应链仓配管理等。 返佣补贴，将旗下店铺全部改名松鼠；个体商家实力和经验有限，一线城市松鼠单店首次投入60-70万，房租人工成本 | --- | --- | --- | --- | --- | |--------------------------------------------|----------|----------|----------|---------------| | 松鼠合作方案(元) | S级城市 | A级城市 | B级城市 | C级及以下城市 | | 育次授入 A = B + C + D + E | 600,000 | 480.000 | 430,000 | 350.000 | | -货款 B | 400, 000 | 330,000 | 300, 000 | 230, 000 | | -运营准备金(含固定投入及前3个月运营成本) C | 120, 000 | 70, 000 | 50,000 | 40, 000 | | 品牌使用费 D | 50, 000 | 50,000 | 50, 000 | 50, 000 | | 保证金(到期可退) E | 30, 000 | 30, 000 | ...

Investment Rating - The report maintains a "Buy" rating for Meituan-W with a target price of HKD 176.05 per share [69][102] Core Views - Community group buying industry growth has slowed due to external economic environment changes and internal strategic shifts among players [4] - Meituan Youxuan and Duoduo Maicai have shifted focus from expansion to cost reduction and efficiency improvement since H2 2023 [108] - Meituan Youxuan's losses are expected to narrow significantly in 2024, with estimated losses of RMB 10-12 billion, down from RMB 18.9 billion in 2023 [136] Industry Analysis - The community group buying industry has entered a phase of slower growth and rational competition [4] - Downstream markets still hold significant consumption potential, with retail scale reaching RMB 17.6 trillion in 2022, growing at 9% YoY [122] - Community group buying helps improve rural retail infrastructure and addresses consumer pain points in downstream markets [116] Company Analysis Meituan Youxuan - Meituan Youxuan's development can be divided into three stages: rapid expansion (2020-2021), first optimization (2021Q3-2022Q4), and second optimization (2023Q1-2023Q4) [5] - The company has invested heavily in supply chain, warehousing, and logistics infrastructure [13] - Meituan Youxuan's GMV remained flat in 2023 at around RMB 140 billion, while Duoduo Maicai reached RMB 190 billion [108] Duoduo Maicai - Duoduo Maicai entered the market 3 months later than Meituan Youxuan but leveraged Pinduoduo's traffic and supply chain advantages [7] - Duoduo Maicai surpassed Meituan Youxuan in market share in Q2 2022, achieving 45% market share [24] - The company has implemented a decentralized management model, dividing operations into 78 business units [15] Financial Projections - Meituan's total revenue is projected to reach RMB 331.7 billion in 2024 and RMB 388.6 billion in 2025 [102] - Adjusted net profit is expected to be RMB 34.8 billion in 2024 and RMB 53.2 billion in 2025 [102] - The core local commerce segment is valued at RMB 516 billion, while the new business segment (excluding community group buying) is valued at RMB 111.2 billion [31] Strategic Focus - Meituan Youxuan is focusing on improving operational efficiency through measures such as closing inefficient warehouses and optimizing logistics [27] - The company is shifting from price subsidies to improving product quality and user experience [80] - Duoduo Maicai is prioritizing profitability over market share growth, with most regions achieving positive gross margins [24]

Financial Performance - Core local commerce revenue for Q4 2023 was RMB 8,019,425 thousand, accounting for 14.5% of total revenue, compared to RMB 10,095,831 thousand (17.5%) in Q3 2023[1] - New business segment operating loss narrowed to RMB 4,832,692 thousand (26.0% loss margin) in Q4 2023 from RMB 5,111,976 thousand (27.2% loss margin) in Q3 2023, a 1.2 percentage point improvement[2] - Net profit for Q4 2023 was RMB 2,216,987 thousand, down from RMB 3,593,234 thousand in Q3 2023[16] - Total revenue for 2023 reached RMB 276,744,954 thousand, with core local commerce contributing RMB 206,906,932 thousand and new business contributing RMB 69,838,022 thousand[6] - Cost of sales increased by 13.5% YoY to RMB 179.6 billion in 2023, but as a percentage of revenue decreased by 7.0 percentage points to 64.9%[9] - R&D expenses remained stable at RMB 9.4 billion in 2023, with the percentage of revenue decreasing by 1.0 percentage point to 3.4%[10] - Adjusted EBITDA for 2023 was RMB 23,878,018 thousand, a significant increase from RMB 9,724,589 thousand in 2022[17] Cash and Investments - As of December 31, 2023, the company held RMB 33.3 billion in cash and cash equivalents and RMB 111.8 billion in short-term financial investments[18] - The company issued zero-coupon convertible bonds totaling $1,483.6 million due in 2027 and $1,500 million due in 2028, with net proceeds of approximately $2,971.5 million intended for technological innovation, including R&D in autonomous delivery vehicles and drone delivery[41] - As of December 31, 2023, $241.2 million of the net proceeds from the 2027 and 2028 bonds remained unused, with $1,307.7 million already utilized for technological innovation[41] - The company plans to fully utilize the remaining net proceeds from the 2027 and 2028 bonds within 5 years from the issuance date[41] - The net proceeds from the 2021 placement and subscription amounted to approximately $6.6 billion, with $347.6 million used for technological innovation and general corporate purposes during the reporting period[89] - As of December 31, 2023, $3.3 billion of the net proceeds from the 2021 placement and subscription remained unused, compared to $3.6 billion as of December 31, 2022[89] - The company plans to fully utilize the remaining net proceeds from the 2021 placement and subscription within 5 years from the completion of the placement and subscription[89] Employee and Compensation - The company employed 114,731 full-time employees as of December 31, 2023, with the majority based in China[24] - The company's independent non-executive directors receive annual fixed cash compensation of RMB 500,000 and equity-based compensation of RMB 1,000,000, subject to certain conditions[47] - The company participates in various employee social security and housing provident fund programs, contributing a specific percentage of employee salaries[53] - The company grants equity incentive awards to employees to encourage contributions to growth and development[53] - The company's board of directors has established a compensation committee to review the group's compensation policy and structure[157] - The company's retirement and employee benefit plans are detailed in the consolidated financial statements[159] - The company's non-executive directors are appointed for a term of three years, which automatically renews unless terminated with at least one month's written notice[170] - No annual director's fees are payable to non-executive directors under the current arrangement[170] - The company's directors do not have any service contracts that cannot be terminated by the group within one year without compensation (except for statutory compensation)[172] Share Structure and Equity - Shen Nanpeng holds 9,476,400 Class B shares and has a 1.68% equity interest in the company through SNP China Enterprises Limited and other controlled entities[78] - Charmway Enterprises holds 88,650,000 Class A shares, with Mu Rongjun having beneficial interests in these shares through a trust structure[81] - The total number of issued shares as of December 31, 2023, is 6,244,375,781, including 604,519,783 Class A shares and 5,639,855,998 Class B shares[96] - Crown Holdings holds 489,600,000 Class A shares, representing 80.99% of the Class A shares[98] - Charmway Enterprises holds 88,650,000 Class A shares, representing 14.66% of the Class A shares[98] - If all outstanding 2027 and 2028 convertible bonds were converted as of December 31, 2023, the total number of issued shares would increase to 6,298,140,567[83] - The 2027 convertible bond holders would hold 26,734,628 shares, representing 0.42% of the total shares if converted[83] - The 2028 convertible bond holders would hold 27,030,158 shares, representing 0.43% of the total shares if converted[83] - Other shareholders hold 5,640,125,781 shares, representing 89.56% of the total shares if all convertible bonds are converted[83] - The total number of shares that can be issued under the Pre-IPO Employee Share Incentive Plan is capped at 683,038,063 shares, subject to adjustments for other dilutive issuances[103] - No further stock options or restricted share units will be granted under the Pre-IPO Employee Share Incentive Plan after the company's listing[104] - The exercise period for stock options granted under the Pre-IPO Employee Share Incentive Plan is between the end of the vesting period and the 10th anniversary of the grant date[113] - As of December 31, 2023, no directors or key executives held any interests or short positions in the shares or related shares of the company's associated corporations[118] - BlackRock, Inc. holds a 5.88% interest in the company's Class B shares, totaling 331,564,182 shares[120] - JPMorgan Chase & Co. holds a 2.35% interest in the company's Class B shares, totaling 132,265,101 shares[120] - Brown Brothers Harriman & Co. holds a 5.24% interest in the company's Class B shares, totaling 295,591,050 shares[120] - The Pre-IPO Employee Share Incentive Plan aims to align the interests of directors, employees, and consultants with those of the company's shareholders and to incentivize outstanding performance[102] - The committee has the discretion to determine the terms and conditions of the incentives, including the grant or purchase price[104] - Restricted share units may be paid in cash, shares, or a combination of both, as determined by the committee[108] - The company has a total of 6,244,375,781 issued shares as of December 31, 2023, including 604,519,783 Class A shares and 5,639,855,998 Class B shares[121] - The potential conversion of outstanding convertible securities under the 2027 and 2028 bonds could have an anti-dilutive effect on earnings per share, and these were not included in the diluted earnings per share calculation for the year ended December 31, 2023[123] - The company has a limit of 62,421,252 Class B shares (1% of total issued shares) that can be issued under the