Guoxin Securities·2024-06-10 07:02Investment Rating - The report maintains an "Outperform" rating for Meituan-W (03690.HK) [4][12][31] Core Insights - Meituan achieved a revenue of 73.3 billion yuan in Q1 2024, representing a year-on-year growth of 25%. The growth in revenue was driven by significant increases in marketing services, instant delivery services, and transaction commissions, which grew by 34%, 25%, and 27% respectively [1][39] - Adjusted net profit for Q1 2024 reached 7.5 billion yuan, a 36% increase year-on-year, with an adjusted net profit margin of 10.2%, up by 0.9 percentage points [1][15] - The company is focusing on enhancing operational efficiency through organizational restructuring, which is expected to yield significant improvements in the coming quarters [12][49] Revenue Breakdown - Instant delivery services, transaction commissions, and marketing services contributed to the revenue growth, with marketing services showing a notable increase in growth rate [1][39] - The core local business segment generated 54.6 billion yuan in revenue, a 27% increase year-on-year, with the restaurant delivery and in-store travel businesses also showing strong growth [42][26] Financial Projections - The report projects adjusted net profits of 36.6 billion yuan, 49.1 billion yuan, and 58.3 billion yuan for 2024, 2025, and 2026 respectively, reflecting a positive outlook for the company's profitability [2][31] - Revenue forecasts for the next few years are set at 327.2 billion yuan for 2024, 386.4 billion yuan for 2025, and 445.8 billion yuan for 2026, indicating a steady growth trajectory [2][31] Operational Efficiency - The report highlights improvements in gross margin and R&D expense ratio, with a focus on optimizing sales expenses through more targeted subsidies and marketing efforts [1][15] - The company has upgraded its membership benefits to enhance customer engagement across various service categories, which is expected to further drive revenue growth [12][49]