MEITUAN(03690) 交银国际证券·2024-12-03 02:52Investment Rating - The report maintains a "Buy" rating for Meituan (3690 HK) with a target price adjusted to HKD 226.00, indicating a potential upside of 35.0% from the current closing price of HKD 167.40 [1][4]. Core Insights - Meituan's Q3 2024 performance was strong, with revenue reaching RMB 93.6 billion, a year-on-year increase of 22%, surpassing consensus expectations. Adjusted net profit grew by 124% year-on-year, with a net profit margin of 14%, up 6.2 percentage points from the previous year [1][3]. - The core business and new initiatives showed growth, with core business revenue increasing by 20% and new business revenue by 29% [1][2]. - The report projects revenue growth rates of 22% for 2024 and 15% for 2025, with core business revenue expected to grow by 21% and 17% respectively [3][12]. Financial Performance Summary - Q3 2024 revenue was RMB 936 billion, with a net profit margin of 14% and an adjusted operating profit margin of 21% [1][6]. - The report estimates that Meituan's revenue for 2024 will be RMB 337.2 billion, with a year-on-year growth of 21.8% [5][12]. - The adjusted net profit for 2024 is projected to be RMB 44.7 billion, reflecting an 85.9% increase year-on-year [5][12]. Business Segment Performance - The food delivery segment saw a year-on-year growth in revenue, driven by improved advertising monetization and reduced user subsidies [2][3]. - Flash purchase orders increased by nearly 35% year-on-year, with significant growth in user numbers and transaction frequency [2][3]. - The hotel and travel segment experienced a 50%+ increase in order volume, with GTV and revenue growth around 25% [2][3]. Valuation and Market Position - The report maintains previous valuation expectations, forecasting a net profit growth of approximately 25% for 2025, corresponding to a PEG ratio of 0.9 [3][12]. - Meituan's long-term competitive advantages include accumulated industry experience, strong traffic, and brand reputation [3][12].