post-IPO share option plan and other share plans, beyond which further grants require shareholder approval[136] - The company's share incentive plan includes options with exercise prices ranging from $0.000017 to $5.18 per share, with vesting periods from 0.5 to 6 years[130] - As of December 31, 2023, the company had 5,000,000 unexercised options granted to director Mu Rongjun, with exercise prices ranging from $3.86 to $5.18 per share[129] - The company's post-IPO share option plan, adopted on August 30, 2018, and amended on June 30, 2023, is effective for 10 years from the date of adoption[133] - The company's share incentive plan allows for flexible payment methods for option exercises, including cash, checks, shares, or a combination thereof[127] - The company's share incentive plan includes performance indicators and other terms for restricted share units, with payment forms and timing determined by the committee[129] - The company's share incentive plan allows for the adjustment of option exercise prices without shareholder or participant approval, provided it is not prohibited by applicable law[126] - The company's share incentive plan includes a limit of 1% of total issued shares for grants to service providers, beyond which further grants require shareholder approval[136] - Wang Xing holds 489,600,000 Class A shares, representing 80.99% of the total Class A shares[160] - Mu Rongjun holds 88,650,000 Class A shares, representing 14.66% of the total Class A shares[161] - The company has a limit of 624,212,527 Class B shares that can be issued under the post-IPO share option plan, which is approximately 10% of the total issued shares[151] - The company's post-IPO share option plan allows for the issuance of options with a maximum term of 10 years from the grant date[163] - The company's post-IPO share option plan includes performance-based vesting conditions and a mixed vesting schedule over a 12-month period[164] - The company's post-IPO share option plan includes a 1% individual limit and a 0.1% limit for certain participants[153][154] - As of January 1, 2023, the number of share options available for grant under the post-IPO share option plan was 472,240,496 shares[180] - As of December 31, 2023, the number of shares to be granted under the plan limit and service provider sub-limit was 609,351,099 shares and 62,401,365 shares respectively[180] - No share options were granted under the post-IPO share option plan during the reporting period[180] - The post-IPO share option plan will remain in effect for approximately four years and nine months as of December 31, 2023[179] - The vesting period for share options granted under the post-IPO share option plan must be at least 12 months, except in specific circumstances such as death, disability, or force majeure[178] - The post-IPO share option plan has been effective since September 20, 2018, and will remain in force for ten years[179] - Total unexercised share options as of December 31, 2023, amounted to 1,706,198 shares, with 315,000 options exercised and 283,212 options forfeited during the reporting period[181] - The weighted average market price of Class B shares before the exercise date of employee share options in 2023 was HK$115.3667 per share[181] - The company's Post-IPO Share Award Plan allows for the issuance of up to 62,421,252 Class B shares, representing approximately 1% of the total issued shares as of the annual report date[185] - Any further awards under the Post-IPO Share Award Plan that exceed the 1% individual limit of total issued shares require separate shareholder approval[185] - The weighted average market price of Class B shares before the vesting date of restricted share units for service providers in 2023 was HK$125.8363 per share[197] - As of December 31, 2023, the total effective restricted share units granted to directors under the Post-IPO Share Award Plan were 68,800 for 2019 grants, 16,865,997 for 2021 grants, and 58,261,362 for 2023 grants[193] - The purchase price for restricted share units under the Post-IPO Share Award Plan is zero[195] - The Post-IPO Share Award Plan is valid for ten years from the effective date and will expire on the tenth anniversary, with provisions for early termination by the board[188][190] - The post-IPO share incentive plan aims to align the interests of eligible individuals with the group's interests through share ownership, dividends, and share appreciation[200] - Eligible participants for the post-IPO share incentive plan include employees, associated entities, and service providers, subject to local legal restrictions[200] - The total number of B-class shares that can be issued under the post-IPO share incentive plan is capped at 624,212,527, approximately 10% of the total issued shares as of the annual report date[200] Dividend Policy - The company's dividend distribution is subject to Chinese accounting standards, requiring 10% of after-tax profits to be allocated to statutory reserves until they reach 50% of