Investment Rating - The report maintains a "Hold" rating for the company, with an adjusted target price of HKD 94, reflecting a potential upside of 7% from the current price of HKD 88.25 [29][39]. Core Insights - The company reported a revenue of RMB 737 billion for Q4 2023, a year-on-year increase of 22.6%, surpassing market expectations by 1.2%. The gross margin improved by 5.7 percentage points to 33.9%, driven by changes in revenue structure and reduced delivery costs [2]. - Adjusted net profit for Q4 2023 was RMB 44 billion, exceeding market expectations of RMB 29 billion, with an adjusted net profit margin of 5.9% [2]. - The company aims to narrow losses in new business segments, particularly focusing on improving user experience and reducing subsidies rather than solely expanding market share [13][29]. Financial Summary - For FY22, the company reported a revenue of RMB 219,955 million, which is projected to grow to RMB 276,745 million in FY23 and further to RMB 312,702 million in FY24E [3]. - The adjusted net profit is expected to rise from RMB 2,827 million in FY22 to RMB 23,253 million in FY23, and reach RMB 29,722 million in FY24E [3]. - The operating profit is forecasted to improve significantly from a loss of RMB 5,820 million in FY22 to a profit of RMB 13,415 million in FY23, and further to RMB 21,419 million in FY24E [3]. Business Performance - The core local business revenue grew by 26.8% year-on-year to RMB 551 billion in Q4 2023, with delivery, commission, and advertising revenues increasing by 11%, 33%, and 41% respectively [22]. - The number of delivery transactions increased by 25.2% year-on-year to 6 billion, with daily average orders reaching 65.7 million [22]. - The new business segment reported a revenue of RMB 186 billion, with a year-on-year growth of 11%, although the operating loss was RMB 48 billion [22].

美团-W（3690） 更新报告 收入和利润超市场预 期，交易笔数增长强劲 23Q4 收入达 737 亿元人民币（YoY+22.6%），经营利润 17 亿元，经营利润率 2.4%，净 利润 22 亿元，净利润率 3.0%，收入和利润均超市场预期，这得益于本地商业的快速恢 复 以 及 核 心 本 地 商 业 和 新 业 务 的 强 劲 表 现 。 全 年 看 ， 23 年收入 2767 亿 元 （YoY+25.8%），经营利润 134 亿元，经营利润率 4.8%，净利润为 139 亿元，净利润率 5.0%。 图表 1：公司营业收入（百万元） 第一上海证券有限公司 2024 年 3 月 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------|----------------------|------------------------ ...

来源：公司年报、国金证券研究所 美团-W（03690.HK） 到店竞争趋稳，关注 24 年减亏进展 风险提示 市价（港币）：88.250 元 0 5,000 62.00 77.00 92.00 107.00 122.00 137.00 152.00 230324230624230924231224 港币(元) 成交金额(百万元) 成交金额 美团-W 恒生指数 10,000 15,000 20,000 25,000 港股公司点评 港股公司点评 特别声明： 若国金证券以外的任何机构或个人发送本报告，则由该机构或个人为此发送行为承担全部责任。本报告不构成国金证券向发送本报告机构或个人的收件人提供 投资建议，国金证券不为此承担任何责任。 2024 年 03 月 24 日 买入（维持评级） 港股公司点评 证券研究报告 2024 年 3 月 22 日，公司披露 2023 第四季度及全年业绩公告， 2023Q4 公司实现营收 737 亿元，同比+23%，Non-IFRS 归母净利润 44 亿元，同比+428%；2023 全年公司实现营收 2767 亿元，同比 +26%，全年 Non-IFRS 归母净利润 233 亿元，同比 ...

美团-W（03690.HK） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|---------|---------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 220,076 | 276,850 | 329,724 | 366,755 | 400,274 | | 同比 | 22.86% | 25.80% | 19.10% | 11.23% | 9.14% | | 归母净利润（百万元） | -6,686 | 13,856 | 26,064 | 40,697 | 54,029 | | 同比 | - | - | 88.11% | 56.14% | 32.76% | | Non-GAAP 净利润（百万元） | 2,826 | 23,284 | 33,741 | 47,189 | 59,709 | | 同比 | - | 723.99% | 44.91% ...

