美團 2024 年度報告 2 公司資料 董事會 | | 公司資料 | 2 | | --- | --- | --- | | | 財務概要 | 6 | | | 主席報告 | 10 | | 目 | 管理層討論及分析 | 14 | | 錄 | 董事及高級管理層 | 38 | | | 董事會報告 | 44 | | | 企業管治報告 | 89 | | | 環境、社會及管治報告 | 123 | | | 獨立核數師報告 | 197 | | | 綜合收益表 | 203 | | | 綜合全面收益表 | 204 | | | 綜合財務狀況表 | 205 | | | 綜合權益變動表 | 207 | | | 綜合現金流量表 | 210 | | | 綜合財務報表附註 | 212 | | | 釋義 | 336 | | | 詞彙 | 344 | 薪酬委員會 冷雪松先生 （主席） 沈向洋博士 穆榮均先生 提名委員會 冷雪松先生 （主席） 沈向洋博士 執行董事 王興先生 （董事長兼首席執行官） 穆榮均先生 獨立非執行董事 歐高敦先生 冷雪松先生 沈向洋博士 楊敏德女士 審核委員會 歐高敦先生 （主席） 冷雪松先生 沈向洋博士 楊敏德女士 （於20 ...

| 港股通(沪)活跃成交股 | | --- | 智通财经APP获悉，4月25日港股市场，北水成交净卖出70.19亿港元，其中港股通(沪)成交净卖出21.59 亿港元，港股通(深)成交净卖出48.61亿港元。 北水净买入最多的个股是美团-W(03690)、融创中国(01918)、赤峰黄金(06693)。北水净卖出最多的个股 是腾讯(00700)、阿里巴巴-W(09988)、中国移动(00941)。 | 股票名称 | 买入额 | 卖出额 | 头卖思额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | | | 33.11亿 | | HK 01810 | 16.43 亿 | 16.68亿 | -2439.99万 | | 阿里巴巴-W | 11.69 亿 | 18.92 乙 | 30.61亿 | | HK 09988 | | | -7.22 Z- | | 腾讯控股 | 10.69 亿 | 19.81 Z | 30.50亿 | | HK 00700 | | | -9.12 Z | | 中芯国际 | 9.31亿 | 10.15亿 | 19.46亿 | | HK 009 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 18 年 月 日 美团-W（03690.HK） 主业稳健增长，海外加速扩张 事件：3 月 21 日，公司发布 2024 年全年业绩，2024 年实现营业收入 3376 亿元 /同比+21.94%，归母净利润 358.1 亿元/同比+158.4%；2024Q4 实现营业收入 864.6 亿元/同比+24.28%，实现归母净利润 62.2 亿元/同比+180.8%。 核心本地商业：即时配送订单稳健增长，到店酒旅订单量同比高增，加速低线市 场渗透。2024Q4 核心本地业务收入为 655.7 亿元/同比+18.9%，保持快速增长， 经营利润 129.0 亿元/同比+60.9%，经营利润率达 19.7%/同比+5.1pct，利润端 显著优化 。 收 入 端 来 看 ， 配 送 服 务 / 佣 金 / 在 线 营 销 服 务 分 别 同 比 增 长 19.5%/23.9%/17.7%，具体： 1）到家：2024Q4 即时配送业务稳健增长。①餐饮外卖方面，公司通过"拼好饭" "神枪手""品牌卫星店"等项目丰富顾客需求，并不断推出商家扶持政策；②美 ...

Before we start, we would like to remind you that our presentation contains forward-looking statements which include a number of risks and uncertainties and may differ from the actual results in the future. This presentation also contains audited non-IFRS accounting standards financial measures that should be considered in addition to and not as a substitute for measures of the company's financial performance prepared in accordance with IFRS accounting standards. For a detailed discussion of risk factors an ...