the registered capital[68] - The company's dividend policy is discretionary, based on profitability, cash flow, financial condition, capital needs, and statutory reserve requirements[68] - The company is registered in the Cayman Islands, and future dividend payments depend on the availability of dividends from its subsidiaries[68] Business Operations and Management - Wang Puzhong, CEO of Meituan's Core Local Commerce, oversees nine business segments including Meituan Platform, Meituan Waimai, and Meituan Delivery[65] - The company's major business review and performance analysis are detailed in the "Chairman's Report," "Management Discussion and Analysis," and "ESG Report" sections of the annual report[69] - The company has no significant investment or capital asset plans other than those disclosed in the report as of December 31, 2023[52] - The company did not issue any debt securities during the year ended December 31, 2023[73] - The company's equity changes during the reporting period are detailed in Note 26 of the consolidated financial statements[72] - No directors or senior executives had any reportable interests or short positions in the company or its associated corporations as of December 31, 2023[80] - The company has not entered into any contracts for the management and administration of the business during the reporting period[155] - The company has not granted any rights to directors to acquire shares or debentures during the reporting period[156] Shareholder Information - HongShan Funds holds approximately 0.19%, 0.02%, 0.03%, 0.58%, 0.01%, 0.10%, 0.15%, 0.001%, 0.003%, 0.01%, 0.23%, 0.02%, and 0.01% of the company's outstanding shares respectively[168]

Group 1 - The core point of the article is the organizational restructuring of Meituan, where the previously separate business units are merged into a new segment called "Core Local Commerce," led by Wang Puzhong as CEO [1][2] - Meituan has decided to eliminate the separate "In-store Business Group" and "Home Business Group," with their departments now reporting directly to the "Core Local Commerce" segment [1] - The restructuring aims to enhance management systems, upgrade organizational capabilities, solidify technological foundations, and create more value for customers [1] Group 2 - The recent organizational changes at Meituan reflect a trend of frequent personnel adjustments, with various leadership roles being reassigned to adapt to the evolving business landscape [1] - An insider analysis suggests that the diversity of Meituan's business models necessitates further integration and organizational iteration to improve efficiency and adapt to changes [2]

Core Insights - Meituan's CEO Wang Xing announced an organizational restructuring, merging several business units into a new "Core Local Commerce" segment, with Wang Puzhong appointed as CEO of this segment [1] - The previous "In-store Business Group" and "Home Business Group" will no longer exist, with their departments now reporting directly to the "Core Local Commerce" [1] Organizational Changes - The direct sales department has been dissolved, and a new "City Operations Department" has been established, led by Huang Xiaoqin, focusing on managing white-collar direct sales cities and urban merchants [1] - A "Chain Business Department" has been created, with Li Jiayi appointed as head, responsible for managing national chain merchants and urban chain businesses [1] - A "Supply Exploration Department" has been formed, led by Chu Zheng, tasked with promoting supply models, including food collection stores [1] - The original direct sales department for campus operations will continue under the leadership of Wu Min [1]

Organizational Restructuring - Meituan has established a new "Core Local Commerce" division, merging the Meituan Platform, In-store Business Group, Home Delivery Business Group, and Basic R&D Platform [1] - The In-store Business Group and Home Delivery Business Group will no longer exist as separate entities, with their departments now directly under the Core Local Commerce division [1] - Wang Puzhong has been appointed as the CEO of Core Local Commerce, overseeing the integrated local commerce businesses [1] Strategic Rationale - The restructuring aims to improve efficiency and adapt to changes by consolidating businesses with overlapping merchants, users, and demands [1] - The integration is expected to provide a more comprehensive local consumption experience [1] - The move reflects Meituan's diverse business model, which includes both platform and self-operated models at different development stages [1] Leadership Vision - CEO Wang Xing emphasized the mission of "helping people eat better and live better" for the Core Local Commerce division [1] - The division is expected to strengthen management systems, upgrade organizational capabilities, and leverage technological opportunities to create more value for customers [1]

港股公司报告 | 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------- ...

