美团-W：三季报经调整业绩高增长，预计出海扩张有望提速

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform the Market" [1][27]. Core Views - The adjusted performance in Q3 continues to show strong growth, with new businesses accelerating their loss reduction. In Q3 2024, the company achieved revenue of 93.58 billion RMB (+22.4%), net profit of 12.83 billion RMB (+258.0%), and adjusted net profit of 12.83 billion RMB (+124.0%), all exceeding Bloomberg consensus estimates [1][7]. - Core local business revenue growth accelerated, with operating profit margin improving year-on-year. In Q3, core local business revenue reached 69.37 billion RMB (+20.2%), with operating profit of 14.58 billion RMB (+44.4%) and an operating profit margin of 21.0% (+3.5 percentage points) [1][9]. - New business revenue in Q3 was 24.2 billion RMB (+28.9%), with operating losses significantly narrowing to 1.03 billion RMB, down from 5.11 billion RMB in the previous year [1][12]. Summary by Relevant Sections Financial Performance - Q3 2024 revenue was 93.58 billion RMB, a 22.4% increase year-on-year, with net profit at 12.83 billion RMB, reflecting a 258.0% increase. Adjusted net profit also reached 12.83 billion RMB, up 124.0% [1][7]. - Core local business revenue grew to 69.37 billion RMB, with delivery, commission, and online marketing revenues increasing by 20.9%, 24.3%, and 18.1% respectively [1][9]. - The operating profit margin improved to 21.0%, although it slightly decreased from Q2 due to seasonal factors [1][9]. New Business Development - New business revenue reached 24.2 billion RMB, with a significant reduction in operating losses to 1.03 billion RMB, down from 5.11 billion RMB in the previous year [1][12]. - The company estimates that the new business, including Meituan Preferred, reduced losses to around 1.7 billion RMB in Q3, with other new businesses contributing a profit of 600-700 million RMB [1][12]. Market Outlook - The company is focusing on expanding its instant retail segment, which is expected to account for over 10% of e-commerce market share by 2027, with projected GTV exceeding 200 billion RMB [1][15]. - Meituan is accelerating its overseas expansion, with Keeta entering Riyadh, Saudi Arabia, in October, which may increase short-term investments but is expected to open new market opportunities in the long term [1][15].