MEITUAN(HK:03690) Huaan Securities·2025-06-03 03:23Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [1] Core Views - In Q1 2025, Meituan's total revenue reached 86.6 billion yuan, representing a year-over-year increase of 18%, slightly above Bloomberg consensus expectations by 1.3% [4] - Adjusted EBITDA was 12.3 billion yuan, up 52% year-over-year, exceeding Bloomberg consensus expectations by 6.2% [4] - Adjusted net profit was 10.9 billion yuan, a 46% increase year-over-year, significantly surpassing Bloomberg consensus expectations by 12.6% [4] - Core local business revenue was 64.3 billion yuan, also up 18% year-over-year, exceeding Bloomberg consensus expectations by 1.5% [4] - New business revenue was 22.2 billion yuan, a 19% year-over-year increase, also above Bloomberg consensus expectations by 1.4% [4] Summary by Sections Business Performance - Meituan's food delivery and flash purchase businesses have improved user stickiness and purchase frequency through refined operations [5] - The food delivery segment has introduced differentiated products to meet diverse consumer needs and has implemented measures to enhance food safety [5] - Flash purchase has seen significant growth across various consumer categories, with transaction volume increasing nearly threefold in recent months [5] International Expansion - Keeta, a subsidiary, is expanding internationally, having entered the Brazilian market with a commitment to invest 1 billion USD over the next five years [6] Financial Projections - Revenue projections for 2025-2027 are estimated at 386.3 billion, 454.3 billion, and 526.7 billion yuan, with growth rates of 14%, 18%, and 16% respectively [7] - Adjusted net profit projections for the same period are 38.4 billion, 49.9 billion, and 60.8 billion yuan, with growth rates of -12%, 30%, and 22% respectively [7] Long-term Outlook - The report maintains a positive long-term outlook on Meituan's operational capabilities and business barriers, emphasizing its "extreme execution" in retail exploration [7]