2024 年 03 月 25 日 公司研究 评级：买入(维持) 最近一年走势 相对恒生指数表现 2024/03/22 新业务及其他：2023Q4 新业务营收同比增长 11%至 186 亿元，经 营溢利-48 亿元（2022Q4 亏损 64 亿元），经营溢利率-26% （YoY+12pct），经营亏损率改善主要得益于业务经营效率提高。1） 美团优选业务：2023 年美团优选业务规模增长低于预期、行业竞争 证券研究报告 风险提示：宏观经济增长不及预期；消费复苏不及预期；本地生活 和零售行业竞争加剧，行业增长不及预期；美团优选等新业务 UE 改 善不及预期等。 请务必阅读正文后免责条款部分 2 2024年3月22日公司发布2023Q4财报，2023Q4实现营收737亿元（YoY+23%， QoQ-4%），营业利润 18 亿元（对应 2022Q4 亏损 7 亿元），净利润 22 亿元 （对应 2022Q4 亏损 11 亿元），Non-GAAP EBITDA 37 亿元（YoY+26%， QoQ-40%），Non-GAAP 归母净利润 44 亿元（YoY+428%，QoQ-24%）。 （1）业绩总览：2023Q4 实现 ...

Financial Data and Key Metrics - No specific financial data or key metrics provided in the document [1] Business Line Data and Key Metrics - No specific business line data or key metrics provided in the document [1] Market Data and Key Metrics - No specific market data or key metrics provided in the document [1] Company Strategy and Industry Competition - No specific information on company strategy or industry competition provided in the document [1] Management Commentary on Operating Environment and Future Outlook - No specific management commentary on the operating environment or future outlook provided in the document [1] Other Important Information - No other important information provided in the document [1] Summary of Q&A Session - No Q&A session content provided in the document [1]

核心本地商業分部的經營溢利由2022年第四季度的人民幣72億元增長至2023年同 期的人民幣80億元，經營利潤率由16.6%同比減少2.1個百分點至14.5%。經營溢 利的增加主要由於：(i)核心本地商業分部交易筆數增長，(ii)我們餐飲外賣及美團 閃購業務的單均配送相關成本下降，部分被(i)餐飲外賣及美團閃購業務的平均客 單價下降；及(ii)交易用戶激勵、推廣及廣告開支增加所抵銷。經營利潤率下降主 要是由於餐飲外賣及美團閃購業務的平均客單價下降，以及交易用戶補貼率及推 廣及廣告開支增加。 新業務分部的經營虧損由2022年第四季度的人民幣64億元收窄至2023年同期的人 民幣48億元，該分部的經營虧損率由38.2%同比收窄12.2個百分點至26.0%。經營 虧損及經營虧損率均有所改善乃主要由於我們努力改善運營效率。 應佔採用權益法列賬的投資之溢利╱（虧損） 應佔採用權益法列賬的投資之溢利╱（虧損）由2022年第四季度的虧損人民幣95.9 百萬元變為2023年同期的溢利人民幣705.5百萬元，主要由於我們的被投資方的財 務業績變動。 非國際財務報告會計準則計量： 經調整EBITDA 3,744,406 6,18 ...