美团-W 03690.HK 公司研究 | 季报点评 美团 24Q4 点评：核心主业好于预期，海 外加大投入 核心观点 1）外卖：单量高个位数增长，单均 OP 同比提升。运营端，我们测算 24Q4 外卖订 单同增高个位数。需求侧，"省"的用户心智进一步强化。供给侧，拼好饭激发更 多消费需求并提高了用户消费频次，品牌卫星店帮助品牌餐饮商家有效实现低成本 扩张，以及神抢手更好满足消费者对品质外卖需求。收入端，宏观因素影响下 24Q4AOV 同比下降、但跌幅环比有所收窄，配送收入、广告变现效率提升，一定 程度上抵消 AOV 下滑对收入的不利影响。利润端，我们判断拼好饭单量占比提升， 低价订单 UE 持续改善，以及货币化率提升，综合作用下单均 OP 同比继续改善、 环比有所下降。展望，宏观经济持续对外卖单量和 AOV 造成影响，同时外卖商户对 营销 ROI 转化效率的看重或使得部分线下预算转投线上渠道，带来广告收入增长的 结构性机会。此外，骑手社保方面，将在二季度开始试点社保方案，持续关注公司 运营提效对相关成本的抵消影响。 2）闪购：全年实现盈利。运营端，我们测算 24Q4 闪购订单同增约 25%。需求 侧，即时零售 ...

Investment Rating - The investment rating for Meituan is "Buy" (maintained) with a target price of 178.12 HKD [5][12]. Core Insights - The overall performance of Meituan in Q4 2024 exceeded expectations, with revenue reaching 885 billion CNY, a year-on-year increase of 20% [9]. - The core local business showed resilience, with revenue of 656 billion CNY in Q4 2024, up 19% year-on-year [9]. - New business segments, particularly in overseas markets, are seeing positive developments with a revenue increase of 24% year-on-year [10]. Summary by Sections Delivery Business - In Q4 2024, the delivery orders grew in the high single digits, with an improvement in average order profit year-on-year. The average order value (AOV) decreased year-on-year but the decline was less severe compared to the previous quarter [2]. - The operational efficiency is expected to improve with the trial of social security plans for delivery riders starting in Q2 [2]. Flash Purchase - The flash purchase segment achieved profitability in 2024, with a 25% year-on-year increase in orders. The growth is driven by increased convenience in instant retail and expansion in lower-tier markets [3]. In-store and Travel - The in-store and travel segment saw over 65% year-on-year growth in order volume in 2024, with record highs in annual transaction users and active merchants [4]. - The revenue growth slightly outpaced the gross transaction value (GTV) growth, indicating effective marketing strategies [4]. Financial Projections - Revenue for 2024 is projected at 337.59 billion CNY, with a year-on-year growth of 21.99%. The adjusted net profit is expected to reach 35.81 billion CNY, reflecting a significant recovery from previous losses [12][14]. - The company’s valuation is estimated at 10,882 billion HKD, with specific valuations for different segments: 3.5x PS for delivery, 13.2x PE for in-store and travel, and 0.6x P/GMV for new businesses [15].

优于大市 |  | 公司研究·海外公司快评 |  | 互联网·互联网Ⅱ | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 曾光 | 0755-82150809 | zengguang@guosen.com.cn | 执证编码：S0980511040003 | | 证券分析师： | 张鲁 | 010-88005377 | zhanglu5@guosen.com.cn | 执证编码：S0980521120002 | | 证券分析师： | 张伦可 | 0755-81982651 | zhanglunke@guosen.com.cn | 执证编码：S0980521120004 | | 证券分析师： | 陈淑媛 | 021-60375431 | chenshuyuan@guosen.com.cn | 执证编码：S0980524030003 | | 证券分析师： | 杨玉莹 | | yangyuying@guosen.com.cn | 执证编码：S0980524070006 | 事项： 1、2025 年 3 月 31 日，美团会员体系全面升级 ...

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform" [5] Core Views - The core local business is developing smoothly, with a focus on the launch of AI assistants in 2025 and overseas expansion [4][6] - Revenue increased by 20% year-on-year, with adjusted profit margin improving by 5 percentage points [1][8] - The company is expected to continue optimizing subsidies and delivery fees to offset additional investments in rider social security [2][19] Revenue and Profitability - In Q4 2024, Meituan achieved operating revenue of 885 billion CNY, a year-on-year increase of 20% [1][8] - The adjusted net profit for the quarter was 98 billion CNY, representing a 125% year-on-year growth, with an adjusted net profit margin of 11% [1][8] - The gross profit margin improved by approximately 4 percentage points due to enhanced cost efficiency [1][8] Business Segments - The food delivery business saw a 9% year-on-year increase in order volume, with average order value (AOV) decline narrowing [2][15] - The in-store and travel business experienced over 40% growth in order volume, with a GTV increase of about 24% [3][19] - New business revenue grew by 23% year-on-year to 229 billion CNY, although operating losses increased to 2.2 billion CNY [4][22] Future Outlook - The company plans to launch an AI assistant this year to enhance consumer search and transaction experiences [4][8] - Adjusted net profit forecasts for 2025 have been slightly lowered to 515 billion CNY, while 2026 estimates have been raised to 653 billion CNY [6][23] - The company is expected to continue its expansion in lower-tier cities and overseas markets, with a focus on sustainable growth [4][6]

