Investment Rating - The report maintains a "Buy" rating for Meituan with a target price of HKD 230 [2][4][32] Core Insights - In Q1 2025, Meituan's revenue reached RMB 86.6 billion, a year-on-year increase of 18.1%, with operating profit significantly rising to RMB 10.6 billion, up 102.8% year-on-year [3][9][25] - The core local commerce segment generated revenue of RMB 64.3 billion, reflecting a 17.8% year-on-year growth, while the operating profit for this segment was RMB 13.5 billion, up 39.1% year-on-year [4][14][22] - New business revenue grew by 19.2% year-on-year to RMB 22.2 billion, with operating losses narrowing to RMB 2.3 billion, improving the loss rate to 10.2% [4][22][25] Summary by Sections Financial Performance - Q1 2025 saw a significant increase in operating cash flow, amounting to RMB 10.1 billion, with cash and cash equivalents totaling RMB 115 billion and short-term investments at RMB 65.4 billion as of March 31, 2025 [3][10][25] - The gross margin improved to 37.45%, a 2.4 percentage point increase year-on-year, with operating profit margin at 12.2%, up 5.1 percentage points year-on-year [25][26] Business Segments - Core local commerce continues to grow, with a focus on enhancing user engagement and frequency through refined operations in the food delivery sector [4][15][18] - The new initiatives segment is expanding, with a focus on grocery retail and international market penetration, particularly in Hong Kong, Saudi Arabia, and plans for Brazil [22][23][24] Strategic Outlook - The CEO expressed strong confidence in the future of the food delivery and flash purchase businesses, emphasizing a commitment to winning the competitive landscape at all costs [4][32] - Meituan plans to maintain a disciplined approach to overseas expansion while controlling losses, with a focus on sustainable growth and operational efficiency [4][32]
美团-W(3690.HK)：25Q1收入利润均超预期 将不惜代价赢下外卖竞争
第一上海·2025-05-29 10:25