [12]. Financial Summary - Revenue projections for Meituan are as follows: - 2022: RMB 219.96 billion - 2023: RMB 276.75 billion - 2024E: RMB 336.83 billion - 2025E: RMB 380.44 billion - 2026E: RMB 427.99 billion - Adjusted net profit is expected to grow substantially, with projections of RMB 41.49 billion for 2024E and RMB 60.21 billion for 2026E, reflecting a year-on-year growth rate of 78.4% for 2024E [6][17]. - The report indicates a significant improvement in return on equity (ROE), projected to reach 24.4% in 2024E [6].