证券研究报告 | 公司动态点评 2024 年 04 月 08 日 能力彰显龙头韧性》2023-09-05 美团-W（03690.HK） 美团年报点评：策略迭代优化，新业务大幅减亏，释放盈利潜力 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|------------|------------|------------|--------------------------------|------------|-------------------------------------------|------------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 219,954.95 | 276,744.95 | 336,376.85 | 393,855.92 | 453,489.64 | 股票信息 | | | 增长率 yo ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 162.72 HKD, indicating a potential upside from the current price of 99.4 HKD [2][41]. Core Insights - The company's overall performance in Q4 2023 exceeded expectations, with revenue of 73.7 billion CNY, a year-on-year increase of 22.6%. Adjusted operating profit reached 3.2 billion CNY, with an operating margin of 4.3%, significantly improved from 1.4% in Q4 2022. The adjusted net profit was 4.4 billion CNY, with a net profit margin of 5.9% [29][41]. - The core local business showed strong user engagement, with Q4 revenue of 55.1 billion CNY, a year-on-year increase of 26.8%. The adjusted operating profit was 8 billion CNY, with a profit margin of 14.5% [29][41]. - The new business segment aims to significantly reduce losses in 2024, with Q4 new business revenue of 18.6 billion CNY, a year-on-year increase of 11.5%, and an operating loss of 4.8 billion CNY [29][41]. Financial Summary - The company’s projected financials for 2023E to 2025E show a steady increase in revenue, with 2023E revenue at 276.7 billion CNY, expected to grow to 379.1 billion CNY by 2025E. The operating profit is projected to turn positive in 2023E at 13.4 billion CNY, reaching 47.4 billion CNY by 2025E [5][41]. - The gross margin is expected to improve from 35.1% in 2023E to 41.3% in 2025E, while the net margin is projected to increase from 5.0% to 10.6% over the same period [5][41]. Segment Valuation - The report provides a breakdown of segment valuations for 2024E, estimating the takeaway business at 1,652 billion CNY in revenue, with a market cap of 6,680 million HKD and a target price of 107.1 HKD per share. The in-store and hotel business is projected to generate a tax-adjusted operating profit of 155 billion CNY, with a market cap of 2,776 million HKD and a target price of 44.5 HKD per share [37][41].

证券研究报告 ＃industryId＃ TMT ＃investSuggestion＃ 买入 ( ＃ 维持 ） | --- | --- | |------------------------------|------------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-03-28 | | 收盘价（港元） | 96.80 | | 总股本（亿股） | 62.35 | | 流通股本（亿股） | 56.34 | | 净资产（亿元） | 1519.56 | | 总资产（亿元） | 2930.30 | | 每股净资产（元） | | | | 24.34 | 投资要点 ＃summary＃ Q4 业绩超预期。23Q4，公司营收为 737 亿元（YoY+22.6%），超过彭博一致预期的 727 亿元。其中，核心本地商业收入为 551 亿元（YoY+26.8%），新业务收入为 186 亿元（YoY+11.5%）。本季度由于外卖与闪购单均配送相关成本下降等，毛利率改善 至 33.9%（YoY+5.8pcts）。由于交易用户激励、推广与广告开支增加，推升销售费用 率至 22.7%（YoY+4. ...