公司1Q2025综合毛利率上升2.4个百分点，核心本地商业收入同增17.8% 1Q2025公司综合毛利率为37.4%，同比上升2.4个百分点。分业务来看，1Q2025公司核心本地商业收入 643.25亿元，同比增长17.8%，经营利润134.91亿元，经营利润率21.0%，同比提升3.2pct；新业务分部收 入222.32亿元，同比增长19.2%，经营亏损22.73亿元，经营利润率-10.2%，同比提升4.6pct。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 公司1Q2025营收同比增长18.1%，经调整净利润同比增长46.2% 公司公布2025年一季报：1Q2025实现营业收入865.57亿元，同比增长18.1%，实现本公司股东应占溢利 100.57亿元，同比增长 ...

Core Viewpoint - Meituan reported a strong Q1 2025 performance with revenue of 86.6 billion yuan, marking an 18% year-on-year growth, driven by robust core business growth, explosive growth in instant retail, and successful international expansion [1][2] Group 1: Financial Performance - Meituan's core local commerce segment revenue grew by 17.8% to 64.3 billion yuan, while new business revenue increased by 19.2% to 22.2 billion yuan, with operating losses narrowing by 17.9% to 2.3 billion yuan [2][4] - Instant retail, particularly Meituan's flash purchase service, saw significant growth, with daily order volume surpassing 18 million and cumulative transaction users exceeding 500 million [2][4] Group 2: International Expansion - Meituan's international business made significant strides, with its platform Keeta gaining popularity in Saudi Arabia, achieving 3.6 million downloads and becoming one of the top three food delivery platforms in the region [4][6] - The company plans to enter the Brazilian market with a commitment to invest 1 billion USD in the Keeta project over the next five years [6] Group 3: Ecosystem Development - Meituan is focused on building a sustainable ecosystem to enhance user experience, support merchants, and improve rider welfare, with initiatives like the "10 billion support fund" benefiting over 180,000 merchants [7][10] - Rider income has shown stable growth, with average monthly earnings in major cities ranging from 7,230 yuan to 10,100 yuan, and top-performing riders in first-tier cities earning up to 12,593 yuan [8][9] Group 4: Commitment to Industry Growth - Meituan aims to contribute to economic development by investing 100 billion yuan over the next three years to support various merchants and stimulate consumer demand [10]

Core Insights - Meituan's Q1 2025 financial results exceeded expectations, with revenue of 86.56 billion (+18.1%), operating profit of 10.57 billion (+102.8%), and adjusted net profit of 10.95 billion (+46.2%) [1] - The company maintains a strong outlook on its domestic core business barriers and growth potential, while also exploring new growth opportunities in overseas markets [1][3] Revenue Growth and Core Business Performance - Q1 revenue growth was driven by the local commerce segment, which generated 64.32 billion (+17.8%) in revenue and an operating profit of 13.49 billion (+39.1%) [1] - New business revenue reached 22.23 billion (+19.2%), although it reported an operating loss of 2.27 billion [1] Delivery and Flash Purchase Insights - In Q1, the average daily order volume for food delivery showed steady growth, supported by improved advertising monetization and subsidy efficiency, leading to a significant increase in operating profit margin (OPM) [2] - Flash purchase segment maintained rapid growth in order volume, achieving an OPM of approximately 10% driven by advertising and subsidy improvements [2] Store and Offline Business Performance - The in-store segment saw a revenue increase to approximately 15.1 billion (+20%), with a stable OPM, driven by growth in various new scenarios [2] - Q2 expectations indicate a slight slowdown in growth for the in-store segment due to competition and seasonal factors [2] New Business Expansion - Keeta is set to enter the Brazilian market, with plans to invest 1 billion USD over the next five years following a strategic cooperation agreement [3] - Despite the anticipated growth in new business revenue driven by Keeta, overall losses are expected to widen [3] Investment Recommendations - The company is projected to achieve a core business operating profit of 53.2 billion for 2025, with an estimated net profit of 45.3 billion, leading to a target price of 156 HKD based on a 20x PE ratio [3]

