Group 1: Meituan Performance - Meituan reported Q1 2024 revenue of RMB 73.3 billion, a year-on-year increase of 25%, exceeding expectations by 4% and 6% compared to CMBI and Bloomberg consensus[4] - Adjusted net profit reached RMB 7.5 billion, outperforming CMBI's forecast of RMB 5.5 billion and market consensus of RMB 5.8 billion, driven by better-than-expected growth in on-demand delivery orders[4] - The target price for Meituan has been raised by 2% to HKD 157.80, corresponding to a 22.8x 2024E non-IFRS PE ratio, maintaining a buy rating[4] Group 2: NIO Performance - NIO's average selling price in Q1 2024 decreased by RMB 12,000 to RMB 330,000, 2% lower than expectations[4] - The guidance for Q2 implies a further decline in average selling price by RMB 23,000[4] - NIO reported a net loss of RMB 5.3 billion in Q1, aligning with expectations, while net cash decreased by RMB 10.2 billion, marking a historical high decline[4] Group 3: Market Flow - Southbound trading via Stock Connect saw net inflows of RMB 36 billion and RMB 24.8 billion for Shanghai and Shenzhen respectively, while northbound trading experienced net outflows of RMB 9.28 billion and RMB 31.1 billion[5]
招银国际每日投资策略
Zhao Yin Guo Ji·2024-06-07 08:02