MEITUAN(03690) 国信证券·2025-04-01 05:18Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform" [5] Core Views - The core local business is developing smoothly, with a focus on the launch of AI assistants in 2025 and overseas expansion [4][6] - Revenue increased by 20% year-on-year, with adjusted profit margin improving by 5 percentage points [1][8] - The company is expected to continue optimizing subsidies and delivery fees to offset additional investments in rider social security [2][19] Revenue and Profitability - In Q4 2024, Meituan achieved operating revenue of 885 billion CNY, a year-on-year increase of 20% [1][8] - The adjusted net profit for the quarter was 98 billion CNY, representing a 125% year-on-year growth, with an adjusted net profit margin of 11% [1][8] - The gross profit margin improved by approximately 4 percentage points due to enhanced cost efficiency [1][8] Business Segments - The food delivery business saw a 9% year-on-year increase in order volume, with average order value (AOV) decline narrowing [2][15] - The in-store and travel business experienced over 40% growth in order volume, with a GTV increase of about 24% [3][19] - New business revenue grew by 23% year-on-year to 229 billion CNY, although operating losses increased to 2.2 billion CNY [4][22] Future Outlook - The company plans to launch an AI assistant this year to enhance consumer search and transaction experiences [4][8] - Adjusted net profit forecasts for 2025 have been slightly lowered to 515 billion CNY, while 2026 estimates have been raised to 653 billion CNY [6][23] - The company is expected to continue its expansion in lower-tier cities and overseas markets, with a focus on sustainable growth [4][6]