SINOLINK SECURITIES·2025-05-28 10:45Investment Rating - The report maintains a "Buy" rating for Meituan-W (03690.HK) [10] Core Views - In Q1 2025, Meituan achieved revenue of 865 billion CNY, a year-on-year increase of 18.1%, and a Non-IFRS net profit of 10.9 billion CNY, up 46.2% year-on-year [2] - The core local business revenue reached 643 billion CNY, growing 17.8% year-on-year, with an operating profit of 135 billion CNY, reflecting a 39.1% increase and an operating profit margin of 21%, up 3.2 percentage points year-on-year [3] - The report highlights the healthy growth in food delivery and strong momentum in instant retail, although increased competition in Q2 may impact profits [3] - New business revenue grew by 19.2% year-on-year to 222 billion CNY, with operating losses narrowing by 17.5% to 2.3 billion CNY [4] Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 3862 billion CNY, 4461 billion CNY, and 4979 billion CNY respectively, with Non-IFRS net profits of 405 billion CNY, 530 billion CNY, and 706 billion CNY [5] - Corresponding P/E ratios are expected to be 17.93, 13.69, and 10.28 for the years 2025, 2026, and 2027 [5]