Core Viewpoint - The company's Q1 2025 financial performance exceeded market expectations, with significant growth in core local business and new business revenues [1] Group 1: Overall Performance - Q1 2025 revenue reached 86.6 billion yuan, representing a year-over-year increase of 18% but a quarter-over-quarter decrease of 2% [1] - Operating profit for Q1 2025 was 10.6 billion yuan, up 103% year-over-year and 58% quarter-over-quarter [1] - Net profit for Q1 2025 was 10.1 billion yuan, reflecting an 87% year-over-year increase and a 62% quarter-over-quarter increase [1] - Non-GAAP EBITDA for Q1 2025 was 12.3 billion yuan, a 52% year-over-year increase and a 7% quarter-over-quarter increase [1] - Non-GAAP net profit attributable to shareholders was 10.9 billion yuan, up 46% year-over-year and 11% quarter-over-quarter [1] Group 2: Core Local Business - Core local business revenue grew 18% year-over-year to 64.3 billion yuan, driven by increased transaction volume and reduced subsidy deductions [2] - Operating profit for core local business increased 39% year-over-year to 13.5 billion yuan, surpassing Bloomberg's consensus estimate of 12.2 billion yuan [2] - The company anticipates a slowdown in revenue growth for Q2 2025 due to intensified industry competition [2] Group 3: Business Segments - **Food Delivery Business**: Q1 2025 food delivery orders increased by 9.3% year-over-year, with over 480 brands launching more than 3,000 high-quality satellite stores [2] - **Meituan Flash Purchase**: Q1 2025 saw strong growth in flash purchase business, with over 500 million cumulative transaction users and daily order volume exceeding 18 million [3] - **In-store Travel Business**: Q1 2025 in-store travel revenue grew 20% year-over-year, with active merchants increasing by over 25% [3] Group 4: New Business and International Expansion - New business revenue grew 19% year-over-year to 22.2 billion yuan, with operating losses narrowing to 2.3 billion yuan [4] - Keeta has become the largest food delivery platform in Hong Kong and is expanding into Saudi Arabia and Brazil, with a commitment to invest 1 billion USD over five years [4] Group 5: Profit Forecast and Valuation - Long-term outlook remains positive for the company's core competencies in instant delivery and international expansion, despite increased competition [5] - Revenue forecasts for 2025-2027 are projected at 387.3 billion, 447.7 billion, and 510.6 billion yuan respectively, with Non-GAAP net profit estimates of 40.9 billion, 54.7 billion, and 67.6 billion yuan [5] - The target market capitalization for 2025 is set at 830.2 billion yuan, with a target price of 136 yuan per share [5]

市场方面，平台联动工商银行、锦江、携程、美团等10余家市场主体，整合金融支持、宣传推广、商业 配套等价值超2.5亿元资源，形成覆盖"IP授权、金融服务、生活配套、旅游出行、内容创作、电商零 售"等六大领域的资源生态闭环，以市场化形式推动文旅商体展深度联动，为赛事活动能级提升提供更 多可能。 首批通过"尚嗨运动"联动资源库达成合作意向的双方，如携程集团与上海马拉松系列赛事共同开发马拉 松主题旅游产品，推动"跟着赛事去旅行"新业态。携程旅行体育赛事项目经理管垚在接受采访时表 示："我们一直通过'体育+旅游'的模式，激活城市活力，实现参赛、住宿和体验的联动，为境外用户入 境参赛提供多维度服务，助力赛事经济发展升级。" 美团平台整合本地生活服务资源，为MXGP世界摩托车越野锦标赛的观赛者和参赛选手提供休闲娱乐全 链路配套支持。和汇体育副总经理黄一豪表示："这次通过平台，和美团合作，借助他们的流量、酒店 和美食资源，为观赛者提供更完整的消费场景，一方面让赛事观众有更便捷的选择，另一方面也为美团 的庞大用户群提供了观赛信息，一举两得。" 新华网上海5月28日电（记者许东远）28日，2025年上海体育消费节资源推介会在上海 ...

