KAIYUAN SECURITIES·2025-12-01 09:13Investment Rating - The investment rating for Meituan-W (03690.HK) is "Buy" (maintained) [1] Core Views - The report indicates that Meituan is increasing short-term investments to consolidate market share amid intensified competition, with expectations of profitability returning in 2026 and a projected net profit growth of 68.4% in 2027 [6][8] - The company's non-IFRS net profit forecasts for 2025-2027 have been revised down to -19.9 billion, 32.2 billion, and 54.2 billion CNY respectively, reflecting the competitive landscape and increased subsidies [6] - The report highlights that while the core business is facing challenges, new business segments are showing improvement, particularly in Hong Kong and the Middle East [7] Financial Summary and Valuation Metrics - Revenue for 2023 is reported at 276.7 billion CNY, with a year-over-year growth of 25.8%. Projections for 2025 and 2026 are 365.4 billion and 433.5 billion CNY respectively, with expected growth rates of 8.2% and 18.6% [10] - Adjusted net profit for 2025 is expected to be a loss of 19.9 billion CNY, improving to a profit of 32.2 billion CNY in 2026 and 54.2 billion CNY in 2027, with corresponding year-over-year growth rates of -145.5%, 261.4%, and 68.4% [10] - The report provides a diluted EPS forecast of -3.2, 5.2, and 8.7 CNY for 2025, 2026, and 2027 respectively, with P/E ratios of -29.1, 18.0, and 10.7 for the same years [10]