美团-W：核心本地商业盈利释放，新业务加速减亏

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market by more than 15% over the next 12 months [10][11][39]. Core Insights - The company's core local business has exceeded expectations, with new business segments accelerating their loss reduction. The report highlights strong revenue growth in the core local business and optimistic profitability in the instant retail sector [16][30][39]. - The company achieved a revenue of 73.276 billion yuan in Q1 2024, representing a year-over-year increase of 25.01%. The GAAP net profit was 5.369 billion yuan, with a GAAP net profit margin of 7.3% [6][16]. - The report projects revenues of 331.2 billion yuan and 390.5 billion yuan for 2024 and 2025, respectively, with adjusted net profits of 37.8 billion yuan and 53 billion yuan [39]. Summary by Sections Financial Performance - In Q1 2024, the core local business generated revenue of 54.63 billion yuan, up 27.38% year-over-year, with an operating profit of 9.699 billion yuan, reflecting a 2.69% increase [16][23]. - The new business segment reported revenue of 18.65 billion yuan, a year-over-year increase of 18.55%, with an operating loss of 2.757 billion yuan, indicating a significant reduction in losses [16][29]. Business Segments - The instant delivery business showed strong growth, with a total of 5.465 billion orders in Q1, marking a 28.06% increase year-over-year. The report notes that the delivery service revenue reached 21.065 billion yuan [16][24]. - The community group buying business is experiencing accelerated loss reduction due to strategic optimizations, with revenue growth and improved operational efficiency [29][32]. Market Outlook - The report expresses optimism regarding the company's long-term business barriers and profitability, maintaining a positive outlook on the core local business and the potential for new business segments to contribute to overall performance [10][39]. - The company is expected to benefit from a more favorable competitive landscape in the local services market, particularly in the dine-in and travel sectors, as competition stabilizes [31][38].