Core Insights - The article discusses the increasing focus of Chinese internet giants on the Brazilian market, particularly in the local lifestyle sector, as they seek to expand their overseas operations amidst uncertain trade environments [2][12][19] Group 1: Market Entry and Strategies - Didi has re-entered the Brazilian market by relaunching its food delivery service "99 Food" with an investment of 10 billion Brazilian Reais (approximately 1.28 billion RMB) [4][5] - Meituan plans to introduce its food delivery service "Keeta" in Brazil, committing to invest 1 billion USD over the next five years [7][8] - Kuaishou is also targeting Brazil, focusing on localizing its operations and enhancing user experience in the region [8][12] Group 2: Competitive Landscape - The Brazilian food delivery market is characterized by a competitive landscape with iFood holding nearly 80% market share, presenting challenges for new entrants like Didi and Meituan [12][15] - Didi's strategy involves leveraging its existing user base and rider network to offer a combined service of transportation, delivery, and food services [13][15] - Meituan aims to replicate its successful "super app" model from China, potentially expanding into fresh food retail in Brazil [13][15] Group 3: Market Potential and Challenges - Brazil is seen as a promising market due to its large population, rapid internet growth, and relatively unsaturated competition compared to North America and Europe [16][17] - The young demographic in Brazil, with an average age of around 33, shows a high acceptance of mobile internet services, creating opportunities for delivery and ride-hailing services [17][19] - Despite the opportunities, challenges such as language barriers, cultural differences, and local payment habits remain significant hurdles for Chinese companies [19][20] Group 4: Localization Strategy - The article emphasizes the importance of true localization for successful market entry, moving beyond merely replicating Chinese business models [19][20][22] - Companies are encouraged to engage in deep localization and government partnerships to enhance their market presence and operational efficiency in Brazil [22]

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) [1][3] Core Insights - Meituan's Q1 2025 revenue reached 86.56 billion, representing an 18.1% year-on-year growth, with operating profit at 10.57 billion, up 102.8%, and adjusted net profit at 10.95 billion, increasing by 46.2% [1][6] - The report expresses long-term optimism regarding the company's domestic core business barriers and growth potential, alongside new growth opportunities from overseas expansion [1][6] Financial Performance Summary - **Revenue Forecasts**: - 2023: 276.85 billion - 2024: 337.59 billion - 2025E: 390.78 billion - 2026E: 451.15 billion - 2027E: 513.08 billion - Year-on-year growth rates: 26%, 22%, 16%, 15%, 14% [2][9] - **Adjusted Net Profit**: - 2023: 23.25 billion - 2024: 43.77 billion - 2025E: 42.79 billion - 2026E: 56.37 billion - 2027E: 70.15 billion - Year-on-year growth rates: 709%, 88%, -2%, 32%, 24% [2][11] - **Earnings Per Share (EPS)**: - 2023: 3.79 - 2024: 7.13 - 2025E: 6.97 - 2026E: 9.19 - 2027E: 11.43 [2][11] - **Valuation Ratios**: - P/E (adjusted): 40.8 for 2023, decreasing to 13.5 by 2027 - P/B: 4.9 for 2023, decreasing to 2.3 by 2027 [2][10] Business Segment Performance - **Core Local Business**: - Q1 revenue of 64.32 billion, up 17.8%, with operating profit of 13.49 billion, up 39.1% [6] - **New Business**: - Q1 revenue of 22.23 billion, up 19.2%, with an operating loss of 2.27 billion [6] - **Delivery & Flash Purchase**: - Q1 delivery volume growth remained stable, with operating profit margin (OPM) showing significant improvement [6] - **In-store Services**: - Q1 revenue of approximately 15.1 billion, up 20%, with stable OPM [6] Market Outlook - The report anticipates that while Q2 may see short-term competitive impacts on delivery services, the long-term effects on market share and user experience (UE) will be limited [6] - The company is expected to continue exploring overseas markets, with plans for Keeta to enter Brazil, backed by a strategic partnership and a planned investment of 1 billion USD over five years [6]