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [2][8] Core Insights - In Q4 2024, Meituan's total revenue reached 885 billion RMB, representing a year-over-year increase of 20%, slightly above consensus expectations by 0.6% [5] - Adjusted EBITDA for the same period was 115 billion RMB, showing a year-over-year growth of 207%, but fell short of consensus expectations by 1.7% [5] - Adjusted net profit was 98 billion RMB, reflecting a year-over-year increase of 98%, which was in line with expectations [5] - Core local commerce revenue for Q4 2024 was 656 billion RMB, up 19% year-over-year, exceeding consensus expectations by 0.4% [5] - New business revenue was 229 billion RMB, a year-over-year increase of 24%, also surpassing consensus expectations by 1.1% [5] Revenue Breakdown - Core local commerce revenue was 656 billion RMB with an operating profit of 129 billion RMB, up 61% year-over-year, exceeding expectations by 10.6% [5] - New business revenue was 229 billion RMB, with an operating loss of 22 billion RMB, which narrowed by 55% year-over-year [5][6] Business Expansion - Meituan's food delivery and flash purchase businesses are expanding, with transaction users exceeding 770 million and active merchants reaching 14.5 million, both hitting record highs [6] - The company launched a 1 billion RMB merchant support plan in Q4 2024 to enhance service quality and operational efficiency [5][6] - Flash purchase services have partnered with over 5,600 large retail chains and 570 brand merchants, covering over 200 cities with more than 30,000 warehouses [6] Future Projections - Revenue projections for 2025-2027 are estimated at 393 billion RMB, 454 billion RMB, and 521 billion RMB, with growth rates of 16%, 16%, and 15% respectively [7] - Adjusted net profit forecasts for the same period are 48 billion RMB, 55 billion RMB, and 66 billion RMB, with growth rates of 10%, 14%, and 20% respectively [7] - The long-term outlook for Meituan remains positive due to its operational efficiency and business barriers [7]

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [2][8] Core Insights - In Q4 2024, Meituan's total revenue reached 885 billion CNY, representing a year-over-year increase of 20%, slightly above consensus expectations by 0.6% [5] - Adjusted EBITDA was 115 billion CNY, a year-over-year increase of 207%, but 1.7% below consensus expectations [5] - Adjusted net profit was 98 billion CNY, a year-over-year increase of 98%, aligning closely with expectations [5] - Core local commerce revenue for Q4 2024 was 656 billion CNY, up 19% year-over-year, exceeding consensus expectations by 0.4% [5] - New business revenue was 229 billion CNY, a year-over-year increase of 24%, also above consensus expectations by 1.1% [5] Revenue Breakdown - Core local commerce revenue for Q4 2024 was 656 billion CNY, with an operating profit of 129 billion CNY, reflecting a year-over-year increase of 61% [5] - New business revenue was 229 billion CNY, with an operating loss of 22 billion CNY, which is a 55% reduction in losses year-over-year [5][6] Business Expansion - Meituan's transaction user base exceeded 770 million, with active merchants increasing to 14.5 million, both reaching record highs [6] - The food delivery and Meituan Flash Purchase businesses are expanding rapidly, with a cash support plan of 1 billion CNY launched to assist merchants [6] - Meituan Flash Purchase has partnered with over 5,600 large retail chains and 410,000 local merchants, covering over 200 cities with more than 30,000 warehouses [6] Future Projections - Revenue projections for 2025-2027 are estimated at 393 billion CNY, 454 billion CNY, and 521 billion CNY, with growth rates of 16%, 16%, and 15% respectively [7] - Adjusted net profit projections for the same period are 48 billion CNY, 55 billion CNY, and 66 billion CNY, with growth rates of 10%, 14%, and 20% respectively [7] - The report maintains a long-term positive outlook on Meituan's operational efficiency and business barriers [7]