Market Overview - China has nearly 400 million female consumers aged 20-60, controlling annual consumption expenditure of up to 10 trillion RMB, driving the booming "She Economy" [1] - The 38 Festival serves as a key consumption node for female consumers, with brands leveraging this period for commercial growth [1] Campaign Strategy - Meituan Waimai launched a 38 Festival campaign themed "Timely Love, Year-Round Care" in collaboration with 38 top brands to enhance female consumer experience and drive sales and brand reputation [1] - The campaign ran from March 4 to March 10, featuring a main event page and 38 super product sub-pages, offering discounts of up to 50% across categories like personal care, daily necessities, beverages, and snacks [2][3] - Meituan Waimai integrated in-app resources, live streaming, and community marketing to amplify the campaign's reach and engagement [3] Brand Collaboration - Meituan Waimai partnered with 38 renowned brands, including Unicharm, Kimberly-Clark, Ferrero, RIO, Henkel, Mondelez, Glico, Mars, Okamoto, Carlsberg, Unilever, Genki Forest, Coca-Cola, Kao, Liby, Nice, Blue Moon, PepsiCo, Nestlé, Wall's, Sensodyne, Tsingtao Beer, Johnson & Johnson, Budweiser, Yili, Haitian, Wyeth, Jingxing, Kars, Junlebao, Shanghai Jahwa, Hawley & Hazel, Lindt, Mengniu, Vinda, Totole, and Jissbon [3] - The collaboration aimed to provide year-round care for female consumers, leveraging Meituan Waimai's real-time delivery capabilities to meet immediate needs and build stronger emotional connections [3] Social Media Engagement - Meituan Waimai utilized social platforms like Weibo and Xiaohongshu to create buzz around the campaign, with a "Love Relay" initiative on Weibo and KOL-driven unboxing and giveaway events on Xiaohongshu [4][5][6] - The Xiaohongshu campaign achieved over 2.91 million impressions and 53,000 interactions, with KOLs promoting the "Love Container" giveaway to engage users and enhance brand perception [6] Innovation in Marketing - Meituan Waimai upgraded its "Super Brand Alliance" IP, transforming single-brand promotions into cross-category collaborations, redefining festival marketing with innovative content, consumer experiences, and emotional connections [7] - The campaign highlighted the potential of instant retail platforms like Meituan Waimai as a new growth avenue for brands, encouraging them to adopt innovative marketing strategies to engage consumers [7]

3月1日，由移动支付网发起的第十届“金松奖”金融科技行业评选结果正式揭晓。美团企业版凭借数字化+新场景在银行行业的最新应用成果，首次参选即在超过100份参评项目中突出重围，荣获本届“金松奖”方案/案例类重磅奖项“技术创新成果奖”。  “金松奖”是移动支付网主办的金融科技行业线上评选活动，旨在从企业、产品、方案和案例等多维度，全面展示过去一年金融科技产业创新成果。2023年度第十届“金松奖”金融科技行业评选，聚焦金融科技创新、数字人民币、支付数字化、合规科技、产业金融等领域，呈现最新应用成果。      美团企业版是适用于银行员工、银行对公/对私客户多场景的通用综合解决方案。基于美团外卖、到店、酒店、机票、买菜等优质供给，结合企业版线上管控能力，支付结算服务，提供内外部餐补福利、24小时线上餐厅，积分商城兑换、App会员体系、优惠券等多种形式，帮助内部员工、外部客户全面实现数字化用餐及管理服务。结合美团“食住行游娱购”等丰富场景、线上化管理能力、集中支付对账等一体化解决方案，打通银行内外部系统，帮助银行及背后服务客户全面实现线上、数字化订餐服务及用餐管理，充分满足银行智慧食堂及客户场景营销和活跃经营需求。 ...

证券研究报告·海外公司点评·软件服务(HS) 美团-W（03690.HK） 23Q4 业绩前瞻：预计业绩符合预期，期待 24 年柳暗花明 2024 年 02 月 25 日 | --- | --- | --- | --- | --- | --- | |---------------------------------------|---------|---------|---------|---------|---------| | [Table_EPS] 盈利预测与估值 | 2021A | 2022A | 2023E | 2024E | 2025E | | 营业总收入（百万元） | 179,128 | 220,076 | 275,477 | 327,598 | 385,759 | | 同比 | 56.04% | 22.86% | 25.17% | 18.92% | 17.75% | | 经调整归母净利润（百万元） | -15,574 | 2,826 | 21,724 | 30,037 | 43,737 | | 同比 | - | - | 668.58% | 38.27% | 45.61% | | EPS- 最新 ...