美团-W：业绩持续超预期，海外投入加大

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company's performance continues to exceed expectations, with Q3 2024 revenue reaching 93.6 billion RMB, a year-on-year increase of 22.4%, surpassing market consensus of 92 billion RMB. Operating profit was 13.7 billion RMB, up 307.5% year-on-year, with an operating margin of 14.6%, an increase of 10.2 percentage points year-on-year. Adjusted net profit was 12.8 billion RMB, a 124.0% year-on-year increase, also above market expectations of 11.8 billion RMB [4]. - The core local business revenue was 69.4 billion RMB, growing 20.2% year-on-year, with operating profit of 14.6 billion RMB, up 44.4% year-on-year. The new business segment generated 24.2 billion RMB in revenue, a 28.9% increase, with operating losses narrowing by 79.9% to 1 billion RMB [4]. - The company's instant delivery orders reached 7.1 billion, a 14.5% year-on-year increase, with daily average orders hitting 76.93 million. The food delivery segment saw a recovery in average order value, with a decrease in the decline rate compared to previous months [4]. - The company is strategically expanding into overseas markets, with the launch of KeeTa in Riyadh, Saudi Arabia, indicating significant growth potential in the local delivery market [4]. Financial Summary - For the fiscal year 2023, the company reported revenue of 276.745 billion RMB, with a projected increase to 337.075 billion RMB in 2024, representing a year-on-year growth of 21.8%. Adjusted net profit is expected to rise from 23.253 billion RMB in 2023 to 44.254 billion RMB in 2024, reflecting a growth rate of 90.3% [3][8]. - The adjusted net profit margin is projected to improve from 8.4% in 2023 to 13.1% in 2024, with adjusted EPS increasing from 3.78 RMB to 7.19 RMB [3][8]. - The company has been actively repurchasing shares, having bought back over 600 million USD worth of stock since early September, amounting to approximately 4.2% of its shares [4].