MEITUAN(03690) 光大证券·2024-06-11 01:01Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690.HK) [2][3][10] Core Insights - In Q1 2024, Meituan's revenue grew by 25.01% year-on-year, with net profit attributable to shareholders increasing by 59.86% [2][22] - The company has adjusted its profit forecasts for 2024, 2025, and 2026 upwards by 20%, 8%, and 3% respectively, reflecting improved operational efficiency and a favorable competitive landscape [2][24] - The core business continues to perform well, with new business segments showing a rapid reduction in losses [2][22] Summary by Sections Financial Performance - Q1 2024 revenue reached 73.28 billion yuan, with a gross margin of 35.07%, up 1.26 percentage points year-on-year [6][22] - The company's operating expense ratio decreased to 29.35%, down 1.06 percentage points year-on-year [6][22] Business Segments - The core local commerce segment generated 54.63 billion yuan in revenue, growing by 27.38% year-on-year, while the new business segment reported 18.65 billion yuan, up 18.55% [26] - Instant delivery transactions increased by 28.1% year-on-year, with the introduction of brand satellite stores contributing to growth in the food delivery business [22][23] Market Position - The competitive landscape for the core business remains stable, with significant improvements in operational efficiency and a focus on reducing losses in new business areas [2][22][25] - The company has expanded its instant delivery network, with approximately 7,000 lightning warehouses established by the end of Q1 2024 [22][23]