Investment Rating - The report maintains a "Buy" rating for Meituan [2][11] Core Insights - Meituan's Q1 2025 results exceeded expectations with revenue of RMB 86.6 billion, a year-on-year increase of 18.1%, and an operating profit of RMB 10.57 billion, up 102.8% year-on-year [6][7] - The core local business showed strong performance with a revenue increase of 17.8% to RMB 64.3 billion and an operating profit rise of 39.1% to RMB 13.5 billion, achieving an operating margin of 21.0% [8][11] - The company plans to invest RMB 100 billion over the next three years to enhance its ecosystem and support industry growth, amidst intensified competition [8][11] Financial Summary - Revenue projections for Meituan are as follows: - 2023: RMB 276.75 billion - 2024: RMB 337.59 billion - 2025E: RMB 390.04 billion - 2026E: RMB 451.01 billion - 2027E: RMB 505.43 billion [3][14] - Adjusted net profit estimates are: - 2025E: RMB 44.27 billion - 2026E: RMB 56.66 billion - 2027E: RMB 69.06 billion [3][11] - The report indicates a decrease in the price-to-earnings ratio from 33 in 2023 to 11 in 2027, reflecting improved profitability [3][11] Business Performance - Meituan's Instashopping segment saw significant growth, with over 500 million transaction users and daily non-food delivery orders exceeding 18 million [9][11] - New business revenue increased by 19.2% year-on-year to RMB 22.2 billion, with operating losses narrowing by 17.5% [10][11] - The company is expanding internationally, with Keeta becoming a leading food delivery platform in Saudi Arabia and plans to enter Brazil [10][11]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 142.40 [6][7]. Core Insights - The company reported a revenue of RMB 86.6 billion for Q1 2025, representing a year-over-year increase of 18%, which exceeded consensus expectations by 1% [2][3]. - Operating profit for Q1 2025 was RMB 10.6 billion, surpassing expectations by 23%, while adjusted net profit reached RMB 10.9 billion, exceeding expectations by 11% [2][3]. - The management indicated that while short-term subsidy competition in the domestic food delivery market may impact profits, the long-term profitability is expected to return to reasonable levels due to the company's strong operational capabilities and market position [3][4]. Revenue and Profitability Summary - Q1 2025 revenue breakdown includes core local business revenue of RMB 64.3 billion (yoy +18%) and new business revenue of RMB 22.2 billion (yoy +19%) [2]. - The company has seen a 25% year-over-year increase in active merchants for its dine-in services, and the flash purchase segment has expanded its product categories significantly [2][3]. - The company anticipates revenue for 2025 to be RMB 385.9 billion, with adjusted net profit projected at RMB 40.5 billion, reflecting a cautious adjustment due to expected subsidy competition [4][5]. Valuation and Forecast - The valuation for the company's various segments includes an 8x PE for the food delivery business, 24x PE for the dine-in business, and 40x PE for the flash purchase business, leading to a target price of HKD 142.40 [4][11][12]. - The company is expected to achieve a net profit of RMB 23.5 billion from the food delivery segment in 2025, with a significant reduction in the previous forecast due to competitive pressures [11][12]. - The adjusted net profit forecast for 2025 is RMB 40.5 billion, with a projected EPS of RMB 6.63 [5][22].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 142.40 [6][7]. Core Insights - The company reported a revenue of RMB 86.6 billion for Q1 2025, representing a year-over-year increase of 18%, which exceeded consensus expectations by 1% [2][3]. - Operating profit for Q1 2025 was RMB 10.6 billion, surpassing expectations by 23%, while adjusted net profit reached RMB 10.9 billion, exceeding expectations by 11% [2][3]. - The management indicated that while short-term subsidy competition in the domestic food delivery market may impact profits, the long-term profitability is expected to return to reasonable levels due to the company's strong operational capabilities and market position [3][4]. Revenue and Profitability Summary - Q1 2025 revenue breakdown includes core local business revenue of RMB 64.3 billion (yoy +18%) and new business revenue of RMB 22.2 billion (yoy +19%) [2]. - The company has seen a 25% year-over-year increase in active merchants for its dine-in services, and the flash purchase segment has expanded its product categories significantly [2][3]. - The company anticipates revenue for 2025 to be RMB 385.9 billion, with adjusted net profit projected at RMB 40.5 billion, reflecting a cautious adjustment due to competitive pressures [4][5]. Valuation and Forecast - The valuation for the company's various segments includes an 8x PE for the food delivery business, 24x PE for the dine-in business, and 40x PE for the flash purchase business, leading to a target price of HKD 142.40 [4][11][14]. - The company is expected to achieve adjusted net profits of RMB 40.5 billion in 2025, with a gradual increase in profitability anticipated in subsequent years [5][22].