美团：风雨前的阳光？外卖大战“乌云”正压境

Core Viewpoint - Meituan's Q1 performance showed overall revenue and adjusted profit exceeding expectations by approximately 1 billion RMB, indicating a solid performance despite no major surprises [1][8] Group 1: Revenue and Growth - The core local commerce segment's delivery revenue grew by 22.1% year-on-year, significantly accelerating compared to the previous quarter, contributing the most to Meituan's overall revenue exceeding expectations by about 600 million RMB [1][16] - The growth in delivery revenue was primarily due to a reduction in delivery fee waivers, which were previously counted as revenue deductions [2][16] - Commission and advertising revenue growth rates continued to slow, with year-on-year increases of approximately 20% and 15%, respectively, indicating a likely stabilization in growth as the recovery in domestic service consumption reaches a plateau [2][17] Group 2: Profitability - Meituan's overall operating profit for the quarter was 10.6 billion RMB, exceeding Bloomberg consensus by about 2 billion RMB, although around 1 billion RMB of this was due to non-operating investment gains [3][23] - Excluding this non-operating impact, the actual profit exceeded expectations by approximately 1 billion RMB, reflecting a more accurate picture of profitability [4][24] - The core local commerce segment's operating profit was 13.5 billion RMB, slightly above expectations, with an operating profit margin of 21%, showing a year-on-year improvement [5][26] Group 3: New Initiatives and Losses - Revenue from innovative businesses, including Meituan Youxuan and Xiaoxiang Supermarket, grew by 19.2% year-on-year, slightly above the expected growth rate [2][21] - However, losses from new initiatives expanded slightly to nearly 2.3 billion RMB, primarily due to increased losses in overseas operations [5][23] - The total revenue from innovative businesses remains limited, with overseas contributions still insufficient to significantly impact overall performance [2][21] Group 4: Cost and Expenses - Meituan's gross profit reached 32.4 billion RMB, aligning with expectations, but the gross margin decreased to 37.4% due to seasonal low points and overseas business drag [5][29] - Marketing expenses increased by 12% year-on-year, indicating that Meituan did not significantly ramp up subsidies compared to competitors [5][32] - R&D and administrative expenses grew by 15% and 14%, respectively, reflecting the company's willingness to invest more, particularly in overseas operations [5][32] Group 5: Competitive Landscape - The competitive landscape remains challenging, with JD.com and Alibaba intensifying their efforts in the food delivery and instant retail markets, which could impact Meituan's market position [10][11] - Despite the competitive pressures, Meituan's execution capabilities and service-oriented positioning are expected to sustain its long-term growth potential [9][10]