MEITUAN(HK:03690) Guoxin Securities·2025-04-09 03:26Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6][17] Core Insights - The company has upgraded its membership system, transitioning from a paid membership model to a points-based system, which includes six membership levels: Ordinary, Silver, Gold, Platinum, Black Gold, and Black Diamond [4][7][15] - The new membership system aims to integrate various business segments, providing a comprehensive range of benefits across food, accommodation, travel, entertainment, shopping, and healthcare [3][4][7] - The introduction of the new membership system is expected to enhance consumer spending and frequency of use, thereby accelerating the formation of a local consumption ecosystem [6][17] Summary by Sections Membership System Upgrade - On March 31, 2025, the company fully upgraded its membership system, centering around "Shen Coupons" as core benefits, covering various lifestyle scenarios [3][4] - The new membership system allows users to accumulate growth points through consumption and tasks, with specific spending thresholds to achieve higher membership levels [4][7] Historical Membership Strategy Review - Historically, the company operated independent membership systems for its various services, leading to fragmented user experiences [5][13] - The integration of the membership system began in August 2023 with the merger of "Shen Coupons" and "Shen Membership," which simplified merchant marketing processes and stabilized the core food delivery business [13][14] Financial Projections - The company maintains its adjusted net profit forecasts for 2025-2027 at 51.5 billion, 65.3 billion, and 78.7 billion yuan, corresponding to PE ratios of 14.8, 11.7, and 9.7 times [6][17] - The local lifestyle sector is expected to continue evolving through competitive collaboration, with the upgraded membership system facilitating further synergy among business lines [6][17]