Guohai Securities·2025-12-02 00:48Group 1 - The core viewpoint of the report indicates that Meituan's food delivery losses have peaked, and there is a focus on value recovery amid dynamic competition [3][4] - In Q3 2025, Meituan reported revenue of 95.5 billion yuan, a year-on-year increase of 2% and a quarter-on-quarter increase of 4%, but incurred an operating loss of 19.8 billion yuan, a year-on-year decline of 244% [3][4] - The core local business revenue decreased by 3% to 67.4 billion yuan, with significant losses attributed to intensified market competition and increased promotional expenses [4][5] Group 2 - The report highlights that Meituan's food delivery business saw record high daily active users and monthly transaction users, indicating a robust growth in core user base [5] - Meituan's flash purchase business revenue grew by 33% year-on-year in Q3 2025, with significant increases in user transaction frequency and average order value [5][6] - The hotel and travel business revenue increased by 13% year-on-year, with over 200 service categories covered, and the platform has accumulated over 25 billion real consumption reviews [6] Group 3 - The report projects that Meituan's revenue for 2025-2027 will be 365.4 billion, 412.0 billion, and 467.9 billion yuan respectively, with Non-GAAP net profit estimates of -18.4 billion, +14.5 billion, and +37.8 billion yuan [7] - The report maintains a "buy" rating for Meituan, with a target market value of 737 billion yuan for 2026, corresponding to a target price of 121 yuan per share [7] Group 4 - The report on Li Auto indicates that Q3 2025 revenue was 27.36 billion yuan, a year-on-year decline of 36.2%, with a net loss of 6.24 billion yuan [18][19] - Li Auto's gross margin for Q3 2025 was 16.3%, down 5.2 percentage points year-on-year, with vehicle gross margin at 15.5% [19][20] - The company expects Q4 2025 deliveries to be between 100,000 and 110,000 units, a year-on-year decrease of 30.7% to 37% [20][21]