MEITUAN(03690) 国海证券·2024-06-08 16:31Investment Rating - The report maintains a "Buy" rating for the company [2][11][26] Core Views - The company's Q1 2024 revenue reached 73.3 billion RMB, representing a year-over-year increase of 25% and exceeding Bloomberg's consensus estimate of 69 billion RMB [5][15] - Operating profit for Q1 2024 was 5.2 billion RMB, up 45% year-over-year, and net profit was 5.4 billion RMB, reflecting a 60% year-over-year increase [5][15] - The core local business revenue grew by 27% year-over-year to 54.6 billion RMB, driven by refined marketing and subsidy strategies [7][11] - The company is expected to achieve revenue forecasts of 329.8 billion RMB, 384.5 billion RMB, and 436.9 billion RMB for 2024, 2025, and 2026 respectively [11][26] Summary by Sections Financial Performance - Q1 2024 Non-GAAP net profit was 7.5 billion RMB, a 36% increase year-over-year, surpassing the expected 5.8 billion RMB [5][15] - The gross margin for Q1 2024 was 35.1%, an increase of 1.3 percentage points year-over-year, primarily due to improved margins in retail business [20][25] - The operating margin was 7.1%, and the net profit margin was 7.3%, both showing year-over-year improvements [20][25] Business Segments - The food delivery business saw a steady growth with a 24% year-over-year increase in order volume, reaching nearly 500 million active users [7][11] - The flash purchase business achieved a daily order volume of 8.4 million, with growth rates exceeding those of the food delivery segment [7][11] - The hotel and travel segment reported a GTV growth of over 60% year-over-year, with revenue growth of 33% [8][11] Valuation and Forecast - The report projects a target market value of 800.9 billion RMB for the company, with a target price of 128 RMB per share [11][26] - Adjusted earnings per share (EPS) forecasts are 4.66 RMB, 6.44 RMB, and 8.42 RMB for 2024, 2025, and 2026 respectively [11][26]