美团-2024 年第四季度业绩回顾-业绩符合预期，2025 年第一季度势头良好；2025 年平衡增长与投资；推荐买入

24 March 2025 | 12:13AM HKT Meituan (3690.HK) 4Q24 review: In-line results with healthy 1Q momentum; 2025 a year of balanced growth and investments; Buy 3690.HK 12m Price Target: HK$200.00 Price: HK$167.60 Upside: 19.3% Meituan reported in-line 4Q results with top line +20% yoy and adj. EBIT +395% yoy (see our first take), where core local commerce adj. EBIT came ahead at Rmb12.9bn (+61% yoy, ahead of GSe and V.A. consensus of Rmb11.7bn) from better-than-expected food delivery and in-store margins, and its ...